After seeing a poor and sluggish phase for couple of years, Chennai’s real estate market has started indicating that it is into a recovery mode now. The indicators are many.
“There are several infrastructure projects that are at different stages of construction and planning that will impact the citizens and the property market. These include Chennai Metro Rail, Chennai Mass Rapid Transit System, underground drainage, bus terminus, interlinking of CMRL, MTRS & sub-urban rail network and outer ring roads,” says N S Periyaswamy, deputy planner, Chennai Metropolitan Development Authority.
“Peripheral road planned for connecting Mahabalipuram and Chennai port will also impact various residential pockets of the city,” he adds.
Also, as indicated in a property show, residential units in the price range of Rs 40 lakh – Rs 60 lakh has seen rise in demand. The major reason behind this is the successive reduction in lending rates for home loans which has bought buyers into the market.
To know how these infrastructure development and announcements does impact your real estate investments, or is it a good time to buy or invest in Chennai’s real estate market or not, join the GuruTalk – a live chat organised by Magicbricks with the Mr Periyaswamy. The topic of the discussion is Key reasons to buy property in Chennai. The chat will be held on 11th June, 2015, Thursday between 12 pm – 1 pm.
Source: Times of India / Magic Bricks – Neha has written on industries such as real estate, franchise and outdoor advertising.