QuikrHomes has recently released a report on “Chennai Realty Cityscape” for the year 2016.The report throws light on certain important aspects of the current Chennai real estate sector. Please find below few key pointers and a schematic sketch on the same.
- Chennai is experiencing a high growth rate (as per the study conducted by National Housing Bank) post 2008- 2012 global financial crisis. This cosmopolitan city ranks 6th in housing the country’s ultra-rich population and Chennai’s economy is currently the fourth largest in India and is forecasted to grow to 100 million dollars (which is 2.5 times the current rate) by the year 2025. Also, Chennai is one among the top 10 fastest growing cities in the world according to Forbes Magazine.
- With Chennai selected among the 20 Indian cities to be transformed into a Smart City, under the Smart Cities Mission launched by the Government of India, there will be huge development in the near future. Improved social and physical infrastructure development and easy accessibility and connectivity via railroad network is the backbone of the Chennai residential market and has significantly boosted real estate development in and around the region. Further development of Ponneri Smart city in North Chennai and development of Chennai -Bangalore Industrial Corridor (CBIC) will surely impact the residential market of Chennai and boost commercial activity between Bangalore and Chennai. Additionally, CBIC will provide world class connectivity to a port (Chennai) in the Bay of Bengal
- The Chennai residential market has noted a decrease of new launch supply in 2016 compared to its previous year, an approximate 57 percent downfall has been witnessed. Post flood the market sentiments remained weak and a marginal number of launches in South and West Chennai have been witnessed. However, there was an improvement in housing sales observed during 2016. South & West Chennai remained the cynosure of real estate development in the city. The commercial corridor along with the Old Mahabalipuram Road and global manufacturing companies along Sriperumbudur has impacted the real estate scenario in the region with the rise in demand of more housing units. An approximate 12,620 dwelling units has been infused in the residential micro markets of these zones in 2016. Which is 97 percent of overall new launch supply in the year 2016.
- This report also touches upon factors such as impact of real estate act and demonetization on the sector, real Estate activity boost in the coming future, ‘Ache din’ for home buyers, price correction and transparency in the unorganized real estate sector
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