Hope this is a good season to buy an apartment in Chennai

1. Hope this is a good season to buy an apartment in Chennai The scenario of the residential market in India is sluggish with the number of unsold inventories. The residential market of Chennai is mostly driven by the end-users. In this scenario, the real estate builders are coming up with innovative ideas to attract the buyers. In this market scenario, selling expensive apartments is hard. Developers are not ready to reduce the property prices. Instead, they have come out with reduced apartment sizes. The advantage of this being affordability and no compromise in quality. More buyers are from the mid-end segments and so affordable housing is the concept ruling the market for now. Most of the builders are coming up with projects to attract the middle-segment and upper-mid segment buyers. Discounts are a key way to attract buyers. With the invasion of e-commerce and the establishments of a number of retail outlets, the fashion of discounts and freebies are the key mantra attracting the customers. The same concept is followed by many builders and developers to boost the buying mood of the customers. Developers are providing attractive offers like freebies, add-ons, flat discounts on the base price, etc. Few developers are not charging for floor rise and view and few are giving car parks free of cost. To attract buyers, many developers are launching projects with good competitive prices. On the other side, apartments in Chennai of the high segment range are in various stages in prime localities like Adyar, Nungambakkam, Kotturpuram, Alwarpet, Egmore and T Nagar. There are several reasons contributing to the rise in demand for the project launches in these localities. Though the market as a whole is dry with a number of unsold units, these localities are seeing healthy demand. But for buyers looking for affordable homes, Mogappair, Porur, Ambattur, Sriperumbudur and Iyyappanthangal are the best options. Many projects are coming up along the GST road and OMR stretch and the pricing of these projects is in varied range. The micro markets along these stretches are seeing projects of mid-range, premium and luxury range. Buyers can choose based on their wish or their affordability. Apartments in Chennai are not seeing enough takers in over a few months. The recent reduction of interest rate by the Reserve Bank and the efforts of the builders are drawing back the home buying sentiment of the customers. Buyers have delayed their buying interest due to several reasons like the high pricing and high interest rates on home loans, etc. This reduction is gradually going to attract the buyers thereby increasing the demand for the housing segments.

2. Despite this, the city has lots of upcoming and ongoing infrastructure projects. The main issues are taken into consideration and these are being fixed. Few notable infrastructure projects which are going to make a positive impact on the realty segment include, Thirumangalam flyover which is expected to be opened by Nov 2015 is going to reduce the traffic, the proposed elevated corridor connecting Anna Salai and Mahalingapuram, ongoing flyover works at Vadapalani, Moolakadai, etc., ongoing metro rail construction, smart city plans, etc. and many more projects are in the pipeline. These projects on completion is expected to kick start the residential boom in the Chennai market. Residential market of Chennai is good for both buying and investing. For home buyers, city enjoys a good social and physical infrastructure and many more projects are in the pipeline and the city is comparatively safe and is one of the livable place. For investors, the city with all these developments is going to see good appreciation and investing in Chennai is worth a while. Source:http://www.storeboard.com/blogs/real-estate/hope-this-is-a-good-season-to-buy-an- apartment-in-chennai/548769 http://www.indiaproperty.com/