Emerging affordable destinations in Chennai
The affordable housing sector in Chennai has seen the maximum number of sales out of the total supply when compared to mid-segment and luxury housing, primarily due to low ticket sizes. This housing segment offers ticket sizes below Rs. 30 lakh, and the supply is more than 15,000 units with an absorption of 70 per cent. Associated projects are mostly in the suburban locations of the city, with unit sizes in the 400-700 sq.ft. range. Even as the sale velocity for mid-income and luxury housing in Chennai fluctuates with macro-economic variations, the city’s affordable housing segment has been witnessing steady demand on the outskirts. Overall, the Chennai property market is gaining momentum, since the unsold inventory has dropped in the city compared to all other metro cities, which will boost its residential real estate sector. During first half of 2016, there was few new launches as the developers are extra cautious in launching projects. Buyers on their part are not in a hurry ...