Chennai emerges as an important residential market: Witnesses significant upsurge in demand from the end user segment
Posted by: Clara Fernandes at 8/11/2016 03:36:00 am
· Better infrastructure and metro projects connecting the micro markets act as catalyst in the residential ecosystem
· CBRE PropFair to help create a strong platform for the end consumer
Chennai, August 11, 2016: With over 45 million sq.ft. of housing sold over the last two and half years, Chennai has emerged as the preferred destination for the end user home buyer in southern India. With an attempt to accelerate the city’s residential market by showcasing a string of residential projects by leading developers, CBRE India is organizing a three day mega property exhibition, CBRE PropFair, at the Chennai Trade Centre from the 19th to 21st August 2016 for the benefit of the consumers. The event, in its 3rd year, is expected to host 20,000 to 25,000 potential buyers and over 80 developers and financial institutions, all under one roof to enable consumers to make an informed decision.
AS Sivaramkrishnan, Head-Residential Services, CBRE India said, “We organized the first Propfair in Chennai in 2014, with the vision to enable end consumers to make well informed purchasing decisions. We are delighted that we have been able to provide one ideal destination for all consumer queries for the past two years, helping them realize the dream of owning a home in the city. With this event we want to provide integrated platform where the developers can showcase their product to the consumers and enable their purchasing decision through financial institutions.”
Chennai, primarily being a user-driven market is witnessing a considerable demand in the mid-range segment, specifically for units ranging from 35 lakhs – 75 lakhs. Post the floods in the city, demand for real estate space witnessed a 55% increase in demand in the 1st half of 2016 as against the 1st half of 2015.
With interest rates on home loans being reduced in the last year, better infrastructure and metro projects connecting the micro markets; the city has emerged as an important residential market. Wider roads and close proximity to other residential areas, IT parks, schools, entertainment facilities as well as commercial establishments too have acted catalyst in the residential ecosystem.
Across key markets in India, the current scenario is that while new launches have slowed down, inventory levels have also started to decrease. This coupled with a renewed focus on pace of construction, flexibility in price points and payment plans, is creating an ideal situation for customers to look at investing in residential real estate more closely.
This 3-day mega property show at the Chennai Trade Centre, Chennai from 19-21 August 2016 would be a path breaking event for property development companies and home seekers. More innovation in residential projects likely to be seen during the fair, as the developers will try to set themselves apart from the competition and differentiate their products in the market.
Follow us on our CBRE India blog, CBREalty: http://www.cbre.co.in/blog