The suburban micro markets of Porur, Poonamallee,
Pallavaram, Chrompet & Tambaram
which witnessed fresh launches in 2012 are expected to appreciate by
7 – 10 % in 2013.
Other micro markets to look for are Ambattur,
Avadi, Kolathur, Madipakkam, Medavakkam, Pallikaranai, Thiruporur, Urapakkam,
Velachery.
Chennai Micro Market Ranking for Consumer Demand
1. Porur
2. Tambaram
3. Medavakkam
4. Ambattur
5. Urapakkam
6. Kolathur
7. Chrompet
8. Velachery
9. Madipakkam
10. Poonamallee
11. Sholinganallur
12. Kelambakkam
13. Siruseri
14. Iyyapanthangal
Preference trends
for new and resale properties have beaten the conventional notion that
consumers prefer only new homes – focus on budget Shift seen in consumers’
intent to make property purchase - wait & watch strategy
Focus of buyers in Chennai residential market over
last 3 quarters has been on 2 BHK properties with 35 % consumer demand having a
budget of Rs. 30 to Rs.
50 Lacs. This indicates need for more and more
affordable & mid income residential properties in the city. Properties of
Rs. 1 Cr show only 10 % demand.
Investors go to areas which have potential end-user
participation. Increase in number of
buyers concentrating on mid segment residential properties, has led to 2BHKs
being the most preferred unit type in Chennai with over 65% demand over last
three quarters of 2012. This trend is generally seen with most investors eyeing
potential rental income from 2 BHK residential units which are easy to rent.
Focus on 2 BHK
properties - 35 % consumer demand seen within budget of Rs. 30 Lac to Rs. 50 Lac Clear indication seen for
affordable and mid income residential properties Shift in demand for 2 BHKs
with over 65 % consumer demand
In 2013 Chennai real estate market is expected to
see stable growth with moderate appreciation. The residential market is likely
to see few launches with focus on reduction in the inventory overhang which
currently lies between 6 to 8 quarters. With heightened Government’s focus on
improving the infrastructure scenario, an increase in interest for commercial
as well as residential properties is likely to be seen.
Source: IndiaProperty
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