Chennai residential Property: Will Increase in absorption over the next 6 Months

A steady growth in terms of pricing, demand & supply is witnessed in the Chennai  city, there is a distinct shift in the flat size and space preference requirements. As per the report it is observed that property seekers in Chennai have gone down on their budget preferences by 10.25% in the current quarter, though the square feet preferences remain just the same.

Mr. Ganesh Vasudevan, Vice President and Business Head, IndiaProperty.com said, “The increase in demand for properties in the city is by itself an indicator that the real estate market in Chennai is on an upsurge. An interesting trend emerging from the analysis is that though there is a shift in the average rate square feet preferences, the market also has seen a shift in the flat size preference i.e from 2 B H K to 3 B H K flats, over the last 4 quarters. The trend indicates that the average buyer gives more importance to the BHK specifications of a property than the square feet specifications."

Mr. Ganesh Vasudevan also said ,''The prices at South &  North Chennai have been on the rise indicating the continuous rise in demand. Overall, despite the hike the in home loan rates and increase in the registration cost, the residential property market has not seen a dip in demand.”

As per the latest survey done by the portal IndiaProperty.com, Tambaram (East), Ambattur &  the GST stretch continue to remain the most preferred localities in the Chennai city. Tambaram (East) has gained mileage in the current quarter with the percentage of property seekers preferring this stretch going up by 33% compared to Q4 last year (2011) and Ambattur by 6% compared to Q2 last year.

The sharp depreciation of the rupee in the last quarter has resulted in a corresponding increase in NRI (Non – Residence Indian)  interest in the market. The proportion of NRI queries has shown a 8.4% increase over the last quarter.
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