2013: Chennai Real Estate Market Trends..!

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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