Chennai city took the
second spot at 75%.
In a recent study to
find out the top six (6) cities, international consultant Knight Frank found
Bangalore to be the most affordable residential market with more than 77% of total units under construction falling
below a ticket size of Rs. 50 lakh. Chennai took the second spot at 75 percent.
On an exhibition of
the report by the real estate giant on CNBC-TV18's weekly real estate show
Prime Property, it was revealed that on a weighted average price basis, Chennai
is more expensive than Bangalore, Hyderabad & Pune.
Mr. Samantak Das,
Chief Economist and director for Research,Knight Frank India says, “Chennai has
reached a plateau. It will not go for a big spike in the market. We are more
bullish about Hyderabad & Bangalore to some extent.”
“However, Chennai has
always been a very steady market such as Kolkata. It does not show much of
spike both upward & downward. So, we did not see much of real downfall in
the market in bad times as was the case in Bangalore & Mumbai”, he adds.
Cities such as
Bangalore, Hyderabad & Pune have relatively lower weighted average price as
compared to the Rs. 4,750 a square foot in the national capital region (NCR)
and even more in Mumbai. Despite all of the political uncertainty in Hyderabad,
Knight Frank is very bullish on that city.
It believes this
realty market will gain in the coming quarters on the back of all the
infrastructure development in metro links or / even the new Outer Ring Road.
Mr. Samantak Das
says, “Hyderabad has a problem with its ticket size, which is of Rs. 50 lakh
and less. Hyderabad is only 51% of what Mumbai occupies. So, Hyderabad is going
for major large flats, which is why the ticket sizes are very high. The rates
are the most competitive rates amongst all the cities; it is Rs. 31.00 per
square feet in residences”
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