Latest Update on Residential Market in Chennai

Chennai is also considered a perfect location for families and younger people to settle down, with its peaceful neighborhoods and the proximity to the sea. Known as the Southern India Gateway, the city is known for its port-centered industry, as well as for its engineering, manufacturing, IT-ITeS, and other flourishing industries. However, when you're looking for a place to call your own in any city, you would need the background about what the residential market is like.

Prices of Chennai 's homes are higher than that of its fellow southern metropolises Bengaluru and Hyderabad. During the first half of 2019, the city reported a 25 percent rise during home sales. According to a study by ANAROCK titled Chennai: Driven by Diversified Economic Base, Chennai also has had the least-delayed housing stock among the top cities in the country. A survey conducted in major cities including Chennai found that 60 percent of buyers on the home market will still be buying their homes in a year. 31 percent of those surveyed also believe that their best investment option in real estate.

The residential market in Chennai experienced a steady demand for affordable homes from January through May. According to RERA, these are homes that cost under 40 lakh which make up 60 percent of the total housing market. This housing segment is the principal driver of growth in residential real estate. The remaining 40 percent is made up of mid-earnings and good-market luxury accommodation.

Chennai has all the benefits of a cosmopolitan town with little downsides. The immediate impact on the residential market is seen with increased IT and ITeS business activity and more disposable income at hand. The town, by contrast, has a broad infrastructure that supports the real estate sector. Metro Chennai grants access to the town and the suburbs. The link from Chennai to the tech hub Bengaluru will also be improved with the Chennai-Bengaluru Industrial Corridor in the works.

Chennai also has a large healthcare network in operation and the thriving medical tourism industry. It's also attractive to anyone who wants to purchase a house and live with a family in Chennai because of the focus put on education and employment hubs. Many of Chennai's most renowned educational colleges are the Madras Engineering Institute, Stella Maris College, Madras Medical College, IIT Madras, and Loyola University.

Homebuyers, normally in Chennai, are young professionals in the middle of their careers. The age range is from 30-42 years. Their careers are mainly in IT / ITeS. Chennai contributes about 14 percent of the country's IT services. That makes India the second-largest IT and BPO exporter worldwide.

Homebuyers are also working in the aerospace, health tourism, electronics engineering, and financial services industries. Some of the big companies employed by homebuyers include but are not limited to Atmel, Foxconn, IBM, Xerox, Siemens, etc.

Buying a home is considered the safest and wisest purchase, especially because property agreements are now favoring buyers. The lack of investment, however, hurts first-time homebuyers who are working professionals. Although a bank could give you a home loan for part of the sum you need to buy a house, you will also have to make up the money for that sum. If dipping into savings is not appealing, HomeCapital can help you buy the home you always wanted by providing up to 50 percent of the down payment with an unsecured personal loan. That can be repaid interest-free in 12 EMIs.