Chennai’s residential real estate is largely driven by end-users. This has made the southern metropolis one of the stable markets across cities in India even during the worst economic crisis in the past. Unlike Mumbai and NCR regions, the price upheaval is not wide-spread in Chennai but limited to only a few pockets within the CBT.
Known for their conservative mind-set, which has its impact on the residential property market trends, people buy properties in and around Chennai either for investment or residential purpose. For instance, home buyers in Chennai generally used to give importance to location to any other considerations like infrastructure and amenities, and this had put limits on the demand and possibility for community living in the city.
“The growth in Chennai’s residential market can be attributed to the fact that it is primarily an end-user driven. Investor participation is long term in nature, thereby mitigating a speculative market scenario which is prevalent in Mumbai and NCR,” says Suresh Krishn, Secretary, Confederation of Real Estate Developers’ Association of India (CREDAI), Chennai.
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