Chennai reach a new high in regard of resale property prices

The prices of residential property in Chennai moving towards north. The location specific homebuyers are keen to settle for resale units available in city areas. The proximity towards the hospital and retail facilities and also the educational institutions convinced them to opt for resale options as well in terms of residential property in Chennai. Those who looking for only the investment purpose in larger units in Chennai are also keen to dispose their existing city units and opt for new property in Chennai through bridge finance. All these forceful and convincing factors have virtually pushed the prices of resale residential property in Chennai to a new high. Due to surge in demand for resale units the price mismatch between old and new residential property in Chennai is narrowing down to just 20-25% as stated by Industry sources. Demand varies again depending on specific location and property developers have a long waiting list from location specific customers for booking new units as and when new projects are launched at city locations. In Kodambakkam while the new units are quoted between Rs. 9,000 and Rs. 10,000 per sq ft and the resale residential property in Chennai deals took place at Rs. 6,500 per sq ft as said by relators. In case of Nungambakkam at Rs 8,000 per sq ft and Nolumbur at Rs. 4,000 per sq ft. Mr. H Balasubramanian, Managing Director of Bhoomi Realty feels, demand for resale residential property in Chennai particularly for middle income budget segment has been strong and growing. The resale apartments are mostly located in gated community developments in proximity to a range of facilities which makes life a bit easier for Chennaites to avoid commuting long distances. Between the Chennaites the demand for resale units is particularly strong and the location like Chrompet, Nanganallur, Anna Nagar, Nolumbur, Adyar and many more apart from suburban locations like Sholinganallur on the IT corridor these location too are in great demand for resale units. As there is a growing demand for other areas as well where the demand hinges on pushing pricing. Housing board flats with larger UDS are in massive demand in areas like Kotturpuram and Besant Nagar as city land price are soaring . With the redevelopment trend gaining momentum people are keen to need an edge in resale units currently, he adds. According to realtors, the trend is maybe about to continue till infrastructure development improves in suburban and peripheral areas with the emergence of extra educational, health and retail amenities and connectivity levels. Apart from resale units people of Chennai looking for affordable homes as well, consequently builders in Chennai began to believe that small and affordable homes were what would now be on the wish list of prospective buyers who now has a considerably lower purchasing power. The already-existing EWS (Economically Weaker Section) segment that was already in need of small and affordable homes. Rising cost of construction materials and the fact that nearly one-third of the price of every property is paid to the government in the form of taxes and levies, have undoubtedly played spoilsport in this dream to provide affordable housing for all.