As understood by recent reports, despite the decline in the economy in 2019, the real estate market exhibited signs of strength with continued growth in India. In the previous year, the trend remained as follows:
There was a short-term decline in real estate rates or held steady. Well, come to the types of construction, more than 60 percent belonged to budgeted areas.
In the current scenario, in 2020, according to experts, the real estate sector is expected to have an unprecedented growth. And there was a more than 8% jump in housing sales in Chennai, especially South Chennai, where the total number of new launches was consistently at a high.
In an attempt to shed light on what to expect from Chennai's real estate segment, here are some trends to look forward to in the ongoing trends:
Events in North Chennai
With the eagerness for the benefits of end users, the real estate segment of Chennai city is growing by leaps and bounds with a lot of industrial expansion especially in the northern part of the city. From North Chennai, one is just away to reach the port. This is a major reason, there has been a lot of industrial development in the northern part of Chennai and serves as the hub of business activities.
North Chennai also has a host of IT companies and ITES service solutions, promising to increase the real estate market value of North Chennai in 2020. In addition, there has been considerable development in terms of connectivity in the northern part of Chennai and a lot of infrastructural enhancements which serve as the reasons for the growth of real estate as a whole.
Dreams come true! Welcome homeowners
According to the news, many renters living in Chennai are set to acquire their own property in the city in the year 2020. The two main reasons for this change are both the real estate market rates and the fall in home loan rates.
Which are especially beneficial for the middle class population?
Outside real estate builders, it's your turn to attract candidates with exciting offers!
It should also be noted that no GST has been imposed on ready-to-move houses which adds to the reason for purchasing new houses.
Balancing the residential and commercial sector
With significant traction in commercial building locations, as the city has many IT and ITES companies, which holds great potential for the commercial real estate sector. There is substantial urbanization and people are eyeing white-collar jobs, which takes the commercial sector to great heights. This will naturally increase the demand for the residential sector which brings balance between the two.
Support green living concept
Green technology is largely received by potential home buyers as well as real estate developers. In 2020, this trend is promising to continue with the potential for substantial growth in terms of technological progress. It involves the purchase of raw materials, creating a sustainable design that is robust despite changes in environmental conditions. And there are those who are opting for smart homes, which not only add to the comfort of living space, but also provide permanent living conditions.
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