How's the Chennai Real Estate Market being resilient in today's time? - Luxury Apartments in Chennai

How’s the Chennai Real Estate Market being resilient in today’s time?

With Chennai recovering from the covid-induced slowdown, property purchasers are upgrading their buying standards to benefit the real estate sector.

Chennai people have always valued their families more, which is visible in how they purchase houses- they continue asking property developers to think big and plan better. The place’s real estate market hasn’t been this blunt before, with Chennaiites picking facilities, comfort, space, and style while staying connected to their domestic bonds.

Facilities in demand

Developers witnessed a demand for bigger houses though the houses in Chennai have always been bigger compared to other metros. And the demand includes better amenities as a make–or–break aspect.

Home developers also witnessed a gradual shift to under-construction properties. With people realizing the need for a suitable dwelling, including all required amenities and facilities, there has been a rise in the sale of bigger units.

While previously Chennaiites preferred to find abodes in the city’s heart, now they do not consider central locations for spacious properties with more amenities.

As per Niranjan Hiranandani, the NAREDCO president, Chennai is not a market with unexpected price and trends changes. For years, many home buyers preferred centrally-located homes, but the sizes were not small, with minimal open spaces.

But, the new-age home buyers are planning to move outskirts, wiping out the charm of central locations. The change was slow, and people now choose amenities, features, and space over a central location. Suburban living is especially amongst prospects who prefer to walk to their office and choose an unpolluted environment for their family.

Family first

Chennai has become a place where demand for a spacious living space next to a smaller parent’s home has gained traction. Today, buyers want to stay close to their parents in a big house. The pandemic has changed the preference for a nuclear family. And people are returning to joint family culture as proximity to family was needed amid covid.

Aspiring purchasers prefer well-designed, smart apartments in modern communities and well-linked locations. Because of the flexibility of work-from-home and online classes, apartments designed for flexibility wherein you have one place dedicated to work, and studies are in high demand.

The major areas of attention are privacy, open area, sufficient ventilation, and lighting. Prospects consider both physical health and mental agility now.

The price factor

Chennai is witnessing a good blend of demand from lower-mid segment properties to medium-range affordable and luxurious properties.

Affordable homes in Chennai include amenities in premium properties such as swimming pools, open spaces, and more. Priced somewhere between INR 50 lakh to INR 1.3 crore, the upmarket can go as high as 1.2 crores to 5 crores, while the lower-mid segment ranges from INR 25 to 50 lakh.

More affordable housing is expected to flourish in the coming time, especially targeting first-time buyers. These properties will be compact 2 BHK homes with amenities ranging from INR 40 lakh to 60 lakh. The developers have an optimistic view of the affordable housing system.

Sales strategy

Regarding the marketing and sales strategy, developers are developing a solid online presence after the pandemic. It further wipes out the involvement of mediators, and the inquiries, either online or offline, come directly to them.

The change is noticeable in the new normal where humans plan to co-exist with coronavirus. The ratio has shifted from mid-segment homes to affordable homes for good reasons. The Chennai properties offer security, safety, and better living standards at attractive prices. With hopes of inflation falling back in the next few months, developers and buyers hope that Chennai’s real estate sector will boom further.

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