Real estate in Chennai seems to be looking up from the buyer’s perspective at least. Like many other metro cities, prices are witnessing a slight downward spiral in Chennai and this makes it a buyer’s market. Chennai’s realty market had new launches going down by approximately 13% in 2017 due to the combined effects of RERA, GST and demonetization. The average asking price also reduced by around 3% for apartments in Chennai while market sales volumes touched close to 15, 000+ units, indicating a drop of around 4%. Chennai is a prime buyer’s market as per experts with several customers who are bargaining hard, being successful in landing their chosen properties with discounts of up to 10% in the prices of apartments.
These discounts are majorly available by way of freebies, cash discounts and other similar benefits. The recovery in real estate was a little muted in the first half of last year but things are picking up now. Even new launches across the country went down in 2017 including major markets like Pune, Mumbai, Kolkata, NCR, Hyderabad, Bangalore and Ahmedabad. Unsold inventory levels are still high in Chennai and developers are offering several discounts and freebies in a bid to clear stocks. Developers will continue focusing on clearing inventory throughout 2018 and this makes the city a veritable buyer’s market with some great deals available.
There is estimated inventory that will sell over the next 12-18 months or so. This is relatively healthy in comparison to many other cities. Chennai will continue being a market for buyers and there is huge demand for apartments that are priced below Rs. 25 lakhs as per several studies and reports. There was a major drop in new launches last year in Chennai but things should improve soon according to experts. Developers are focusing on clearing old stocks and this should definitely attract buyers across segments.
