Chennai’s homebuyers seen to prefer mid-range properties

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As per reports and indicative of present realty sector trends, a whopping 73% of homebuyers in Chennai have already searched for properties in the mid-range segment. A high number of people are searching for properties priced below Rs.80 lakhs. Velachery heads the list of most searched or preferred areas and is followed by other coveted residential destinations like Chrompet, Medavakkam, Anna Nagar and Porur.

According to experts, the number of prospective homebuyers have already increased by around 10, 000 people in June, 2017 as compared to July, 2016. Out of these buyers, close to 3, 900 people were NRIs (non-resident Indians), thereby making up close to 13% of the total number of buyers looking to buy a home in Chennai. Also, around 75% of all property seekers in Chennai have looked for homes through online portals.

The Goods and Services Tax (GST) regime is expected to cause a temporary lag in real estate transactions over the next 2-3 months however as per experts. The market indicates that GST will be delaying transactions by a couple of months since people are waiting for greater clarity on overall pricing. GST is expected to lower property prices according to market experts. The appreciation in property prices ranges between 1.5-2.5% in Chennai as per market trends.

Chennai remains a real estate market which has witnessed decent growth over the last few years and prices have remained relatively flat here as well. However, this appreciation in property prices augurs well for the market on a whole.