After a long hiatus, the scenario at the Indian Real Estate sector has slowly started to liven up. The real estate sector in India has been struggling to make an impact with the people for quite some time now after a year long period of stagnation and declining transactional activity. However, in recent months, there has been noticeable development in the real estate front. Things are looking positive in the realty market as both property investors and property developers are coming out in numbers to revive the industry.
Simultaneously, the demand for housing and commercial space in India among the NRI’s is on the rise. The growing consumer demands has made the real estate builders think fresh and innovatively. The real estate developers are working hard towards meeting the expectations of the NRI’s who return to India for settling down. They are taking into consideration their tastes and upgrading the trends for the year 2012 so as to cater to the needs of all the classes by creating global standards of living at an affordable pricing.
The Real Estate trends that will be most sought-after by NRI home buyers in the coming year 2012 will be as follows:
• NRI home buyers are going to be thinking long-term as they basically looking to settle down here. It must be noted that NRI’s home buyers are thinking advance for the 1st time in a decade ie; homeowners are simply planning on staying longer.
• Markets reveal that the prices will drop. Foreclosures increase will visible anywhere between 7-10%. Pricing competitively, yet in a reasonable manner will make the customer to take notice of the property over the gazillion other choices existing in the market.
• It is common knowledge that no matter how low the mortgage rates are, they are bound to increase over a period of time. In order for governments to recover from their own debt loads, rates will eventually start to rise up. Long term rates are expected to rise sometime around mid to late 2012. However, keeping the mortgage rates low will help both the property seller and the home buyer.
• All new construction concerns need to be as early as possible. The most common issue being housing shortages has been an impending issue since early 2011. This needs to be given due attention so as NRI’s don’t feel the pinch or any hardships while looking for a suitable luxury apartment in the coming year.
The property market in Chennai is booming. The last few years has seen tremendous growth in residential properties across Chennai. Residential builders are vying with each other to offer a bouquet of services that will attract the home buyer. From swimming pools, to lawns, to clubhouses, health clubs, ATM, shops, and many more amenities are being added as part of most up market residential complexes. Even budget apartments include some basic features to attract property buyers.
Real estate in Chennai is stable, and growing steadily. The demand and supply in the Chennai market is rising. Numerous residential high rises are being developed across different areas, hence residential properties is not restricted to the city center, but has also expanded to the peripherals of the city.
With resident and Non Resident Indians choosing a safe property market like Chennai to invest in; the demand for all kinds of properties has increased and property developers are augmenting the number of projects to meet the demand. Today there are takers for budget as well as luxury apartments; villas as well as apartments, semi independent houses as well as independent houses.
Whether it is north or south Chennai every part of Chennai is undergoing a complete transformation. The number of first time buyers has increased and so has the number of second time home buyers. The prices of apartments are fixed according to the location, amenities offered and the residential builder.
Some areas that have become hot in the last few years are OMR, Sriperumbadur, Maddipakkam, Porur, the entire east cost road stretch, Thiruvallur, and Medavakkam to name a few.
Invest in the Chennai property market and enjoy the benefits! Whether you are looking at a short/medium or long term investment plan real estate investment is safe and profitable.