Chennai’s Urban Housing Sector – An Overview
Half of humanity today lives in cities. Chennai, currently with over 8.5 Million people is one of them. India’s fourth largest city after Delhi, Mumbai and Kolkata, Chennai has been phenomenally growing as a hub of sectors such as manufacturing, retail, healthcare and IT sectors in the main, in the last 2 decades. Chennai remains a city with great potential for industrial growth, economic feasibilities, quality infrastructure and Governments committed to promoting trade and commerce. Chennai continues to attract people from different parts of the State, country and the world. As an increasing number of businesses, including Multinational majors make Chennai home, the city lures more people to her. Need for homes rise directly proportionate to the rise in the working population in Chennai. It has become a major tourist destination too.
RISING POPULATION AND RISING DEMAND FOR HOUSING
Clearly, with rising population the need for houses rise too. Demand for both, houses for rent and ownership continue soaring as Chennai keeps expanding. It is good news for you if you are an investor that seeks returns from rentals. Rest assured of returns on investment in quality residential properties in prime locations. Find below for some great options available for you.
As per a Cushman & Wakefield Report, Chennai’s demand for housing stands at around 444000 units in the period of 2016-2020 and supply stands at a mere 97,000 units. That said, it is equally important to note that market do not absorb properties that fail to demonstrate value for buyers. People refuse to buy properties that are priced higher than their expectations. Similarly, people do not buy houses built in locations that do not serve their purposes. Developers find it financially unfeasible to build affordable housing because funds, land and development come at a high cost. So they find it difficult to build small units at locations close to city centres without hurting their returns.
DEVELOPERS THAT MEET EXPECTATIONS
With measures such as demonetization and GST, a section of people expect to see a shift from Middle Income Group (MIG) and High Income Group (MIG) housing to Low Income Group (LIG) housing currently and in the coming days. Find below for value-for-money houses.
Socially committed Developers in Chennai stay at the forefront of the movement toward improving the quality of housing for all sections of people. Efforts are invested into efforts that ensure that everyone finds safe, decent and affordable housing within the reach of the place they work, shop, study and play. Developers that succeed at building quality low and moderate-income housing are more in demand today in the urban housing sector. Market receives Developers that use their energies and efficiencies to create affordable housing communities rather than those that lack professional expertise in managing their resources effectively to create quality, affordable, urban housing communities.
Find below for quality housing in Chennai.