The real estate market seemed to be on an all time low during the past few months in Chennai due to various reasons but there seems to be a change in this scenario with the formation of new government. There have been positive signs in the real estate market during August and September and many apartments in Chennai are being constructed and promoted on this basis.
After the 2014 Budget, there has been considerable increase in price-sensitivity in Chennai and most other southern cities. Increasing the taxable limit from Rs 2 lakhs to 2.5 lakhs, enhancing the benefits in Section 80C from Rs 1 lakh to Rs 1.5 lakhs and raising the exemption limit on interest payments on housing loans from Rs 1.5 to Rs 2 lakhs per annum is expected to leave more money in the hands of the tax-payers. This means more money which can be saved and in turn invested. Compared to last few months, the investment trend has been a bit positive in Chennai and people are slowly opening up to choices.
The positive trend in real estate market can be attributed to the increase in IT and other commercial businesses over the past few months. Due to our new governmentâ€™s efforts, there is affordable housing being built in all major cities in India. This city is also not behind in this race as many affordable apartments are being built in Chennai. Areas like OMR, ECR and Poonamallee are the most sought after residential investment destinations in Chennai offering both luxury and affordable apartments and houses. People nowadays have started preferring areas like Perumbakkam, Medavakkam, Kovillambakkam, Vannagaram, Mangadu, Kundratur, Ambattur, Avadi, Chembarambakkam and Oragadam which cater much more to the middle segment and offer good EMI options to people looking for homes in the middle segment.
Chennai is sure turned a new leaf with positive investment trend in the past few months and people should be able to utilise this trend and invest wisely.