Ride the luxurious trends in Chennai real estate
Chennai reaching the resistance of building the budget homes and the building promoters is now focusing more on the luxurious apartments that builds more reputation for the builders and as well improve the sales. The premium priced properties are now famous among the investors who wants to enjoy the prime locality, with more sophisticated amenities. The investors are ready to even pay beyond the price to enjoy a comfortable living. The international design with recent European styles have recreated the real estate in Chennai to accommodate new buildings even in the outskirts of Chennai.
The investors doesn’t even mind settling on the outskirts as they prefer a peaceful, calm and sophisticated living at a high price. More than 10 billion dollars have been spent across to build such premium priced buildings with extraordinary styles and grandeur. They also have more amenities like open terrace, garden set up, proper ventilation. When you see any newspaper, or look for the properties near the highways, the paper will be full of the real estate property ads or boards that holding on the corner of the roads. These boards witnesses the recent trends of the real estate came at your doorstep. That’s fine, since this is the current scenario in the real estate market and looking forward to continue to next 20 years at the least.
But all the boardings have the middle group luxury based apartments. However, the recent trend shows there is a decline in the middle group apartments where the rally shows a downturn of stagnated inventory found unsold. This has created a big loss for the building promoters in terms of time, money, effort, and the interest money to be paid to the bank. So all these prove that there is not a real demand for these weaker section apartments, and mid grouped apartments, as the people are looking for more correction in the real estate property prices. In the early 2000s when we go back and see what had happened, there was not much competition for these mid ranged apartments, whereas, on the contrary, one can find that there has always been a demand for the luxurious properties as the investors who are interested in such properties always wanted to have spacious homes irrespective of the price rise or fall.
In the recent days, the urbanization, more income, and the dense population travelling towards Chennai for various reasons is now demanding for such homes due to the affordability. The real estate properties have now seen the affordable rate falling below the income rate proving higher disposable income being generated. The more sophistication, the more salary, and the more affordability had become possible. The builders are now aware of these needs of the varied investors and now focusing on such premium properties and hence, the luxury wave has again started waving around Chennai. With such a high disposable income, people are able to afford these luxury homes, which has reduced the burden of the building promoters from having to pay interest rates who have invested billion of dollars for constructing such homes. With more non resident Indians and high net worth individuals looking to invest in Chennai for its spacious homes and locality, the luxury has now become a common man’s game to acquire such properties.Hence, one can look for luxurious wave coming back to Chennai in the upcoming years.