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Chennai Real Estate Sector To Experience Growth Now
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The Chennai property market is all set to for perform in a better and bigger way in the year of 2013. The significant recovery showed in 2012 has resulted in many mammoth residential property projects in Chennai expected to come up in this year and the years to follow, to ensure supply ample residential and business developments, enough to meet the growing attention of investors. With this said, the city of Chennai is already showing signs of further growth in terms of the real estate sector. The average residential property rental in Chennai within the beginning two months of 2013 already shown over 16% growth as against the average rent during of 2012.
Industry experts and agents in the real estate sector think that 2013 will experience a better and steadier progress in Chennai real estate market and bring more opportunities for both the landlords and property investors. The good part is that it's not just the rental market that has seen improvement, but other segments of the property sector have also been on the rise. Properties for sale in velachery, properties for sale in old mahabalipuram road, flats ecr road, apartments ambattur has also seen an improvement with roughly 30% hike in the average sale price recorded for Chennai apartments in the first two months of 2013, as compared to Q1 2012. From Q3 2012 to Q1 2013, the average cost for ultra-modish villas has risen up by 8.9%. Recorded during the same period has been an increase of 14.9% in the prices of middle range villas. However, the most noticeable growth has been seen in the modest villas range by over 20%.
Even the apartments fragment has undergone almost a similar trend where the low budget residential units recorded a significant price hike of 14.6%, while high and middle range apartments registered an average increase in prices each. The rental market was not left behind in the race and displayed considerable expansion. Again the increase was highest in the lower budget villa market which recorded a rental growth of rental value also increased in the high range villas and middle range villa markets by respectively, between of 2012 and the 2013. As per industry experts, the Chennai real estate market has fared quite well and is expected to see a consistent growth in the near future to. So this is being considered as a good time to invest and buy property in Chennai.
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