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Chennai Real Estate May See A Boom
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The recent announcements made in the maiden budget by the NDA finance minister Mr. Arun Jaitley, has brought cheer for Chennai real estate sector. The residential property at Chennai is passing through a stagnant phase. Chennai properties have been in low demand as the sales velocity has slowed down leading to rise in the unsold inventory. Quarter-on-Quater the unsold sales inventory is rising which is causing builders to stop investing in new projects. The overall buyer sentiment has largely been negative, as most of the prospective buyers are withholding investment in homes due to slow economy, rising inflation and job insecurity.
In this budget Mr. Arun Jaitley has offered many tax sops like increasing the tax slab from Rs. 2 lakhs to Rs. 2.5 lakh, and giving more benefits in Section 80C from Rs. 1 lakh to Rs. 1.5 lakh alongwith offering an exemption limit on interest payments on housing loans from Rs. 1.5 to Rs. 2 lakh per annum. These sops may not influence property buying in expensive property site like Mumbai and Delhi but in price-sensitive cities like Chennai these factors could influence people to invest in a Chennai property.
Though the Chennai real estate has seen an year-on-year increase but the city is yet to see a rapid rise Chennai property rates. Over the past few years Chennai properties have failed to attract outside investors which has led to low speculator activity leading to stagnation of prices. Unlike other metropolitan cities where speculators and investors influence the pricing, Chennai has stayed aloof from speculation.
Property at Chennai may have appreciated but the ROI has largely depended on the area of the property site. Property at Chennai Central and South Chennai have given high ROI's whereas North Chennai has hardly shown an appreciation. The capital city of Tamil Nadu, earlier known as Madras, offers several property options across luxury, premium and affordable categories. If one is look for an affordable option they can invest in property Chennai along suburban corridors of ECR, OMR, GST and Poonamallee.
First-time home buyers looking to invest in property Chennai can buy homes in developing areas like Medavakkam, Perumbakkam, Kovillambakkam, Vannagaram, Mangadu, Ambattur, Avadi, Kundratur, Chembrambakkam, Oragadam, etc. The area are expected to give good Return on investment. It is believed that these areas will see enhanced demand due to recent Budget announcements as for getting FDI has been reduced from from 50,000 sq. metres to 20,000 sq. metres and the minimum capitalization was relaxed from $10 million to $5 million, which means that now small mid-sized developers could get greater access FDI funding.
Makaan.com, the rapidly growing property sites in India, was incepted by People Group. The site offers property at Chennai and India Property.
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