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Closing Of Nokia Office Affect Chennai Real Estate
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The closing down of Nokia's Sriperumbudur office has caused a dual brunt not only 35,000 workers have lost job but the owners of properties in Chennai for sale are also loosing out. Many people had bought properties in Chennai for sale as an investment thinking that the presence of the company as well as ancillary units will help to escalate the the prices of flats for sale in Chennai in the area.
Several people had bought flats for sale in Chennai in Poonamallee High Road, thinking that it will earn them good rentals while they wait to get a good ROI. But these dreams have been cut short as now these owners of India property Chennai are not sure if these flats will now attract handsome rental income.
Many people had invested money in real estate in Chennai thinking that it will attract lifelong rental income. The state government too had promised that the area's will witness improved infrastructural facilities. Although Sriperumbudur still houses several other industries like Hyundai, Samsung, Dell, Motorola, Saint Gobain, PraxAir India Ltd and Nippon Paint investor of real estate in Chennai are worried that other industries might shift out due to lack of incentive and proper infrastructure.
People who have invested on outskirts of southern Chennai, in localities of Kanchipuram and Tiruvalluvarar also worried about this development. In the last decade several industries came to the city which lead to increase in real estate prices and rental incomes. In fact Sriperumbudur was thought to be a full fledged satellite township located near Chennai. The establishment of Sipcot industrial complex as well as the state government's announcement of constructing a greenfield airport in region and also improving the road connectivity had led to a substantial increase in property prices. Infact the property prices reached around Rs 4 crore per acre. Many people moved with families to the outskirts of south Chennai due to ample opportunities and affordable rent. However after the closure of Nokia many people are moving out with their families which is causing a worrying situation for the property market.
Several real estate developers were also looking to bring out several new projects in the region. But now as the government has failed to deliver on any of its promises the situation look grim both for real estate investors as well as developers. Also no tmajor land deal has taken place in the last two to three year.
Makaan.com is a leading online property site that was formed by the people group to help people do a comprehensive property search for India real estate and India property Chennai. On the real estate site one can search flats for sale in Chennai and properties for sale.
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