Almost everybody today wants to live in cities because of all the opportunities provided in there. Chennai, currently with over 8.5 Million people is one of them. India’s fourth largest city after Delhi, Mumbai and Kolkata, Chennai has been phenomenally growing as a hub of sectors such as manufacturing, retail, healthcare and IT sectors in the main, in the last 2 decades. Chennai remains a city with great potential for industrial growth, economic feasibilities, quality infrastructure and Governments committed to promoting trade and commerce. It continues to attract people from different parts of the State, country and the world. As an increasing number of businesses, including Multinational majors make Chennai home, the city lures more people to it. Need for homes rise directly proportionate to the rise in the working population in Chennai. Hence, the housing sector has developed very fast in these years to match these demands.
Rising Population And Rising Demand For Housing Sector
Clearly, with rising population the need for houses rise too. Demand for both, houses for rent and ownership continue soaring as Chennai keeps expanding. It is good news for you if you are an investor that seeks returns from rentals. Rest assured of returns on investment in quality residential properties in prime locations. Find below for some great options available for you.
As per a Cushman & Wakefield Report, Chennai’s demand for housing stands at around 444000 units in the period of 2016-2020 and supply stands at a mere 97,000 units. That said, it is equally important to note that market do not absorb properties that fail to demonstrate value for buyers. People refuse to buy properties that are priced higher than their expectations. Similarly, people do not buy houses built in locations that do not serve their purposes. Developers find it financially unfeasible to build affordable housing because funds, land and development come at a high cost. So they find it difficult to build small units at locations close to city centres without hurting their returns.
Developers That Meet Expectations
With the introduction of some measures such as demonetization and GST, a section of people expect to see a shift from the Middle Income Group (MIG) and the High Income Group (MIG) housing to the Low Income Group (LIG) housing currently and in the future. Find below for value-for-money houses.
Socially committed Developers in Chennai stay at the forefront of the movement toward improving the quality of housing for all sections of people. The developers are investing a lot to make a safe and decent place and which is affordable to the people too. The one who have succeeded in building a quality structure at a low and moderate-income housing are more in demand today in the urban housing sector. Market receives the developers who uses their energy and efficiency Market receives the developers which use their efficiencies and energies to create an affordable house rather than those that lack professional expertise in managing their resources effectively to create quality, affordable, urban housing sector communities.