Like
any other realty market in India, Chennai market also has been experiencing a
little drift in the past one year. Unlike other markets Chennai market didn’t face those situations
for too long. Chennai started gaining some high points in the second quarter of
2013. This year which have been an huge expectation among buyers as well as real estate developers in Chennai started off with a an bash at the first quarter
with sales and launches but with the underlying demand for housing stable made
the second quarter made the business to go dull this year but the real estate
sector has started lighting up in the beginning of third quarter, bringing joy
to builders as well as investors in Chennai. This sudden deal is because of the
market conditions which have impacted prices and bringing them down and also
the introduction of new projects launch at comparatively lower prices than in
2012
Apart from the minor price
cut, project launches in the first half of the year and also added inventory
has also provided a choice of products to its buyers making the selling.With
the increase in inventory the buyers are expected to lower their price which
will attract many more buyers, on contrary the real estate developers in
Chennai only provided bundled offers such as more parking spaces, modular
kitchen, gold coins as well as holiday package. Some developers even started
building homes in areas where you have walk miles to reach a school, or a
hospital to increase their sales.
These
expectations were shattered with the introduction of real estate bill 2013.
This bill had made a drastic change in the realty development in the following
year as the builders are wounded with several restrictions. Due to this, the
future of realty markets are expected to put a heavy price tag on the buyers and
also has made the projects
to be delayed. Although the bill is passed, the real estate developers in
Chennai are on the outlook for the coming year because of the near-term
Parliamentary elections with the belief that the bill will be regulated as the
current bill covers compliance only on the developers alone.
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