Despite the plunge in the real estate market in 2019, there have been signs of growth and developments in the real estate sector in 2020. More and more individuals are interested in real estate both as an investment and space what you call as a home. In 2019 the trends of real estate were the rates stagnating and the market dipping. When it comes to construction properties, over 60 per cent were from the affordable budgeted section.
Industry experts say that in 2020 there’s going to a massive spike in the real estate market and Chennai is one of the primary key players in this development. Reports say that the residential housing properties saw an increase of 8 per cent this year and there has been a hike in the new launches as well.
To put things into perspective for potential homebuyers here are some trends in the real estate sector for the year 2020.
Residential Developments in North Chennai are Thriving
Chennai has seen good developmental activities in the real estate market, especially in the northern part of the city. This is because there has been a considerable demand for housings in that area because of the industries located. The North Chennai is a commercial hub for the city; this is the sole reason for industrial developments in that area which indeed led to the construction of so many residential properties.
The infrastructure and connectivity in north Chennai have improved drastically, which is alluring many builders and constructors to invest in residential properties. Other than that, the presence of major oil companies and IT sectors has also motivated the spike in property sales.
The Rise of New Homebuyers
Many people in Chennai are looking to invest in residential properties more than ever. In 2020, many rental residents are saving up and looking forward to buying apartments in Chennai. This is because of the affordable real estate property rates and low-interest home loan rates; it is a perfect time to invest in properties in Chennai.
The ready to move-in housing properties are in-demand in Chennai because there is no GST forced on those properties.
Commercial Properties are In-Demand
There is no doubt that the residential properties are seeing a growth substantially, but there is the demand for commercial properties in Chennai as well. Due to the new launches and growth of the IT/ITES sector, there is has been an enormous demand for commercial properties in Chennai.
Green and Eco-friendly Living
Both the builders and the buyers are opting for green construction solutions. Using green technological solutions and eco-friendly materials are the futuristic way of living. From raw materials selections to environment-friendly construction designs, every step is taken with care to protect the environment and promote substantial living.
With the development of both commercial and residential properties in Chennai, it is best to invest in real estate sector now more than ever. If you are looking to buy any properties, then simply contact My Property Boutique, a leading real estate company in Chennai for further details. The calendar year 2020 is really excellent for property investment.