As the year 2021 is about to close, the real estate market is stepping into a new era as the COVID-19 pandemic has pressed the reset button. And it’s not just the real estate market, almost every industry is picking up the pace and has taken up innovative strategies to take the lead.
Although the real estate market has dipped in recent times, there is no demand for luxury apartments in Chennai. Almost every industry has taken up work from home and brings in the latest trends to our table. Similar to the IT industry, the buildings consumed a lot of space. However, as the threat of COVID-19 has mitigated in the second half of 2021, we might see a change of things from their side.
There is no argument that last year did not reap as much profit as most sectors. The introduction of innovative nationwide plans like Atmanirbhar Bharath and an increase in FDI are some of the indicators of a robust recovery. Mannivakkam’s square feet rate is expected to shoot up in the last quarter of 2021.
Despite a global disruption that took its toll on almost every sector, India’s real estate market continues to seek attention from investors seeking to push up the market. As we move forward, we can expect lucrative returns for properties bought now as the government keeps announcing new positive reform initiatives.
As India is considered to be one of the fastest-growing economies in the country, the introduction of new government policies is also aiding its growth. In spite of the dip, the real estate market has shown an unwavering development with an 8% hike in housing sales this year. And that’s just South Chennai! The city still has several prestigious projects under its kitty in which the best builders in Chennai worked.
Take a look at the noteworthy real estate developments in Chennai:
With a keen focus on benefiting the people, the real estate industry has grown into a multi-fold business as it paved the path for several industrial expansions all over Chennai. Every amenity is just a hop away for people as every part of the city is developing into a local cluster. The drastic developments in terms of connectivity and infrastructural amenities, mainly in the suburban regions, altogether serve as the reason for real estate growth.
Why is now the best time to own a house in Chennai:
A number of renters have already started looking for properties to buy recently. There are two primary reasons behind this:
- Real estate prices have slightly decreased during this pandemic
- A significant dip in the home loan rates
Several luxury apartments in Chennai have started rolling out exciting offers to attract potential customers. Buyers also clearly know that no GST will be imposed on ready-to-move houses which can help in saving more money.
Establishing a balance between the residential and commercial sector:
As there is notable traction between commercial and residential, this pandemic has escalated the real estate sector to newer heights. With substantial urbanization taking place around the city, the demand in the residential sector is equally taking place alongside the commercial buildings.
The incorporation of green living concept:
Green technology is being implemented in every luxury apartment in Chennai built by top-notch builders. This trend is also expected to continue in the forthcoming years. Substantial designs are being created by experienced architects which brings natural lighting and ventilation to the building. By adding convenience and creating sustainable luxury apartments in Chennai, builders are providing chances to buy dream homes for everyone.
What does the future hold for real estate:
To get a better idea of the future of real estate, let’s break down the industry into four main categories. They are:
- Land
- Residential buildings
- Commercial buildings
- Industrial buildings
Land:
The land is the foundation of all real estate properties as it can be easily combined with the other types. Since local clusters are getting developed at full pace, lands are a great option to invest in for most people.
Residential buildings:
Residential buildings will always be in high demand as more people keep flocking to metropolitan cities like Chennai every year. As home loans are being offered at lower interest rates recently, now would be the perfect time to own a dream house.
Commercial real estate:
Commercial real estate is entirely focused on generating income. However, this pandemic has taken a toll on every business and has forced many to shut down. But the future looks promising for business sectors as commercial real estate is a rapidly growing sector and will bounce back in no time.
Industrial real estate:
As the name suggests, they are used to carry out industrial activities which include the production and manufacturing of products. Most people confuse it with commercial real estate. Industrial spaces require special permissions from the government and need to be outside the city limits as suggested by the pollution board.
Conclusion:
In 2021, we are going to witness some never seen changes in the real estate sector. With the rise of several luxury apartments in Chennai, there has been a substantial increase in the numbers. More builders have stepped in to welcome buyers.
