A real estate portal has recently released a report on “Chennai Realty Cityscape” for the year 2016. “Chennai floods in 2015 have left a grave impact on the real estate market, disturbing the city’s sentiments. Prospective investors have held back on buying decisions to purchase properties in low-lying areas of Chennai. The realty sector faced a whopping loss of Rs 30,000 crore approximately,” the report said.
Micro markets in Chennai, which are adversely affected and shunned by majority of the buyers post-floods are Tambaram, Urapakkam, Mudichur, Perumbakkam, Velachery, Saidapet, Pallikaranai and Keelkattalai, it added. The report also said that Chennai residential market has noted a decrease of new launch supply in 2016 compared to its previous year, an approximate 57% downfall has been witnessed, it said.
“Post floods the market sentiments remained weak and a marginal number of launches in South and West Chennai have been witnessed. However, there was an improvement in housing sales observed during 2016,” it added.
Credits ET Realty