Real estate prices have fallen dramatically over the past couple of years, but a large chunk of the city is still waiting to see how much the city can recover.
So, here’s what you need to know to get the most out of your apartment buy or sell.
The city is on a slow recoveryAfter being rocked by the mega storm, Chennai has seen a dramatic fall in house prices.
The latest figures released by the National Statistical Commission show that the city’s median house price has fallen from Rs 5,890 in February 2017 to Rs 5 of Rs 6,000 in December 2017.
This is not a huge fall from the Rs 7,000 median house prices of the first quarter of this year, which was in February 2016.
However, it is a big drop.
The median house value has dropped from Rs 8,500 in 2016 to Rs 8 of Rs 8 in 2017, a fall of over 50%.
This is the lowest value in the country.
In fact, in Chennai, median house values fell even as house prices increased.
The median house in Chennai is estimated to be around Rs 9,500, which is lower than the average value of Rs 10,000.
But, there are plenty of other suburbs like Thiruvananthapuram, Kozhikode, and Thiruveniram, which are also well below the median value of the median house.
How to get better landThe city’s land value has gone up since it has been under the control of the Centre.
But it is only around 6% of the land in Chennai.
This is because of the massive number of new and existing buildings built in the last two decades.
These are mostly apartments.
It is estimated that the total number of apartments in Chennai will exceed 2 million by 2023.
The real estate experts at Savashekar Property Group have a plan to convert the city into a real estate hub.
In addition to developing new apartments, the company is planning to expand its land holdings in the outskirts of Chennai.