July 26, 2021

New Delhi: As more people flock to the city to live in new condos, it has become increasingly hard to find properties that offer quality accommodation, which is one of the reasons the market for luxury apartments has become a hot topic. 

The market for high-end apartments in Chennai is in a bubble, and a lot of people are in for a shock.

According to data from real estate brokerage CBRE, demand for luxury properties in the city has been rising steadily over the past few years.

CBRE data shows that a total of 9,834 luxury properties have been listed for sale in the last six months, a 15% jump from the year before. 

The number of luxury apartments listed in Chennai in the first six months of 2018 was just over 1,000.

The figure has since increased to more than 3,000, which means the number of properties listed for rental has increased by 20% in the past six months.

While the number for sale has increased, it’s clear that demand is far from over. 

“With the high-profile developments in the real estate sector, there are still a lot more luxury apartments than supply,” said a senior real estate agent in Chennai. 

In a market where the supply of luxury properties is not that much, people are getting more bang for their buck, and the market is also becoming more competitive, he added.

The reason for the surge in luxury properties, which have seen the number price increase over the last few years, is the demand for them.

“The market is very competitive and the supply is not as great,” said an agent in the Mumbai market.

The market has also become more competitive over the years, with more and more people wanting to live close to amenities and amenities are becoming cheaper.

“If you are close to the beach, there is a huge demand for beachfront accommodation.

If you are nearby the market, the demand is not high,” said another agent in Mumbai.

In the city, properties in private homes have also seen a steep rise in value, especially in the luxury segment. 

Real Estate agent Shyam Thakur said there are a number of reasons why demand is on the rise for luxury housing. 

According to the CBRE survey, the number one reason for demand for these luxury apartments is the presence of private schools.

The survey also shows that demand for this category of properties is increasing in the market due to the popularity of the luxury lifestyle in the country.

“There are people living in these luxury properties. 

As the cost of living is going up, the quality of the amenities is increasing as well,” said Thakurt. 

While the demand has been going up in the residential sector, the real value of luxury units in the capital has been decreasing over the year.

“This is a reflection of the government’s policy of putting restrictions on the market,” said Bhaskar Singh, a partner at Birla, a real estate company.

“It’s not just the cost.

It’s the quality. 

For the same price, you can get a house in Mumbai or Delhi, but the quality and amenities in Chennai are more than that,” said Singh.

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