Chennai real estate market...

Real estate industry of India is zooming away no lesser than any other part of the world. India real estate is spreading in all the direction- be it Chennai real estate, Hyderabad real estate or Cochin real estate. A few year back Chennai real estate has shortage of housing options, but now it has changed and superfluity of residential options. Because of these conditions Chennai is recognized as a preferred place of corporate people and MNC. The real-estate market in Chennai is looking up with several top MNCs, primarily from IT and IT-enabled sectors. Financial costs, expert manpower and outstanding business environment –the major benchmark of Chennai on three major classes. Chennai has traditionally been a city with a market preference for stand-alone bungalow type properties. Currently, there is a growing demand for Chennai apartments in gated communities along the new commercial corridors. Chennai is a home of chief automobile. In fact the Chennai residential real estate sector is going through a change in market dynamics and over increase in real estate purchasing activity. As the city goes in for redevelopment, there have been a growing number of single floors being listed in the city for sale. City home loans and augmenting rates have resulted in major price escalation in past few months in Chennai. The residential absorption rate in Chennai rose 37 per cent in 2011. High launch activity has resulted in increased unsold inventory in the market. Unsold inventory rose to15 from 10 months early last year. Average property prices rose 8 per cent to 30 per cent in pockets from Anna Nagar to Rajeev Gandhi Salai.