Realty market booming in Chennai

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Post the 2009 slowdown, the demand for property has been robust in Chennai so much so that the city is leading other metros.

Chennai is witnessing steady demand for budget and luxury properties and properties in the bracket of Rs 20 to 45 lakh is the most sought after, said a group of leading realtors who will hold a three-day Chennai Realty Property show at the Nandambakkam trade centre here.

The organisers pointed out that there is a shortage of 24,000 homes in the city in the budget home segment and added that more than 80 builders and banks that provide housing loans will put up stalls offering 50,000 property choices.

“A wide range of properties ranging from Rs 5 lakh to Rs 2 crore will be on the display and we expect a footfall of around 15,000 to 20,000 during the three-day event,” said Kishore Kumar, director, Eyeball.

“Property seekers were in a wait-and-watch phase because of Reserve Bank guidelines and market fluctuations and now the phase is over.

The investors and those who need homes should come forward to purchase properties and the Chennai real estate market is steady and booming,” said Kalyan Jayaprakash, managing director, Inno Geo City.

Chennai suburbs have potential and the public should start thinking about leading a peaceful life in a suburb, where there is no traffic chaos and congestion, said J. Kishore, director, Evocon.

He also pointed out that properties in the suburbs of Mumbai and Delhi were sort after by people, and a similar situation would soon arise in Chennai.

Jayanthi of Vijay Shanthi Builders spoke about new projects coming up at Ambattur, Kovalam and Besant Nagar.