The high inflated price of properties is claimed to be the reason for decrease in selling of flats. Approximately 40 percent increase has been seen in the seven most important cities of India namely Chennai, Delhi, Kolkata, Mumbai, Pune, Hyderabad and Bangalore. The escalated prices of the housing units are accused to be the reason for this bad situation. It was seen that buy property in Chennai for 30 lacs before, within a span of one year those were priced at 45 lacs. Spending such sum of money is far beyond the affordability of the middle class people.
The real estate department is dependent on the prices of steel and cement. With the rice of cement and steel costs, automatically the flat sellers had to shoot up their prices. This affected the real estate business badly as majority of the people were unable to buy the flats at such a huge rate. This pushed the flat sellers to announce flats for sale in Chennai and the same strategy was applied in other cities of India too. Then again, speculators try to sell flats within few months to earn fast money which also adds fuel to the fire of uneven price rise of flats.
However as Chennai is previously called as the Chennai Capital City of Tamil Nadu, huge fluctuations in the rates of flats and apartments in Chennai are observed to be comparatively much less than that in the other major cities of our country. The cultural diversity and rich heritage of Chennai invites people from all walks of life and parts of the country. The real estate business in Chennai is said to be less lucrative compared to other metropolitan cities of India. But then low risk factor associated with investments in property in Chennai compensates for that.
Despite the presence of many ominous real estate agents flats for sale in Chennai can be still found. One needs to conduct a little bit of research work regarding the availability of flats and apartments in Chennai before buying them. Compactly designed flats are attracting customers from every area of the state and the nation. The real estate market of Chennai is expanding by leaps and bounds. The city of Chennai is getting revamped to become more beautiful and shipshape. Though majority of the people seek smart flats due to the large variety of people that emigrate to Chennai every year apartments in Chennai are still present and available.
The areas like velachery, old mahabalipuram road, ecr road, ambattur are developing each day and giving the real estate business of Chennai a new meaning. It will not be wrong to comment that the future of real estate in Chennai is bright. More and more flats for sale in Chennai must be available and help people from all earning groups to possess an abode of their own.