11 May 2008
Residence in affordable price
With real estate prices booming and salaries increasing, the craze for purchasing land to build residence is shot up tremendously in recent times. It is once-in-a-lifetime investment and every salaried person invests as much as he can in his dream home. The demand for premium housing apartments as well as budget flats is increasing. The growing economy, participation of foreign investors, young age groups dominating in population and growth of service sectors, etc., have made a positive impact on the scenario of Chennai properties. Families which once had no car now have more than one. Air coolers have given way to heavyweight air conditioners. A single computer household is now rarity with some families boasting of an individual computer for each member. The urban looks a different place altogether with glittering new malls, roads clock-a-block with branded cars. Young professionals are flush with money and are flaunting it vividly. The demand from NRIs and expatriates continues for quality apartments in prime locations. As the city continues to grow, space constraints are also increasing. There is a proliferation of suburb with plush and fashionably expensive tower blocks.
Market demand and policy decisions are driving real estate developers to look at lower priced homes. While there is a huge demand in the Rs.20–30 lakh price range, the suppliers are low from established players. Developers are now recognizing the need for small sized apartments. Most major players have left the sub Rs.20–30 lakh apartments to the small players and the unorganized sectors. Most part of the suburbs is undergoing increased real estate development activity. The real estate community has started looking at suburban locations like Ambattur to provide more affordable housing. The builders are savvy-prone and accordingly have started to build small houses in the range of 500 to 700 sq.ft. Property developers are constantly exploring new strategies to lure prospective buyers. Most of the real estate companies are vying with each other in providing amenities and other requirements for property buyers. Some small and medium sized developers have introduced lucrative offerings like – free furniture, luxury cars and in tandem with the financial institutions. They have worked out schemes allowing exemption from paying EMIs until completion of projects. Their goal is aimed at promoting their projects and improving the cash flow. Over the next few quarters, the residential market is expected to remain stable with mild appreciations in the city.
There is a big change in the construction patterns of the city with quality work being delivered. The real estate boom has added a new set of responsibilities for the local architects as we have to stretch our creative limits and design something new every time. Earlier, architecture, interior designing and project management used to be the three separate wings that may or may not merge. But recently, following a huge competition in the realty sector, all the three are coming under one category. The architect’s role has transitioned to that of a designer, a project manager and an interior decorator – all merged. A new trend of architectural animation is fast picking up in the city. It is fast spreading its roots. The numerous real estate projects coming up in the city and its peripheries have completely changed the outlook of the society. Each architect is exploring creative things with a blend of ethnic and modern life.