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Housing Sector of Chennai

Posted On : Dec-16-2011 | seen (464) times | Article Word Count : 573 |

Housing prices in India have risen so much in cities like Mumbai, Bangalore and New Delhi in the last two years that even the richest Indian immigrants are returning to their country of origin have difficulties in changing to a better home.
In some areas the prices close to that of London or New York even though incomes are significantly lower. Prices have risen between 60% and 120% in the last 18 months. Spectacular growth in prices has been driven by the easy availability of cheap capital. While for the hordes of migrants returning in the near future India will remain a country where it is easier to find a great job for a place to live. Housing and development in India are complementary. The property provides a basis for achieving key goals in other sectors of the economy and improves quality of life. It is estimated that the housing shortage in India is 40 million households in 2010 and is an opportunity to find viable solutions.
The capital of Tamil Nadu, Chennai is one such place that has a large population, and regularly poses demand for housing. It is located on the Coromandel Coast of the Bay of Bengal, and is the fourth largest metro city of India. The emergence of new industries, IT and ITES companies has made this place a hot cake in the real estate scenario. The residential set-up of Chennai is being planned and developed by the companies investing in real estate Chennai in collaboration with government.
The government is taking various initiatives to strengthen the real estate Chennai. The main aim is to strengthen the country's housing stock through the provision of housing finance in a professional and systematic manner. Another objective of such plans is to increase the flow of resources to the housing sector by sector integration of housing finance primarily with domestic financial markets of Chennai.
These real estate plans have helped Chennai a lot in catering the every growing needs of the business market. The trend that is going to mount in the upcoming days in real estate in Chennai is of flats and apartments, which include a number of facilities like swimming pools, gyms, clubs, pent houses, etc. The real estate sector and the retail market of the city is keeping pace with the boost in the development of commercial as well as residential properties in Chennai.
Development of new malls, shopping centre’s, recreational centre’s and other entertainment places have given a strong boost to the property market of Chennai. The real estate companies are investing a lot in the construction of new glitzy shopping malls in the coming years also. Some prominent builders like DLF, Shriram Properties, Prestige Group, Puravankara Projects and some more real estate builders have proposed various plans with a motive to boost the real estate sector of the city.
Being the metropolitan city of India, real estate Chennai has also attracted investors from other states and foreign investors. The property segment of Chennai is expected to grow further, and thus investing in the real estate sector of the city can be a rewarding idea. The banks also provide loans which are available for purchase, construction, expansion and remodeling of homes. These banks also provide loans to individuals, members of cooperative societies, developers and enterprises for the construction or purchase of new residential buildings in Chennai. The banks offer loans for the acquisition of land belonging to the planning authorities, and also make loans to companies for the construction or acquisition of new residential colonies for use by their employees. These loans can also be availed by the employees to purchase home ownership provided by the company.

Article Source : http://www.articleseen.com/Article_Housing Sector of Chennai_119780.aspx

Author Resource :
Gurleen Kaur writes on behalf of 99acres.com, which is an online portal dedicated to meet every aspect of the consumers needs in the real estate industry. It covers information about all Real Estate property types including Houses for buy/sell & Rent for different Property locations like Mumbai Property, Delhi Property, Real Estate Chennai etc.

Keywords : Real Estate in Chennai, Chennai Properties, Flats in Chennai, Apartments in Chennai, Chennai Real Estate,

Category : Business : Sales

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