Chennai is no different from the entire country, is what most of the people believe at, Chennai Real Estate also has seen no upsurge in prices in the past few months. Input costs in the real estate and construction industry have gone up tremendously.
Construction companies have to increasingly look out for land in the sub urban areas to suffice the demand existing in the market. But the major hitch in Chennai is infrastructure to support the growth in the sub urban market.
Due to these factors prices of Chennai Property also have gone up, but due to the increasing input costs in construction industry like Iron, Cement, Sand, Brick, basically due to the high cost of fuel and high inflation, apartment prices have to either further go up or prices of land have to come down.
Analysts predicted a price correction in the Chennai Real Estate market but prices have remained stable for apartments and villas, the only way for prices of land to go down is to move further away from the city, the only option for developers right now looks to be to develop integrated townships where work places and residences can be developed simultaneously, the concept of living inside the city to work might just change over the next few years.
Builders feel Chennai Property market is set for a price surge again after the political instability settles, but would not be in the magnitudes that happened before, there would be a phased controlled price rise majorly due to construction costs going up.
I personally feel, it is time to buy what you really like, negotiate with the construction company and you might get amazing prices! So go start shopping today.