Realestate Market 2017 Of Chennai is on Rise

2016 was year of several big announcements. From the Smart Cities mission to demonetization, there have been several headline-making events that will change the face of Indian real-estate in the times to come.Chennai  Realestate embraced these changes and lived up to its standing of being fully a city that bounces back, whatever the odds.

Chennai is among those metros which has a healthy diversification of economic growth driver. Its economy has a broad industrial base, with Chennai's port and its thriving IT/ITeS and BFSI sectors contributing to its growth. The city's building sector includes the automobile, computer, technology and hardware industries.

This diverse economic base ensures that the city continues to attract new businesses and industries, guaranteeing sustained and robust demand for both commercial in addition to residential projects in Chennai . Also, being among India's IT hotspots, Chennai has witnessed a constant influx of talent and skilled workforce.

In 2016, over 70% of the office space absorption in the city was from the IT/ITES sector. The city also witnessed a record gross absorption of 6 million sq. ft. This is a 20% increase over the prior year. With limited option of ready-to-move-in office spaces, occupier demand is only likely to rise.

The steadily-improving office market scenario will have an evident positive affect residential property in chennai demand, as well. This means that locations in Chennai where office space market activity is higher – including the Southern suburbs - will dsicover significantly increased traction.

The Government's recent demonetization move has triggered more cash being pumped in to the banking system, and this may make substantial funds available to banks for lending to businesses, construction, infrastructure development, and home buyer financing. Chennai, using its massive development and growth potential, is likely to be certainly among the principle beneficiary cities.