The Chennai real estate market has been greatly impacted by various factors, such as the economic slowdown, changes in government regulations, and the ongoing COVID-19 pandemic. Despite the challenges, it is important to understand the current state of the market and explore the possibilities for growth. In this report, we will examine the Chennai real estate market forecast for 2023 and take a closer look at the positive factors that will contribute to its growth.
With the help of industry experts and market analysis, we aim to provide a comprehensive outlook on the future of the Chennai real estate market and offer insights on how buyers, sellers, and investors can take advantage of the growth opportunities ahead. By focusing on the positive aspects of the market, we aim to provide a balanced and optimistic outlook on the future of the Chennai real estate market.
How will be 2023 for the Indian real estate industry?
The future of the real estate market in India in 2023 looks very promising. The Indian economy has been rapidly recovering from the effects of the COVID-19 pandemic, and the real estate sector is set to see some of the most significant gains in this recovery.
Commercial real estate is one of the most attractive assets in the real estate market, and it is poised for healthy returns in 2023. Major IT companies are moving back to offline work, and retailers who were hesitant to open physical stores during the pandemic are now gradually coming around to the idea. Additionally, e-commerce firms are expanding their warehousing and logistics operations, further driving growth in the commercial real estate sector.
The manufacturing sector is also set to see significant growth in 2023, with companies like Intel and Apple moving a significant portion of their manufacturing operations to India. As India emerges as a top silicon chip manufacturer, it is likely that more companies will follow suit, further driving growth in the manufacturing sector.
The housing market, the driver of growth in the real estate sector, is poised to have its best year in the near future. According to Reuters, residential sales are up by a staggering 51% post the COVID-19, and prices are expected to rise nearly 7.5% all over India. This positive trend is also reflected in other economic indicators, which favor a positive uptick in the housing market in 2023.
Here’s what Chennai has to offer you for real estate investments in 2023!
Chennai is a city that offers a plethora of opportunities for real estate investment. Being the capital of Tamil Nadu and one of the most prominent cities in the southern part of India, Chennai has a lot to offer its residents and investors. With its year-round pleasant temperatures and long urban beach, Chennai is a dream destination for many. The city is home to Tidal Park, Asia’s largest IT park, making it a popular location for those working in the IT sector.
When it comes to real estate investment, one should consider several factors such as water supply, cleanliness, and civic amenities while choosing a locality. According to recent reports, real estate prices in Chennai are expected to rise by 5.5-6.5 percent and by nearly 7.5 percent all over India, making it a good time for real estate investment. The rates of independent houses, flats, and bungalows are appreciating quickly, and this presents a good opportunity for home buyers.
Chennai is also witnessing a growth in the number of students and job seekers, which has created scope for the development of affordable housing in several parts of the city. This has led to an increase in the demand for affordable housing, which presents a good investment opportunity for those looking to invest in real estate. In addition, a number of other economic indicators also favor a positive uptick, making it a good time for real estate investment in Chennai.
Conclusion
The future of the real estate market in Chennai in 2023 looks very promising, with growth expected across multiple segments, including the housing market, the commercial real estate sector, and the manufacturing sector. The Indian economy is rapidly recovering from the effects of the COVID-19 pandemic, and the real estate sector is set to see some of the most significant gains in this recovery. With rising demand and prices, now is a great time to consider investing in real estate in India.
One platform to consider for real estate investment is Assetmonk. Assetmonk offers investors the opportunity to invest in a wide range of commercial real estate properties across India, including Chennai. With a focus on providing high-quality investment opportunities and a user-friendly investment platform, Assetmonk makes it easy for investors to take advantage of the growth opportunities in the Indian real estate market in 2023 and beyond.
Chennai Real Estate Market FAQ's:
Reports have shown that the property’s price may fall by 3% in early 2023 as the main focus of the market is to regain the market and invoke the sentiments of consumers, making it more affordable. However, an increase is expected in the latter half of the year.
The market experts have projected a mixed view on the real estate market being a buyer’s market in 2023. Considering the current environment, there are chances of the real estate market in 2023 being a buyer’s market with buyers influencing the property’s price.
Chennai is an excellent spot for real estate investments. The city has good infrastructure and excellent connectivity. It also brings economic incentives for the buyers as Flats in Thoraipakkam or villas in OMR will always be beneficial. Investment in Chennai also has a high rate of ROI.
The construction cost in Chennai varies between Rs 1450 per sq. ft. to Rs 4500 per sq. ft. The cost of some localities in Chennai are Veppampattu with Rs 3298 per sq. ft., Avadi at Rs 3454 per sq. ft., Guduvancheri at Rs 3474 per sq. ft., Chromepet at Rs 4256 per sq. ft., Medavakkam at Rs 4442 per sq. ft., etc.
Medavakkam is also an excellent place to invest as it is reported as the fastest developing place in Chennai.
The real estate market in India in 2023 is showing promising growth, with rising demand and prices across multiple segments, including the housing market, the commercial real estate sector, and the manufacturing sector.
Major IT companies are moving back to offline work, and retailers are gradually coming around to the idea of opening physical stores, driving growth in the commercial real estate sector. Additionally, e-commerce firms are expanding their warehousing and logistics operations, further driving growth in this segment.
Yes, with the Indian economy rapidly recovering from the effects of the COVID-19 pandemic and the real estate sector set to see some of the most significant gains in this recovery, now is a great time to consider investing in real estate in India.
Yes, you can invest in commercial real estate properties across India, including Chennai, through platforms like Assetmonk. Assetmonk offers a wide range of investment opportunities in commercial real estate properties and provides a user-friendly investment platform for investors.