Chennai Experiences Surge in Resale Property Demand
Chennai is currently witnessing heightened interest in resale properties, leading to a reduction in the price disparity between newly constructed homes and those available on the secondary market.
Resale properties in Chennai, now more demanded.
A notable increase in demand characterizes the resale property sector in Chennai. Some say that the primary driver for this trend is the limited number of new residential projects in Chennai's prime locations; however, various factors contribute to this growing preference.
Factors Driving Resale Property Demand
Resale properties situated near reputable educational institutions and healthcare facilities are particularly desirable. In addition, properties in close proximity to the city's commercial centers are highly sought after. Excellent connectivity is another crucial element influencing buyer decisions.
According to local real estate professionals, intense competition among prospective buyers contributes to unpredictable increases in property values. They report that intense buyer competition causes "cut-throat competition among the buyers which causes the property prices rise unpredictably."
Demand for resale properties in Chennai surges now.
High-Demand Areas
Properties in central areas like Alwarpet, Adyar, Boat Club Road, Besant Nagar, Mylapore, and T Nagar are in high demand. The request for resale homes in suburban areas is comparable to that in the city center.
Specific suburban neighborhoods, including Adambakkam, K K Nagar, Nanganallur, Saligramam, and T Nagar, are experiencing considerable buyer interest, with prospective homeowners actively engaging with real estate agents to secure their desired properties.
Narrowing Price Gap
The heightened demand for resale properties has resulted in a marginal price difference—approximately 20%—between new developments and existing properties, according to local real estate agents.
The valuation of resale properties accounts for available amenities and facilities. While land prices are determined by current market rates, building values reflect furnishings, parking, and additional features.
Many investors are actively involved in the resale market. Ultimately, the price of a property depends on demand, and properties with high demand tend to appreciate more significantly.