What does the year 2021 hold for Chennai’s real estate market? While the year 2021 had a major influence on the real estate sector, it astonished the whole world with its durability and strong recovery prospects. In India, the real estate business has always been defined by rapid growth, with Chennai leading the way. Numerous new trends have arisen as 2021 looks to be a year of retrieval for the industry. Here are five new real estate trends in Chennai to keep an eye on!
Technology Adoption
This tendency is unsurprising, given that nearly every industry in the world is undergoing a tremendous digital transformation that promises to revolutionize its processes and products. Digital technology has had a positive impact on all real estate ideas, from residential plots to commercial skyscrapers. Property with pre-installed devices is predicted to be in higher demand as smart home technology gains traction. Technology has also improved construction procedures, and agile approaches are expected to speed up project completion. Prop Tech, precast technology, 3D printing, and digital construction are just a few of the developments that will undoubtedly change the industry in the next years.
The Shift In Desired Zones
The advent of work-from-home has changed the manners in which individuals view homeownership, and a shift in their preferred localities is one such change. When buying a plot or a land, a short commute between one’s home and the office is often a top priority for individuals in a city like Chennai, leading to localities like ECR, OMR, and sholinganallur seeing high demand in pre-COVID times. However, with the increase of work-from-home options and people wishing to spend extra time with their families, this propensity is changing. Individuals are now looking to buy properties with more amenities and space, irrespective of their distance from their workplace. As a result, areas like ECR, OMR, and sholinganallur are growing in popularity.
Preferred Residential Layouts
This year, the growing popularity of inexpensive and mid-segment residences is expected to continue, with ready-to-build properties likely to be the most popular alternative. Trends show that demand for one- and two-story residential plots are increasing, as the extra space can be transformed into temporary work-from-home areas. Apart from the increased interest in flexible housing styles, the growing desire to stay at home has sparked fresh interest in integrated townships like Adityaram Signature City and Adityaram Nagar 5, where all services and facilities are close by.
Digital Home Buying
The digitization movement does not end with digital technology in homes; it also extends to the process of purchasing a property. As the pandemic blow-out, companies established digital platforms for property buyers to research their options. This transition is likely to become much more noticeable in the future. Property buyers may now virtually tour their desired residences from the comfort of their own homes. Digital house buying has become a reality because of features such as digital signatures, video conferences, online payments, and digital sales. This made it especially easy for NRIs to invest in real estate in India. Adityaram Properties has hosted a number of successful virtual property expos, allowing many land seekers to virtually find their dream home!
Benefits from the Tax Code and Private Investment Formats
Thanks to the budget 2021, individuals can now take advantage of tax benefits on affordable housing and private investment layouts such as REITs. For potential home purchasers, the decision to extend tax exemptions and interest deductions on home loans until March 2022 is a good move. Furthermore, tax breaks for cheap rental housing styles improve migrant workers’ access to housing. Through TDS exemptions, the finance minister made private investment structures such as REITs and InvITS more available to the general public (tax deducted at source). When combined with the proposal to permit foreign portfolio investors, this is likely to boost private real estate participation.
In conclusion, things appear to be improving for Chennai’s real estate business, with the real estate growth rate continuing to rise. The city is home to a number of unique forthcoming real estate developments that cater to the industry’s most recent updates and modifications. Real estate trends indicate that the timing is ideal to buy land and build your dream home.
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