A couple of decades back, gold and real estate topped most of our lists as safe investment options for our hard-earned money. However, in an increasingly globalised world, the convenience of renting proved to be the top choice for millennials and Gen Z. It allowed us to change cities or even countries in the blink of an eye. That is – until a global health crisis wrecked all plans. The current pandemic has reshaped the way we see our homes and apartments in Chennai.
Here are our three key takeaways from 2020:
Home is our most important asset
With people forced to stay indoors, the three months of lockdown inadvertently altered the course of Chennai’s housing sector. It has shown us the vital role of homes. While the quarantine period caused a sharp and unforeseeable slump in the market, it’s well on its way to recovery. In fact, it’s thriving like never before! On December 14th 2020, Tamil Nadu recorded the highest property registrations on a single day in three years.
IT/ITES sector fuels Chennai’s housing demand
As a tech-driven economy with sound public infrastructure, well-connected roadways, railways and metro systems, and a plethora of scenic neighbourhoods, Chennai remains attractive to a lot of homebuyers. In particular, the city’s IT/ITES hubs — one of the few industries untouched by the ill-effects of the pandemic — fuels the demand for apartments in Chennai. Of the total sales in the city, over 83% can be attributed to localities across OMR, Chennai West, and GST. Ready-to-move-in homes in these areas, such as our Splendour in Semmenchery, are some of the fastest moving inventory in the city.
The home experience matters
At Appaswamy, we’ve always believed that life’s best experiences happen at home. That’s why our apartments in Chennai come loaded with every feature a resident could possibly need. Over 50% of units priced above ₹5 Cr, and 59% of units priced between ₹2-5 Cr have been sold, proving that people are willing to go the extra mile for a home that makes staying indoors a joy.
With the reduction in reverse repo rate, an extension of the moratorium on EMIs, and deferring of working capital interest, the government has also eased the strain on the industry. Therefore, now’s the best time to consider investing in a brand new apartment in Chennai.