With A 22% Increase In Customers Seeking To Purchase A Home In The Next 4 Months, Chennai Residentia

With a 22% increase in customers seeking to purchase a home in the next 4 months

, Chennai residential real estate is poised to see an increase in absorption over the next two quarters

Increase in enquiries from NRIs on property is revealed in the IndiaProperty.com report

on consumer demand trends in Chennai

Key Findings of the Report

BHK preferences in Chennai have been similar to what it was in Q4 of

2011, with 2 & 3 BHKs remaining the most preferred SKUs.

There is a distinct shift in preference from 2 BHK to 3 BHK units in Chennai.

Compared to Q2 of 2011, in the last 3 quarters, the demand for 2 BHKs have gone down by 16% and

the demand for 3 BHKs have gone up by 18%.

Chennai, June 21st, 2012: Indias No. 1 property portal, IndiaProperty.com, today released its latest report on Consumer Demand Trends for the Chennai Residential Property Market. Although a steady growth in terms of pricing, demand and supply is witnessed in the city, there is a distinct shift in the apartment size and space preference requirements. As per the report it is observed that property seekers in Chennai have gone down on their budget preferences by 10.25% in the current quarter, though the square feet preferences remain just the same.

Ganesh Vasudevan, Vice President and Business Head, IndiaProperty.com said, The increase in demand for properties in the city is by itself an indicator that the real estate market in Chennai is on an upsurge. An interesting trend emerging from the analysis is that though there is a shift in the average rate/sq. feet preferences, the market also has seen a shift in the apartment size preference i.e from 2 BHK to 3 BHK units, over the past 3 quarters. The trend indicates that the average buyer gives more importance to the BHK specifications of a property than the sq. feet specifications. The prices at South and North Chennai have been on the rise indicating the continuous rise in demand. Overall, despite the hike the in home loan rates and increase in the registration cost, the residential property market has not seen a dip in demand.

As per the latest survey done by the portal IndiaProperty.com, Tambaram East, Ambattur and the GST stretch continue to remain the most preferred localities in the city. Tambaram east has gained mileage in the current quarter with the percentage of property seekers preferring this stretch going up by 33% compared to Q4 last year and Ambattur by 6% compared to Q2last year. The sharp depreciation of the rupee in the last quarter has resulted in a corresponding increase in NRI interest in the market. The proportion of NRI queries has shown a 8.4% increase over the last quarter.

Grahapravesham 2012, Chennai

Ganesh further added, With the growing demand for residential property in Chennai, and with an increase in consumers looking to purchase a residential property in the next 4 months, we think the time is right for indiaproperty.com to provide an offline platform of our online services-through Grahapravesam 2012- Chennais Biggest Property Show. This show brings together the top builders of Chennai under one roof, and provides a opportunity for home seekers to evaluate options and address queries on legal, financial and home buying aspects from expert panels at the show. This is the fourth edition of the show and will be held on 22, 23, and 24 June 2012 at the Chennai Trade Centre.

Mr Sandeep Mehta, President CREDAI, Chennai Chapter will be inaugurating this 3- day event that brings together the countrys leading builders and developers, home loan institutions, real estate agents, and allied industries, all under one roof. The focus will be the on the ongoing and upcoming residential projects including the studio & luxury apartments, Villas, Independent houses and plots in Chennai. The show will showcase around 1000 new properties, 60 builders and 75 new projects. The three day Property show will also include panel discussions where senior professionals and real estate experts will discuss on a range of topics and take property related questions from the audience.

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IndiaProperty.com also recently launched the IndiaProperty mobile app for the iphone, android and windows platform. Adds Mr.Ganesh, For the first time in India, we have implemented Augmented Reality in a Property Search Application. Visual Search is a simple, quick and an effective way to look out for properties near your location. With Visual Search, we are confident that we have redefined and revolutionized the users property search experience. With mobile apps and property shows, we are making a sincere effort to reach out to customers through every possible medium in order to simplify their property search experience.

About IndiaProperty.com

IndiaProperty.com was launched in 2006 by Consim Info. Pvt. Ltd., Indias leading internet business group with 40 million monthly visitors and leadership presence in key categories. The company that has recently been ranked as the countrys No. 1 portal in the real estate space by comScore Inc (NASDAQ:SCOR), The group currently owns and operates BharatMatrimony and has 15 regional portals; exclusive matrimonial sites like PrivilegeMatrimony, EliteMatrimony and CommunityMatrimony.com which comprises of over 350 community matrimony sites. Consim is an open, hierarchy-free organization that believes in giving every individual equal respect and dignity. In 2009 Consim received the Red Herring 100 Asia 2009 award and in 2010 went onto bag the Red Herring 100 Global Award. The company was listed as among the top 50 of top 100 IT innovators by NASSCOM in 2009 and was Deloitte Fast 50 winner in 2008 and 2009

by: Aaron Sam

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