At the end of 2009, the demand of properties in Chennai has been increased in such a way that the city is leading other metros. Chennai is witnessing steady demand for real estate properties. The guideline values (government-notified rates for registration of properties) were revised across Tamil Nadu in the five months. The Chennai market rates have already overtaken them by 10-45%. The guideline value is used by the state government to assess the actual value of the property for levying stamp duty. Recent studies pointed out that there is a shortage of 24,000 homes in the city in the budget home segment. It added more than 80 builders and banks that provide housing loans will put up stalls offering 50,000 property choices. The current situation is in a way that the Property seekers were in a wait-and-watch phase. The main reason behind is the Reserve Bank guidelines and market fluctuations and now the phase is over.
According to recent figures, Chennai is one of the fastest growing real estate markets among all metros, but this boom is not reflected in the new guideline values finalized five months ago. Guideline values were revised after a span of five years. In the meantime, prices within city had increased two to four-fold while the jump was about five to six times in the suburbs. Chennai suburbs have potential and the public should start thinking about leading a peaceful life in a suburb, where there is no traffic chaos and congestion. The Chennai real estate market has been the most stable among urban centers in the country in the past four years. Recently, the residential price index brought out by the National Housing Bank, shows that except for a slight correction in 2008 on account of the global economic slowdown, price of apartment in Chennai registered a steady growth, quarter after quarter.
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