Chennai buyers search for homes under Rs 80 lakh

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CHENNAI: In an indication of the current trend in the realty sector, nearly 73% of those looking for residential properties in Chennai have searched for properties under the bracket of Rs 80 lakh through online property portal magicbricks.com in June this year. While Velachery topped the list of most searched areas, it is followed by Chromepet, Medavakkam, Anna Nagar and Porur.

Sudhir Pai, chief executive officer of the portal, said that the number of property seekers had increased by about 10,000 in June this year compared with July last year. Of them, 3,900 were non-resident Indians (NRIs), accounting for 13% of the total figure, actively looking to buy a property in Chennai, he added. According to him, about 75% of all property seekers conducted their searches through the various online portals and two-thirds of such ‘hunters’ did so with magicbricks.com.

 On the Goods and Service Tax (GST), which kicked in across the country on July 1, he said the new tax regime was likely to delay all real estate transactions by two more months. “Our understanding from the market is that GST will make transactions delayed by a month or two because people are still waiting for clarity on pricing. GST is actually expected to reduce the price,” he said. The property appreciation in Chennai has been from 1.5% to 2.5%, Sudhir Pai added.

The city will soon, he said, house a magicbricks experience centre equipped with virtual reality facilities and 3D model of housing projects, where visitors can get more information on the properties on offer before homing in on their dream home.

SOURCE: http://timesofindia.indiatimes.com/city/chennai/73-of-buyers-in-city-search-for-homes-under-rs-80l/articleshow/59762661.cms
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