Chennai, July 2: The Guindy-Mount Poonamallee Road and Pallikaranai-Medavakkam and PTR Road along with their vicinities have over the past year emerged as the strongest residential hotspots in Chennai.
This was revealed in JLL’s latest report titled JLL’s Tour of India’s Top Residential Hotspots, which was released here on Tuesday.
It said good connectivity with other key locations in the city, robust road network and well developed social infrastructure have made the two hotspots perform well over other regions.
Huge demand for residential units in these two regions was likely to support price appreciation.
JLL also released its national report, Residential Market Update–H1 2019.
According to the findings of the report, on a pan-India level, sales were expected to remain strong despite modest new launches in the country witnessed during the first half of the year (H1 2019).
According to the update, within the country’s top seven cities, residential real estate market witnessed an increase of 22 per cent in sales at a pan-India level during the period, it said.
Interestingly, the share of affordable and mid-income housing (ticket size of up to Rs 10 million in Mumbai and Rs 7.5 million across other cities) in new launches, has remained significant at 58 per cent at the country level, the report added.
Releasing the report, JLL India CEO and Country Head Ramesh Nair told reporters that sales across the top seven cities were likely to receive a further fillip with progressive policies of the government.
“Series of reforms and rising buyers’ interest in the segment have propelled the sector to align itself to the market demand'', he said and added that interestingly, in most cities, homebuyers continue to focus on ready to move in projects and projects that were nearing completion.
As a result of this shift in buying preference, developers too are focused on completing their ongoing projects,” he said. (UNI)