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Madurai emerging as a developing realty sector

New Post has been published on http://aawas.in/blog/madurai-emerging-as-a-developing-realty-sector/

Madurai emerging as a developing realty sector

If you are looking at city to invest in and get steady rental returns from your property investments Madurai in Tamil Nadu may be a good option. Currently it seems to be the preferred destination for many reputed builders who are lining up to construct swanky as well as affordable homes.

Madurai today is emerging as a model with all modern and international facilities for every section in the society. There are currently at least 25-30 active developers in the market with many infrastructure development proposals. This in itself is indicative of the growing strength of the real estate development activity in different parts of the city.

Being in close proximity to Chennai, Coimbatore and Trichy, Madurai has seen a gradual but steady growth in residential real estate demand. The residential space in Madurai, like all other small towns, is largely skewed towards independent homes. However, the apartment culture has picked up due to an increasingly active investor base and floating population that is driving the demand for residential apartments and villas on rent. Madurai is a market where there are 80% end users and 20% investors. People prefer to purchase land in the city those who wish to own their land and can’t buy in the main city due to higher prices. They have to compromise with their wishes with the facilities in the cities.

Localities such as SS Colony and Byepass Road are in tremendous demand. Being a city housing the towering Madurai Meenakshi temple, the city does not allow developments to go above 6 floors. Many developers are building between 4-6 floors with a mix of 2 to 3 BHK apartments. Every floor has between 3-4 units.

With rental returns of Rs 6000-9000 per month for a 2 BHK unit and Rs 8000-15000 for a 3 BHK unit, many software engineers and government officials are investing in multiple properties for the rental returns. In fact the practice of online booking has picked up steam as many NRIs from Madurai are now finding investments back home lucrative and possible. As a result there is a sudden rise in demand for luxury housing as well. Facilities such as power and water back-up, lifts and landscaped spaces within the complex are in demand.

A unique trend in this city is that developers themselves are often retaining 2-3 units within the development for rental purposes. The demand for land remains unabated but processed into structured apartments; it also yields regular rental income. Rising demand has also led to a rise in the capital values, making investments in the city a win-win option. Statistics over 50% of listed properties are plots, followed by about 30% of residential houses. Multistory apartments and floors are still a small percentage but is in demand with the floating population and software professionals. Most of the properties were in the Rs 20-40 lakh range. However, property in the Rs 13 lakh per unit is also available.