Real Estate industry hopes for an upsurge in the coming year

An accident in property construction that took place in Moulivakkam has resulted in the loss of many lives, a traditional approach to purchase a property, delay in the time of project handover and hike in the price of construction materials and labors were some major things that occurred in the construction industry of Chennai, in this financial year. The collapse of 11floor apartment pulls not only Chennai market in shock, but also the entire housing sector of the country. This made the civic body to react immediately on the issue by bringing new policies and sweeping reforms to monitor the activities of construction industry. This will result in homes free of issues in a similar way like Amarprakash homes that are free completely from Amarprakash builders consumer complaints.

The building accident brought fear in the minds of those who have applied for housing loan and invested their savings on the apartments that are within the high-rise building. It created a biggest issue in terms of economy and also in the level of political crisis, said a senior official of CREDAI (Confederation of Real Estate Developers Association of India). The following accident and the inspection carried out by CREDAI hit the salaried segment as they find difficulty in getting the keys because of the delay in construction industry since completion certificates are getting delayed from the Chennai Metropolitan Development Authority as they are carrying out tight inspection.

Generally, upswing in the stock market will bring a growth but this year an upsurge in the Sensex doesn’t show any growth. Let us hope that the year 2015 bring such different. In 2014, the number of housing units registered in the city was around an average of 20,000, but it is much less since the year 2011. As per the sources, the government which is spending more sum of money on infrastructure will be helping the real estate industry in obtaining growth. In addition to the areas of Ambattur and Tambaram, the civic body also expected maximum growth along the areas of Outer Ring Road (ORR).

Though the budgets were passed along with the change in government, the lifestyle of the poor people still remains in the same position. The welfare of the property sector is taken care by the long term policies and recovers the property that belongs to the government to make sure the poor get homes.