CHENNAI: The sales of high-end homes (costing between Rs 1.5 crore and Rs 5 crore) have been steadily increasing, city-based realtors and analysts have said, attributing the trend to an improvement in the macro-economic situation, pent-up demand after the pandemic, and low interest rates for housing loans.
Post-pandemic lifestyle changes have also played a role. “Work from home and hybrid work culture have sparked a need for extra rooms, and hence, bigger and better houses,” Naveen, director of Naveen’s Properties, told TNIE. Prices in this segment are stable for almost 10 years, he said.
Property-research firm Anarock said the number of luxury units sold in Chennai increased more than three times between 2019 and the first half of 2022. One of the reasons is discounts offered on luxury properties, it explained. Another analyst platform, Propequity, reflected this trend.
“People are ready to buy big homes, especially when construction is nearly complete,” the chief executive officer of Appaswamy Real Estate told this newspaper.