Resale market
This is also the time when you
decide to use the school vacation to repaint the house or get some
important woodwork or flooring
done or redone. But first things first. The realty market is
not about new constructions alone, as the resale market for residential
properties is equally exciting. This is typically the time of
the year when the resale market gets widened and plays host to
good bargains and even desperate sales. "More than the transfers,
it is the education (factor) that drives the resale market during
summer," points out V.P.S. Kumar of real estate consultancy
Crystal Links.
The growing trend among professionals moving out of the city to
take up new assignments is to leave their family behind. Many of
them, particularly those going abroad or sure of a long stay in
the new city, however, sell their residential properties.
Those in the habit of tracking the real estate market closely
say the pressure on such people to sell the property within the
limited time available makes them sell at even slightly lower prices.
So summer is a time when you should keep your eyes and ears open
for such offers.
A similar string of desperation is also apparent
among buyers whose choice of properties is driven by the need
to stay near reputed
schools. "There is a heavy rush in summer for properties in
residential localities around school zones (in a radius of around
10 kms)," says Mr. Kumar.
As regards families coming into the city, especially those with
roots in Chennai, their search for a property also starts during
summer. Some of them, especially the growing breed of non-resident
Indians and people from other States keen on settling in Chennai,
do not mind paying slightly more for a good house, according to
sources in the realty market. |
What
are you planning this summer? Are you one of those lucky souls
either planning a holiday in Singapore or Sri Lanka or just taking
it easy gobbling tonnes of high-calorie snacks and watching those
movies on DVD that you missed on the big screen since last vacation?