Realty developers see ray of hope

Speaking at a Thought Leadership session on “Resilient Chennai” organised by CREDAI and JLL on Friday, Sandeep Mehta, managing director, Jain Housing & Constructions Ltd, said that real estate developers in the city had started getting more enquiries for housing projects. 

“All of us (realtors) saw more enquiries for residential projects from the second week of January. 

Most developers have reported good sales, a fact vouched for by bankers with the number of loans sanctioned and disbursements in mid-January. 

This was more than in the previous month,” he said. Mehta said banks had reported that overall sale of projects in January this year was more than the same period last year. He hoped 2016 would be bright and prosperous for the realty sector. 

Agreeing with Mehta, Chitty Babu, chairman and CEO, Akshaya said, sales picked up in January with people looking for property on main roads which could withstand natural calamities. 

“With the state Assembly polls coming soon, we hope the new government will come up with new agenda for the city which will impact the realty sector positively,” he said. 

Terming Metro rail and Outer Ring Road (ORR) as game changers for Chennai, Ajit Kumar Chordia, president, CREDAI, Chennai, said that wherever Metro rail operation was commissioned it had driven more people to occupy office space. “You have greater opportunity around Metro rail areas,” he explained.