Reasons in the hike of property prices
Do you ever wonder the reason of property prices in the neighbouring town heads for the stratosphere where the plot that you have wondered to buy without any gains? Research says that the three Ls of property investments are the location, the location and yet again the location.
The property price generally tends to spurt irrationally in the new localities when the developments have been announced, but the sustained growth in job is what helps the supporting demand and prices in a particular location for a long time. The data that has been collected from NHB’s Residex Index showcases that the prices are on a declining phase falling by more than 6 percent in the year 2013.
On the other way the increasing IT job market in the Outer Ring Road or ORR area in Bangalore keeps on boosting both the commercial and residential property markets in the region as noted by Mridul Upreti, the CEO of Segregated Funds Group which is a real estate private equity fund. The importance of jobs is in a diversified set of industries rather than concentrated in one single sector.
Chennai offers the opportunities to a wide variety of sectors like automobiles, entertainment and also IT. The huge number of jobs in these various sectors has been able to create more resilience in the property market.
Source: The Hindu Business Line
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