Is realty in Chennai on the path of growth?

The real estate market in Chennai has been through a lot in the last few years. The city as such has been through some very traumatic events which have had an effect on everyone including the real estate sector. But things seem to be looking up for the city as a whole and the real estate sector in particular. The realty industry has been taking a beating for some time. But Chennai has been immune to this downturn for a long time. But there were some internal factors which managed to halt the good realty streak that the city was enjoying. Chennai is primarily an end user driven market. This made it immune to all the troubles that were plaguing the markets which were neck deep in investors and the speculation that is inherent wherever they are present. But even this insulation can't save a market when a natural disaster comes along to disrupt the market. The floods which took place in the city in December 2015 were devastating not only to the people of this city but the real estate sector as well. A home in the city which was located in a low lying area was as good as lost to the floods. Even areas which were not considered to be particularly low lying were flooded. Many people lost their lives as well. This showed the city in poor light. This incident was enough to erode buyer faith in the city. Buying a home in the capital of Tamil Nadu was the furthest thing in a buyer's mind. And why would they when they have seen what a very heavy bout of rains can do to the city. But natural disasters will not weigh heavily on the buyers minds for too long. They will return to the market after a sufficient amount of time has passed. Political uncertainty also played an important part in bring down the sales of apartments in Poonamallee and other parts of the city. When there is even the slightest hint of political uncertainty, those who are investing in the city tend to stay away from it. Political uncertainty and natural disasters are now a thing of the past. There seems to be some sort of normalcy coming back to the realty sector in the city. Accordingly to reputed players in the industry, the number of apartments being sold and the number of new launches have gone up in this southern city. This a good sign for everyone involved in the sector here. The most amount of homes sold in the last quarter of the year 2016 were in the affordable segment. This is the under INR 50 lakhs segment. There is great demand for homes which are in the affordable segment in part thanks to the government that has recognized the need for the same and given sufficient support to those involved in this segment. Other factors such as demonetization and the Real Estate Regulatory Act have also helped buyers purchase apartments in Poonamallee and other parts of Chennai.