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Grahapravesam 2013, the flagship property show by IndiaProperty.com, has reported around Rs 45 crore bookings. The 25th edition is expecting to close the event with bookings of around Rs 300 crore.
According to company's statement, about 16,000 footfall was reported since the inauguration of the show on December 7 and so far around Rs 45 crore booking closed.
Most number of enquiries made for high end projects and demand has been more for the projects coming up at Old Mahabalipuram and in North Chennai.
There are more than 70 exhibitors showcasing around 300 odd projects. The Chennai residential market continues to show flexibility amidst a negative economic environment at a macro level. The property show is expected to draw footfalls of around 30,000.
Ganesh Vasudevan, CEO, IndiaProperty.com was quoted saying, on comparing the prevailing market rates in Chennai residential market to the property rates consumers are ready to pay; micro markets Medavakkam, Guduvanchery, Oragadam and Vandalur have comparable pricing.
The increase in pricing of Porur and Navalur residential market over the last four quarters has led to a demand and supply mismatch. What is typically seen is prices increase in a certain market, it forces the mid income buyer segment to shift focus to lower priced micro markets.
In 2014 we expect these markets to have stable pricing, he added.
