Post Covid-19, youngsters have taken to investing in real estate.
What’s happening? In the post-pandemic period, people in the 25-30 age group are investing in homes. Among the preferences are locations like OMR and a house with an additional room for an office. Many investors are young IT professionals working in the city for years.
- Most people opt for 1.5, 2.5, and 3.5-bedroom apartments. With hybrid work offered by some companies, a home office setup is the fad.
- In OMR, a lot of old stocks existed. Now, people are also investing in new projects. The Floor Space Index (FSI) is higher in OMR compared to ECR. The average size of the homes being bought is between 700 and 1,200 square feet.
The numbers: There has been a 10% increase in registrations compared to the pre-Covid period at the Neelankarai sub-registrar’s office. Across the city, there’s a 40% increase. According to BL Ravikumar from SBI Real Estate and Housing Business Unit, 65% of the home loans sanctioned across the state were from Chennai.