Property in newer IT destinations selling briskly -Chennai

The IT sector in India fuelled the first round of residential real estate boom. Growing salaries, leading to larger disposable incomes and the search for a new lifestyle befitting the new work culture created a boom in the residential real estate sector. But as the products become more and more opulent and expensive, developers are realising that the IT segment leads the boom and contributes to about 30% of sales. But for long-term sustainability, the market cannot outprice itself and expect to survive on premium sales alone. Bangalore, Hyderabad and Gurgaon are facing a slowdown while newer IT destinations such as Kolkata and Chennai are still selling briskly.

Property in newer IT destinations selling briskly - Property-The Sunday ET-Features-The Economic Times