Builders Of Residential Property In Chennai Facing Losses After Floods

Post Chennai flood there is absolutely no activity in the real estate sector. Forget about sale and purchase nobody is even doing a property search. It looks like residential property in Chennai like property in Tambaram is facing a new low. Properties in Chennai for sale are witnessing a drastic downtrend where there are many sellers in the market but no buyers at all. Investors are also regretting investing in the market. Infact many people who were interested to buy a property in Tambaram have now dropped the decision. During the recent flood the area was completely submerged into water.

Many people are now also asking for refund for residential property in Chennai from developers. People especially those who had invested in under-construction projects are now asking for refund. Builders of properties in Chennai for sale are now in a fix.  The developers have already suffered huge losses and with the flood the demand of properties in Chennai for sale is also very low. Also many people who are coming for property search are asking the builder to show the proof of how well protected their project is incase a flood like situation arises. In short the builders of residential property in Chennai are facing a double whammy situation.  Apart from this builders also are facing the huge wastage loss of hundreds of tonnes of building raw materials like cement and sand also the labour costs have also gone high posts floods.

Most of the Indian properties had shown the same trend after a disaster like situation as the properties in Chennai for sale are displaying. Builders are hoping that in a few months time the situation should resume to normal so that like other Indian properties the demand of residential property in Chennai like property in Tambaram starts rising again.