Trichy’s realtors hope sector will pick up steam
Property developers in Trichy foresee sales picking up in 2019 after a lull in the past two years. On an average, the property developers here have sold only 1,000 units a year in the last two years owing to several reasons including buyers’ hesitation, GST, and demonetisation. However, with investments flowing in and projects such as phase II of ELCOT IT park in the pipeline and the city earning various laurels such as fastest growing city, the real estate developers said that they expect a marginal increase in property sales.
According to the Confederation of Real Estate Developers’ Associations of India (CREDAI), property sales were dull in the past two years. Since 2017, no new approvals were obtained by the builders from the Local Planning Authority (LPA) and Directorate of Town and Country Planning (DTCP).
The real estate developers were focussing only on selling properties for which construction began in 2016 and 2017 and no new projects were taken up in the city in 2018. “Now with the market recovering gradually, people are embracing GST now. From selling 2,000 units before 2017, sales of property in the past two years were dull. But 2019 looks promising as investers are heading to Trichy,” S Anand, president, CredaiTrichy chapter said.
After a short lull, real estate developers here have planned to launch new projects both within the city as well as on city outskirts this year.