Real Estate Status in Madurai, Chennai and India

Real Estate Status in Madurai, Chennai and India

Sponsored by Sun City - Real Estate Agent, Madurai

In most parts of Chennai, apartments in new complexes cost between Rs 70 lakh to Rs 1 crore. As for adjoining suburbs, prices are in the range of Rs 40 lakh to Rs 50 lakh.

For instance, ongoing projects on the Madurai Highway are priced at Rs 45 lakh and above.

Consider the economics. To buy a flat worth Rs 50 lakh, a salaried employee would have to pay Rs 7.5 lakh upfront and an equated monthly instalment (EMI) of Rs 50,000 to service the balance Rs 42.5 lakh home loan over the next 20 years. Going by bank eligibility norms, he or she would need a salary of Rs 1 lakh per month to obtain a loan to pay such a high EMI. Obviously, those with such high salaries are few in number and on the highest rung of the corporate ladder.

It is getting tougher and tougher to buy a property in India. Normal people cannot afford a property in Madurai, Chennai and India.

There is nothing we can do, while the economy and markets takes its own course.