findbhk.com, a Chennai-based real estate portal, is organizing an online plot selling festival this festive season with huge offers and discounts from plot promoters across the city for 30 days from Oct10th to Nov10th this year.
As per the startup, more than 50+ plot promoters are expected to participate in the online fair with unheard discounts and offers for immediate bookings.
Speaking on the development, Nizam M, Founder of Findbhk.com, said,
" A decade back, Chennai witnessed an uptick in demand for flats in the IT corridor starting from Velachery to Kelambakkam, but this demand has now shifted towards land buying. Post pandemic, the buying trend of investors and self-use buyers shifted to residential and commercial lands. The number of online search queries for plots in Chennai has seen a +23% change in the past two months."
Millennials with real estate knowledge are choosing real estate products to diversify their investment portfolio. Specifically, they are selecting plots in the range between 500 and 1000sqft as an investment option. Since millennials look at it as an investment option, they are very much comfortable buying in the outskirts of the city, in the price bracket of 1500 - 2500 rupees per sqft. They buy and hold it for 4 to 5 years and dispose of it for higher returns, added Nizam.
To cater to this demand, both local and national real estate companies are launching gated community plots with at least 10+ amenities, with a minimum of 5 years of free maintenance. New launches are primarily focused on the IT and ECR corridor and in the periphery of the city, like Chengalpattu, Arakkonam, and Kanchipuram.
Though the city is seeing new launches every week from prominent developers, the demand for plots in OMR is still unbeatable and stable. The number of inquiries generated on the findbhk.com website for South Chennai parcels is 40-50% higher than Chennai west in any given month.
One of the reasons for the stable demand in south Chennai is the quick loan approval for IT employees in the corridor compared to Chennai west and other parts. As per the startup, the objective of this online fair is to help Chennai buyers discover new projects easily with an attractive UI coupled with offers and discounts to accelerate their buying decision with loan options from prominent lenders. These offers from sellers are time-bound and dynamic and will be available only for a limited period and are exclusive on findbhk.com
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