Propmart makes Chennai foray

Real estate solutions provider Propmart, which provides both online and offline realty solutions, has launched operations in Chennai.

"Propmart has been periodically conducting surveys and all surveys have revealed that the Chennai market has been growing leaps and bounds in the last 3 to 4 years. This prompted us to enter Chennai," R Balaji, chief executive officer of Propmart, said on Thursday.

The company plans to provide the vital consultancy link between builders and customers in the city.

"Propmart's core areas of operation are both B2B as well as B2C. For B2B, Propmart acts as a marketing process outsourcing (MPO) company, and for B2C we act as a link between the end buyers, sellers and the builders," Balaji said.

Bangalore-headquartered Propmart has operations in major cities like Delhi, Mumbai, Pune, Chennai, Kochi, Mysore and Coimbatore.

Propmart has been offering its MPO facilities services in property verification, dealing with local authorities like municipal corporations, electricity boards and water authority.

This apart, Propmart also assists in securing a bank loan for purchase of property, besides getting the property registered.

Cosmopolitan Chennai has emerged as one of the growing centres for IT, BPO and KPO-led businesses and is witnessing a strong mall culture as well as retail boom. As an impact of all these factors, the real estate sector is riding high on a strong economy and the commercial real estate is being driven like never before.

In spite of the rise in housing finance rates, the real estate market in Chennai is booming and is expected to maintain the same for the next two quarters, Balaji opined.

Propmart notes that throughout the last two years, the real estate market witnessed almost 20-40 per cent increase in capital value coupled with tremendous growth in sale-purchase and leasing activities.

With constant demand for quality space from both the residential and commercial sectors, real estate activity in the city is more than 3.5 million sft annually, the company claims.

The Chennai real estate investment market has witnessed significant growth due to constant demand for quality space, both residential and commercial, after many years.

Awareness about investments and affordability is on the rise among individual double income families, and second homes are being considered as good investment option in the city, Balaji added.