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chennai real estate news.....

Discussion in 'Housing' started by Shanvy, Nov 27, 2007.

  1. Shanvy

    Shanvy IL Hall of Fame

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    hi all,

    This is a report of colliers published in the magicbricks.....

    Chennai, India, November 12, 2007 - The Chennai residential real estate market is expected to be stable over the next quarter according to real estate services firm Colliers International. Following the substantial supply addition of more than 1 million sq ft in Q2_07, a further 0.95 million sq ft of residential real estate space was brought on in Chennai in Q3_07 says Colliers International. Prime areas collated close to 0.5 million sq ft of supply, out of which 0.35 million sq ft was contributed by Velachery and Sholinganallur. These two locations remained the major supply generator for the second consecutive quarter with their cumulative share accounting for more than 70% of the total supply in Q2 & Q3_07. Another 0.7 million sq ft of residential space is estimated to be delivered in the last quarter of 2007.
    The market has been stable since Q1_07, with abundant supply owing to extensive construction activity and high housing finance rates dampening demand. The series of new projects in line with the government's positive approach to attract developers across the country is likely to offset any chance of major hike in residential property prices over the next 3-6 months.
    Boat club remained one of the most sought after locations in Chennai by fetching rentals as high as INR 53 per sq ft as against areas like Alwarpet / R A Puram, Adyar, Beasant Nagar, T Nagar & others that are attracting rentals in a range of INR 22-35 per sq ft. Capital values in the respective locations also followed a similar trend.
    Commercial activity by way of increased demand for office spaces is growing at a noticeable pace on the back of IT & ITES, which in turn is pushing the residential market. Number of residential projects are 'under construction' or in 'to be launched' phase to support the genuinely rising demand.
    Certain suburbs like Sri Perumbudur, Maraimalai Nagar, Perungudi among others are also experiencing new real estate development activities. The city is adapting to the apartment culture prevailing in other parts of country says Colliers. The new projects offer modern facilities expected by discerning buyers.
    The market is expected to remain more or less stable over the next quarter. New supply is being designed to cater to the demand for lifestyle apartments with prospective purchasers looking at amenities in line with international standards says Colliers.
    Colliers International (India) provides property services to property Investors and Occupiers, delivering customised service solutions utilising local and global knowledge via its property Investment and Occupier service lines. These service lines include - Corporate Real Estate, Facilities Management, Land Sales, Office Leasing, Project Management, Residential, Retail, Sales and Investments,Valuation and Consulting Services
     
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  2. aparnag

    aparnag Platinum IL'ite

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    Thanx shanthi ka.. you have always been a valuable information provider here.. thanx a lot for all the self less help you have been doing through IL.
     

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