Central
and South Chennai are the most active real estate markets in the city
because of Information Technology and manufacturing have become the two
main drivers of property markets across Chennai. Large- scale
developments are taking place in both these areas. The areas most in
demand are along IT and manufacturing corridors leading to the
commercial hubs. As a result, the Old Mahabalipuram Road, Velachery
Road, Sriperambadur, Porur and Medavakam are all in the list of top 10
localities by demand and supply.Urupakkam, another key developing area, is the entry point to South Chennai. It has started witnessing development in last two years. Majority of the projects are under construction. Builders are mostly small scale and are offering projects in this area within the range of ` 2,500 to `2,800 per sq ft. There are also malls in the planning stage in the area.
The Velachery IT corridor is driving the residential rental values. The new lot of buyers is largely young professionals who have been flocking to the city’s IT and manufacturing hubs. Since they are new to the city, they have no defined notions of traditional hubs. As a result, the residential units near commercial hubs are being occupied by young IT professionals. This is reflected in the steady rise in values across the IT corridors.
According to industry sources, OMR and GST road together have 6 non- captive IT/ITES SEZs with 83per cent occupancy levels. And GST road has 5.1 million sq ft of operational captive space including Shriram Gateway and L&T Estancia.
So what does this spell for property development in Chennai in 2012?
IT and manufacturing will continue to drive property development across the city. The residential segment is likely to spur retail development as young professionals are expected to seek property that matches their lifestyle requirements.
Infrastructure and transport connectivity are going to be key issues in the city. This is reflected in rental value trends which have shown stagnation along the OMR despite good lifestyle developments along the corridor. However, the offsite experience does not match the onsite luxury and lifestyle and this mismatch is detracting from the rental trends.
Even as demand for apartment living is peaking among the young professionals, there is a revival of interest in plotted living in the city areas and also some suburbs. Plotted sales in suburban areas have now begun along the East Coast Road and are expected to grow.
source ; http://www.realpropertyiq.com
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4 komentar:
Chennai is slated to witness the extraction of around 67500 residential property in the approaching three years.
Chennai is the home of several IT and business firms and therefore offers the best employment opportunities. The city’s infrastructure is continuously developing and so are the living conditions due to the actions of real estate developers
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The real estate developers in Chennai are leaving no stone turned to add value to real estate of the city. They are coming up with several innovative and affordable residential projects and this has added great value to the city’s real estate which is presently on high due to its increasing demand.
Laden with enormous potentialities for multifaceted growth, which has attracted many realty developers and thus a huge demand for apartments in Chennai has considerably risen over the years.
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