Last 11 months have been nothing short of a revelation for the real estate analysts in Chennai. When the realty market is slumping in major parts of India, Chennai seems to be on a merry ride. Chennai has shown great signs of revival with South Chennai leading its way to become the most rewarding place to invest in. Alliance Builders are hopeful of the market revival in Chennai and expect this trend to continue for a long period. The driving force behind the growth is an increase in number of job opportunities, making Chennai an employment hub followed by an extensive focus on infrastructure development.
Among all the areas of Chennai, North has grown the least. Areas such as Tondiarpet, Kolathur, Madhavaram and Perambur saw negligible launches during this period due to the lack of social infrastructure and poor connectivity to the city centre.
High profile areas in Central Chennai like Nungambakkam, R.A. Puram, Alwarpet, T.Nagar, Mylapore, Royapettah, Kilpauk, Anna Nagar, Teynampet and Adyar have largely stayed distant from some fluctuations.
Premium segment has been benefitting from the affluent standard of living, conversion of bungalows into apartments and break down of joint families into nuclear ones.
The official spokesperson for Alliance Builders Group, said, “Chennai market seems to be bottoming out this year and is close to a point of recovery in terms of sales numbers.”
The Chennai office space market continues its healthy consolidation on the back of dwindling office completions, steady demand and falling vacancy levels. The total stock in the Chennai office space market stands at 58.2 million sq ft, of which 47.1 million sq ft is occupied. While traditionally, this space has been anchored by IT/ITES sectors, in recent times, the Banking Financial Services and Insurance sectors were gaining.