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Property Transition
Chennai
Chennai – The Business Center of South India!
The cultural capital of South India is fast transforming into one of the most sought-after destinations for real estate investors in India and abroad alike. The city known for its widespread coastline, boasts of several factors in its favour such as low cost of living as compared to cities like Delhi, Mumbai and Bangalore, low cost of labour, lower operational cost, availability of land, constant demand from the IT sector and several MNC’s setting up their offices on a large scale among others.

Unprecedented Growth
The demand for real estate in Chennai is primarily driven by the IT/ITES sector, followed by the automobile and electronics industry. The real estate market in the city as a whole, has appreciated by 12% and the current residential market has risen from 30% to 35% in less than a year. Recent studies reveal that projected demand for real estate for leisure/ entertainment complexes will be in the region of 3.1 million square feet and around 2.5 million square feet of space for retail space.

Commercial Real Estate Growth
The IT /ITES sector is one of the most active buyer-segments in the market. Adding to the burst of real estate activity in the city, Astron (BPO) has taken over 57,000 sq.ft. of office space at R.A Puram area in Chennai. A recent report reveals that in just the first few months of 2004, about 7 lakhs sq.feet of space has been absorbed for commercial purposes.

The key transactions in Chennai for May includes Slash Support, a city-based software firm, leasing 75,000 sq ft and ICICI InfoTech taking 20,000 sq ft of commercial space in Alwarpet. In Nungambakkam, Pinnacle Software leased 12,000 sq ft of office space in Hamedia Plaza. HCL leased an independent building of 50,000 sq ft on Greams Road and Office Tiger has leased 52,000 sq ft of independent space in Anna Nagar.

Residential
Staying in sync with the development of the commercial sector, the Chennai residential market is not far behind. The emerging trend here is that of large projects with several blocks of apartments offering an array of amenities like swimming pool, gymnasium, club house etc.

Location

Residential

Adyar

4500 - 6500

Alwarpet

8000 - 1500

Besant Road

6500 - 8000

Chetpur / Kilpauk

6000 - 7000

K. K Nagar

4500 - 5500

Tiruvanmiyur

4000 - 6000

Mylapore

5000 - 6000

Nungambakkam

7000 - 12000

T. Nagar

5000 - 7000

Kodambakkam

4000 - 6000

Raja Annamalipuram

8000 - 10000

Royapettah

4500 - 5500

Egmore

5000 - 6000

Valasaravkkam

4500 - 6000

Anna Nagar East

5000 - 7000

Guindy

4000 - 5000

Velacherry

5000 - 6000

Shastrinagar

4500 - 5000

Ashok Nagar

3000 - 4500

Lloyds Road

4500 - 5500

Radhakrishnan Road

7000 - 10000


** Price as per the market value in May 07
** Property Rates are subject to change due to market vagaries and may differ by virtue of location and project, depending and facilities and other factors.

One of the leading property developers, the Puravankara Group, has designated plans to invest an exorbitant amount of INR 1000 crores for development of different real estate projects in and around Chennai. With such a strong demand for houses, there is a stiff competition in the market which has spurred significant price and rent increases. Non residential activity is also at its best with demand for commercial and retail properties seeing appreciation. A square foot of space in the city’s upscale Pose Garden apartment now costs Rs.14, 500.

Chennai is witnessing a smart shift with the ongoing construction activities, a result of constant demand from the information technology (IT) sector, which has certainly given an impetus to real estate developments in this known city of South.
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