Indian Real Estate Forum - www.indianrealestateforum.com - View Single Post

Happy · 26-04-07

It's boom time for the real estate sector in Chennai as it is expected to witness a supply of approximately 12 million sq ft of office space in 2007. Of this nearly 10 million sq ft is expected to enter the market in the suburban and peripheral locations.

According to a latest Cushman and Wakefield report, the CBD locations of Anna Safai, Nungambakkam and R K Salai and Off CBD areas like T Nagar, Chetpet, and Egmore, are expected to witness approximately 2 million sq ft of IT and non-IT projects for the entire year.

It is estimated that approximately 9 million sq ft has been projected for IT for 2007.The peripheral locations along the IT Highway and OMR (Old Mahabalipuram Road) and the suburban locations of Guindy and Perungudi continue to be the most active IT destinations with demand keeping pace with supply.

On SEZ development, Chennai has three functioning IT specific SEZs spread across 1.5 million sq ft.In 2007, over 1 million sq ft of SEZ supply is expected to enter the market.

In addition, 31 SEZs have been planned in the city, though considering the stalemate on the issue, their availability is subject to approvals and notifications.

With supply expected to enter the market around the third quarter of 2007, some stabilisation of prices could be expected by the end of the year.

The next 2-3 months are expected to witness appreciation in major markets.

26-04-07	#1
Happy Member Join Date: Jan 2007 Posts: 105 Thanks: 0 Thanked 0 Times in 0 Posts	Boom Time For Real Estate Chennai It's boom time for the real estate sector in Chennai as it is expected to witness a supply of approximately 12 million sq ft of office space in 2007. Of this nearly 10 million sq ft is expected to enter the market in the suburban and peripheral locations. According to a latest Cushman and Wakefield report, the CBD locations of Anna Safai, Nungambakkam and R K Salai and Off CBD areas like T Nagar, Chetpet, and Egmore, are expected to witness approximately 2 million sq ft of IT and non-IT projects for the entire year. It is estimated that approximately 9 million sq ft has been projected for IT for 2007.The peripheral locations along the IT Highway and OMR (Old Mahabalipuram Road) and the suburban locations of Guindy and Perungudi continue to be the most active IT destinations with demand keeping pace with supply. On SEZ development, Chennai has three functioning IT specific SEZs spread across 1.5 million sq ft.In 2007, over 1 million sq ft of SEZ supply is expected to enter the market. In addition, 31 SEZs have been planned in the city, though considering the stalemate on the issue, their availability is subject to approvals and notifications. With supply expected to enter the market around the third quarter of 2007, some stabilisation of prices could be expected by the end of the year. The next 2-3 months are expected to witness appreciation in major markets.