Chennai has Low Demand for Office Space
The vacancy rate of the office space in the real estate market in Chennai is growing. Seeing the trend, builders are moving towards the residential space for sure returns.
It is reported that more than 30 percent of the office spaces are lying vacant in the peripheral areas such as Old Mahabalipuram Road (beyond Perungudi) and GST Road (beyond Perungalathur). These areas are known for their demand in residential as well as commercial properties.
However, residential real estate of Chennai is strengthening with the increasing interest of Many NRI’s and people all over the India.
Basically, the affordability of the residential market of Chennai in comparison to other parts of the country is attracting the buyers to invest in Chennai real estate market.
More related stories:
Additional floor space index for Chennai to promote affordable housing
Governmental valuation is 10-45 percent less than actual market price
Source: Times of India
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