Chennai realty sector poised for growth: Experts
With the expectation of a stable government at the Centre and the industry betting big on growth in jobs and, thus, increased investments, the realty sector in Chennai is set for growth.
During a discussion on imminent market changes in Chennai, a hopeful lot of people from the industry were optimistic about the realty situation in Chennai and said that in 2014, they hope the real estate sector to grow in a similar manner as it was on the peak growth period a few years ago.
Sandeep Mehta, member, Confederation of Real Estate Developers’ Associations of India (Credai), Tamil Nadu chapter, said during the Wednesday meeting which was organized by Jones Lang LaSalle and CREDAI, “The best growth period in our industry was prior to 2011. There was a slump in 2011-12, but the subsequent years were much better.”
Kalpana Murthy, associate director of the realty consulting firm, Cushman and Wakefield is of the view that with the government taking some serious measures to improve the quality of roads and other basic infrastructure in the far-flung suburbs and with the availability of good healthcare facilities and schools there, the double-income families are willing to move out of Chennai.
Another reason to be optimistic is Chennai Metro Rail, which is expected to be commissioned in a year’s time. With that happening the demand for houses, ranging from single-bedroom flats to high-end dwelling units, will continue to rise, especially in the suburbs, along the course of the Metro’s track, Kalpana added.
Builders are also noting a shift in the concentration of office and residential spaces. The Managing Director of Khivraj Tech Park, Mr. Ajit Kumar Chordia, said, “Office spaces, which were earlier centred on Gemini and Nungambakkam, have now shifted to Saidapet and Guindy. Residential spaces, too, are now clustered along high-growth areas around software companies on Rajiv Gandhi Salai (IT corridor), Mount–Poonamallee Road and also GST Road between Perungalathur and Singaperumal Koil.”
The head of residential services, Jones Lang LaSalle, Mr. Sanjay Chugh, said that in 2013, more than 33,000 new residential units (apartments and individual houses) were launched, and nearly 23,000 of them were sold. In his opinion, Chennai, being known for quality healthcare services, schools and colleges continues to be the most preferred city in South India for attracting investments.
Source: The Hindu
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