Chennai Real Estate Demand

With the real estate being hit by the economic downturn all over the across the globe, Chennai Real Estate still seems to be getting a group of buyers for residential as well as commercial property .
Real estate developers are ready to launch new projects in these cities, a study said, adding that 12 major real estate projects were announced in the last six months in the southern metros. Out of the 12 projects, six went to Bangalore, when Hyderabad and Chennai got five and one respectively. Besides, the three cities have attracted investments worth Rs.12,150 crore in five special economic zone (SEZ) projects. The Assocham has added that three major hotel projects at an investment of Rs.5,375 crore are coming up in these cities. The south is also moving fast in the power sector. Elango Industries and Toshiba will invest Rs.1,415 crore to set up two power projects in Chennai, the industry lobby said.
So, a lot of relocation factor is also going to happen with new employees from different places relocating to Chennai to these offices. So, flats for sale or apartments for rent in Chennai are forecasted to register a stable demand.
Again, the slowdown may have stalled construction projects across the country, but Chennai is set to get six to eight new malls in the next couple of years, replete with food courts, cinema theatres, gaming arcades and shops. So these Real Estate Projects in Chennai are again on the forefront where the builders are still going on with there work. Two will be functional by this year: Ampa mall in Aminjikarai will be ready by the second half of 2009 and Express Avenue on Whites Road by the end of the year.
Many smaller Indian firms, for whom high rentals had so far stopped them from expanding this maybe the right time to buy or lease office space. So, these investors relocating to Chennai to set up their offices in Chennai are searching for the right place to stay. So these people new to Chennai are actually looking for Flats for sale or apartments for rent in Chennai because again the prices have gone down heavily. A rental and capital value correction of commercial office space is underway across markets in India. Compared to a year ago, rentals are down 25-30% on average across the top eight cities of India. Some areas have been affected worse than others.
NRI's are predicted to play a big part in buying new apartments in Chennai or buying a new plot or office space in the city. While the local buyers are hesitating from buying houses coming up in large number in the district, it is the interest of NRI's from Canada, US, England and middle-east countries that have given a new lease of life to the real estate sector in Chennai. With thousands of NRI's inquiring about the availability of houses, flats and villas, real estate in Chennai has got fresh lease of life that otherwise was witnessing a low business for the last four-five months.

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