For more information on India Properties visit magicbricks.com, here you can also know about Ahmedabad Properties.
The Chennai real estate markets have brought forward a perfect example of how market fundamentals can control property values and developments. In the past 12 months, the residential real estate values in Chennai have not only corrected to reasonable levels but have also shown signs of fundamental strength.
Commercial properties too have defied nationwide trends of non-justified price escalations in property values and rentals, as witnessed in the office space segment at Mumbai, Delhi and Bangalore.
Emerging picture at Chennai PBD
Just like most other parts of the country, the real estate market of Peripheral Business District (PBD) of Chennai has seen a massive rise in construction activities, in the past 5-years.
Today, most of the new capacity additions in the commercial property segment in Chennai come from PBD. According to DTZ, a real estate advisory firm, reports, 92 per cent of the total office space supplies to Chennai in the second quarter of 2007 came from PBD.
The major commercial property projects basically meant for IT and ITeS industry, included 1.52 lakh sq. ft Central Square and Chennai Tech Park spread in staggering 9.8 lakh sq. ft of office space. Another giant commercial project completed in the region with ITPC that was spread in 6.70 lakh sq. ft of office space.
Perhaps, the largest commercial property project in the PBD at this moment was Menkur that covers area as large as 12-lakh square feet.
Property Values and Absorption
The absorption rates for these properties are at fair decent levels and the targeted group of IT and ITeS companies have responded well for these new additions. Sony Ericson leased 1.24 lakh of office space at DLF IT Park recently, while Indian technology giant HCL also leased 3-lakh square feet of commercial space at ETA Technology Park.
And it is not that the rental values have triggered here, after taking cue from the corporate response. At present, the same is hovering at Rs 45 per sq. ft and is expected to remain so at least for the next 3-4 quarters, market analysts say.
For more details on Chennai Properties, log on to magicbricks.com
- Related Videos
- Related Articles
- Ask / Related Q&A
- Commercial Real Estate Property in India
- Real Estate Property Listing With No Hidden Charges!!
- Sell Real Estate Property by yourself
- The Basis of Real Estate Property Values
- Should you Hire a Real Estate Property Management Company?
- How to Determine the Value of your Real Estate Property
- Costa Rica Real Estate Properties
- Real Estate Property and Investment
FHA loans
By: Ravisankar | 05/07/2009Federal housing administration or FHA is the backbone of the federal government as far as public welfare schemes are concerned. This department has to its credit a slew of schemes aimed at the betterment of general public. FHA loans are one of the many housing schemes of the federal government. The department was formed in 1965 as a support system to the government in order to plan and execute welfare schemes.
Fair Housing Act
By: Ravisankar | 05/07/2009Removal of discriminatory issues has been one of the most important priorities of the federal government in the United States of America. Laws are always aimed at eradication of any sort of bias that exists in the society. This is one of the basic principles that the fair housing act is based upon. This act aims at removing any sort of prejudice that exists in the housing sector, as well as to make sure that all citizens get a fair chance to buy dwellings in the country.
Does Your Home Have Curb Appeal? Be Smart and Learn How to Develop Appeal
By: Maria | 05/07/2009Are you planning to sell your house? Have you had a number of potential buyers walk or drive past unsatisfied? Have you ever been victim to false hopes and false buyers? There have been too many instances around whereby a potential buyer calls up and seems genuinely interested. Over the phone they sound excited and even declare that they are looking forward to viewing the property for themselves. Throughout your conversation they even happen to volunteer that they have been looking for real esta
Obama Loan Modification Program What You Need To Know
By: Bob Mason | 05/07/2009What you need to know to get qualified for the Obama loan modification program and lower your mortgage payments to 31% of your total income!
Foreclosed Properties- Straightforward and Attractive Deals and Bargains
By: Akhila Choudhary | 04/07/2009In these erratic economic times, it is a smart and intelligent investment decision to buy foreclosed properties. In fact, it also regarded as a sensible real estate bargain.
Save your Money with Bank Foreclosure Homes for Sale
By: Anirban Bhattacharya | 04/07/2009Bank foreclosure homes for sale provide excellent opportunities to everyone. Those who want to own a home but have not yet been able to do so owing to financial constraints can expect to strike a beneficial deal with lender foreclosures.
No Money Down Real Estate Investing
By: Charles Petty | 04/07/2009It’s true there hasn’t been a perfect real estate investment system made yet. But that does not necessarily mean you require a huge amount of cash and excellent credit to get you started.
House Flipping Info For New Investors
By: Charles Petty | 04/07/2009If you are aware about the real estate market, you must have come across the term house “flipping”. House flipping is one source to mint money.
Information That Nris Need For Buying Real Estate Property In India
By: George Gonigal | 23/02/2009 | Real EstateIn the case of NRIs there is a general permission to acquire any immovable property (other than agricultural land, plantation or farm-house property) by way of purchase, provided the payment is made out of foreign exchange inward remittance or any Non Resident bank account in India, i.e. Non Resident External Account - NR (E), Foreign Currency Non Resident Account - FCNR or Non Resident Ordinary Account - NRO account. Although immovable property is not defined, the same will include:
Investment in Gold and Real Estate
By: George Gonigal | 16/02/2009 | InvestingInvestment in gold and in real estate both has their fair share of pros and cons. Following are some of the advantages and disadvantages of investing in gold and real estate.
New or Resale Property - Making a Choice
By: George Gonigal | 05/02/2009 | Real EstateMaking a choice of buying a resale or a new house largely depends on individuals need and requirements beside other factors. There are plenty of options available in the resale as well as new property market. However, both types of properties have their set of pros and cons. There are many factors which guide an individual's choice for a buying a resale or new house.
Growing Prospect for Investing in Ahmedabad Real Estate
By: George Gonigal | 15/01/2009 | Real EstateAhmedabad enjoys strategic location advantage of proximity to Mumbai, commercial capital of the country. Western, Middle East and African markets are also accessible. Going by the ever growing construction of skyscrapers, shopping malls and multiplexes, the city is moving on fast. Investors and NRI Gujaratis have been attracted due to its mega city status and the strides it has made in terms of healthcare, cuisines and malls.
Indirapuram - a Gem of Ghaziabad's Property and Real Estate Market
By: George Gonigal | 10/01/2009 | Real EstateA few years ago having a property in Ghaziabad had been looked down upon by many. Today, the same location is considered as a priced property. By way of entertainment, quality education or health cares the NCR region of Ghaziabad has grown multifold. And among all Indirapuram has emerged as the priciest location in Ghaziabad region.
Hyderabad - Creating Classy Real Estate Transactions
By: George Gonigal | 02/01/2009 | Real EstateHyderabad Real Estate is one of the preferable markets in India. With the reasonable prices and booming market renowned developers are making a beeline to the city. Many new residential and commercial projects are coming here to fulfill the requirements of end users.
Mutual Funds - Capitalizing on Real Estate Potential
By: George Gonigal | 30/12/2008 | Real EstateThe real estate stocks are difficult for an average retail investor to read. Wild swings have been the order of the day. However, mutual funds that have 3-4 per cent investments in real estate stocks allow a small investor to benefit from the surges but remain protected from the troughs.