Reports about the slowdown in the Chennai property market are not deterring investors. The property builders seem unfazed by these reports and go ahead with their planned construction.

Chennai real estate is end user driven. Recent property reports suggest that investors do not have much of a game in the Chennai property market. Currently, the real estate segment of the city is going through a moment of calm. The number of transactions has been reduced by 10-15% and the supply of residential and commercial spaces has also been significantly reduced. A recent report by Jones Lang LaSalle Meghraj (Chennai) reveals that 1.6 million square feet of retail space in Chennai was taken over between January and March 2008. This is marginally less than the demand for 2 million square feet of retail space. the quarter from January to March. 2007.

temporary phase

Chennai real estate brokers say it is a temporary phase. PBEL Property Development (India) Pvt Ltd has invested Rs 180 crore in Chennai to build a residential and commercial township. PBEL Property is a consortium of three property developers. PBEl will build a high-tech residential complex on a 42-acre plot of land on Old Mahabalipuram Road.

Another property developer, Unitech, in partnership with SSI and Arihant Foundations, has launched an integrated township in Chennai. This township will span 7.6 million square feet and will have residential, commercial, and retail units. Emaar MGF has announced plans to invest $3 billion in 10 cities in South India. It plans to develop an area of ​​more than 31 million square feet in key cities like Chennai, Hyderabad, Tirupati, Coimbatore, Cochin, Mysore and Mangalore.

NRI interests

Mumbai-based Hiranandani Infrastructure and Real Estate Company recently completed construction on its residential project in south-west Chennai. The developers claim that this project, Hiranandani Palace Gardens, has sold out and has many buyers from the Gulf. Many of these buyers are investors who buy properties in strategic locations and sell them at the time the property achieves the best purchase rates.

In general, the housing market is not affected by the slowdown reports. The level of interest from property buyers, investors and builders remains unruffled.