Global uncertainties and IT / ITES sector going
slow with their expansion plans impacted the real estate scenario in Chennai
with high vacancy rate. Though the focus on residential sector from developers
end was high, and Chennai market saw remarkably high number of new launches in
2012.
Sales were moderate in comparison to the new
residential supply added to the market. In 2013 Chennai residential market is likely to see few launches compared to 2012 but improvement in sales
with an overhang of 18 to 22 months.
The above graphs highlight the current residential
market scenario of Chennai. With maximum new launches and construction
happening around OMR and GST Road belt, South Chennai is seeing maximum
growth. Concentrating on South Chennai, for all the budget ranges more than 50%
units are available
indicating piled inventory.
If the current sluggish growth of IT / ITeS sector
continues the area would face an oversupply situation. Moreover, lack of basic
infrastructure (roads, water,
and sewage system) would heighten it further.
Src: India Property.com
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