Knight Frank India: Chennai Real Estate Outlook 2015

 Knight Frank India today launched the second edition of its flagship half yearly report - India Real Estate Outlook. It presents a comprehensive analysis of the residential and office market performance of Chennai for the period between July–December 2014.

Residential takeaways:-

·        Chennai residential market on the slow track;  Absorption drops 14%

·        Moulivakkam building crash makes further dents; City launches drop by 25% in 2014

·         RBI’s policy rate cut infuses hope among city homebuyers; are better days expected?

Office Takeaways:-

·        City office market on a healthy diet; posts a 7% rise in absorption in 2014

·        Chennai Realtors bet big as vacancy levels see a significant drop

·        Chennai maintains a steady run rate; will it continue the hold over absorption?

 

Kanchana Krishnan,
Director- Chennai,
Knight Frank India

Speaking about the findings, Ms. Kanchana Krishnan, Director- Chennai, Knight Frank India said “Chennai residential market witnessed significant fall in sales and new launches during H2 2014. However, the rate cut by the RBI has sent positive sentiment to the   market and we expect uptick in sales volume during H1 2015.”

“Continued fall in vacancy levels in the office real estate bolstered by good absorption levels, competitive rentals and contraction of quality space in the city. Given the current scenario, rentals are expected to move up and absorption momentum is expected to continue” she added.

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