Chennai residential real estate report to remain firm, says report
Chennai's annual housing requirement is expected to be 30,000-35,000 houses (MIG and HIG segment) driven by 2.6% yearly growth of population
Jun 12, 2013
Source : The Economic Times

 

BANGALORE: Property prices in Chennai is expected to remain firm with upward bias in growth corridors, says a recent report by ASK Property Investment Advisors the real-estate private equity arm of ASK Group.

"The growth of auto hub and growth of IT/ITeS and BFSI industry has defined the growth of Chennai in last decade and will continue to drive migration and need for houses. Chennai which accounts for major share of US $ 185 bn investments in the State will lead to steady growth in jobs and rising need for houses," says Sunil Rohokale, CEO & Managing Director, ASK Group.

The report analyses the economic and infrastructure drivers that would impact the demographic growth of the Chennai metropolitan area. The study gives an outlook on the housing requirement and supply and its impact on prices.

"The housing requirement in Chennai is expected to be in the range of 30,000-35,000 houses annually. We expect prices to remain firm due to balanced demand-supply, while growth corridors are expected to witness upward bias in prices" said Amit Bhagat, CEO and MD, ASK Property Investment Advisors Ltd.

The PE fund has invested in two residential properties- Mantri Developers and Real Value Promoters, with expected revenue of Rs 725 crore in Chennai between December 2010 and March 2011 respectively. ASK Group has raised Rs.1300crore through its 2 domestic funds. Till date the group has invested Rs. 740 crore in 11 investments.

Chennai-Top 10 global auto Hub and major contributor to State's US$ 10 bn Software exports is expected to witness stable growth in medium term

Chennai's annual housing requirement is expected to be 30,000-35,000 houses (MIG and HIG segment) driven by 2.6% yearly growth of population

Overall Real estate prices are expected to remain stable with upward bias in growth corridors like Medavakkam, Pallavaram, Porur and Sholinganallur

Latest Realty News

BDA's land given to its employees at throwaway price cancelled
Jun 12, 2013
BANGALORE: After being summoned by chief minister Siddaramaiah, who was upset over reports of a land dealing in the BDA, its commissioner T Sham Bhat who on Tuesday promptly cancelled the allotment and sale deed done in favour of BDA Employees' Welfare Association.
Property buyers, first pay up TDS
Jun 12, 2013
BANGALORE: Buying property worth over Rs 50 lakh? Then pay TDS before registering it, or income tax sleuths will come knocking on your door.
BDA’s giveaway deal stopped
Jun 12, 2013
BANGALORE: A day after Chief Minister Siddaramaiah was accused of “moral responsibility’’ for allowing the sale of Bangalore Development Authority land at throw-away prices to its employees’ association, the government set aside the sale.
Bangalore residential sector witnesses interesting trends
Jun 11, 2013
BANGALORE: The new government with a clear majority and interest rates dropping seem to have given a boost to the Bangalore residential market. In the last couple of weeks the market has witnessed a surge in bookings, especially in the mid-segment market. What is interesting is that this surge is being driven by mid-level businessmen.
SEZ policy reforms would benefit Bangalore
Jun 08, 2013
BANGALORE: During the release of the Annual Supplement 2013-14 to the Foreign Trade Policy 2009-14 on April 18, the Union Minister for Commerce, Industry and Textiles, announced reforms to the SEZ Policy in order to revive investor interest.
Why Whitefield works for luxury property buyer
Jun 08, 2013
BANGALORE: A vital factor pushing demand for premium residential property in Whitefield is the supply of top grade housing in the Rs 2.5 crore and above range. From luxury apartments in gated communities to sky villas and high-end row houses, Whitefield offers a host of options for the affluent buyer to choose from. Indraprastha RUHE by Indraprastha Shelters Pvt Ltd (Rs 1.5 crore), Nature Walk by Rennaisance Holdings (Rs 2.50 crore), Miraya Rose by UKn Properties (Rs 2.75 crore) and Prestige Whi
Real estate bill makes buyer the king
Jun 08, 2013
BANGALORE: With the Union Cabinet approving the Real Estate (Regulation and Development) Bill, the country's highly unregulated and unorganized real estate sector moves a step closer towards greater transparency and compliance.
Glut of ready residential units likelyin Bangalore by 2015: Knight Frank
Jun 07, 2013
BANGALORE: Bangalore, which saw the launch of 35,500 residential units in 2012, is witnessing a similar trend in 2013 as well. Already in the first quarter (January-March) of this year, the city witnessed the launch of 8,000 residential units.
Real Estate Regulatory Bill may become breeding ground of corruption, says CREDAI chairman
Jun 06, 2013
MUMBAI: Stating that the Real Estate Regulatory Bill approved by the Union Cabinet seeks to whip only errant developers, realtors apex body CREDAI Chairman Mr. Lalit Kumar Jain has expressed fear that it could encourage corruption instead of curtailing the social menace.
Surge in Rs 4-6 cr ultra luxury homes in Bangalore
Jun 06, 2013
BANGLORE: Last year, around this time (mid 2012), the residential real estate price in Bangalore kissed sky high with Rs 33,000 per sq ft for an upscale project on the Vittal Mallya Road. Rough calculations pegged a 8,200 sq ft apartment in the project at about Rs 27 crore.

Latest Realty News Of State

Realty Talk's