Chennai retail rentals flat in Q3
Dec 14, 2013
Source : The Hindu


CHENNAI: Rental costs for retail spaces in shopping centres in Chennai have remained flat over the past year, averaging Rs 43,808 ($717) per square metre per annum in the third quarter of 2013. In contrast, property prices in nearby Bangalore appreciated 0.1 per cent year-on-year to Rs 57,800 ($946) per square metre per annum in the July-September period of the calendar year, according to real estate consultancy firm Jones Lang LaSalle’s latest ‘The Retail Index’ report.

Delhi and Mumbai shopping centres have also seen retail rentals appreciate over the past year. In Mumbai, rentals rose 2.5 per cent between September 2012 and September 2013 to Rs 85,112 ($1,393) per square metre per annum, whereas rentals in Delhi increased 1.1 per cent to Rs 82,301 ($1,347) per square metre per annum.

Jones Lang LaSalle indicated that appreciation in rental costs in these metropolitan cities could see an uptick once some clarity emerges on the retail foreign direct investment guidelines. Once this occurs, foreign retailers are likely to make a beeline to set up shop in these cities, seeking to garner a slice of the country’s retail market, which is worth around $500 billion at present and poised to reach $1.3 trillion by 2020.

Among the Asia-Pacific cities covered in the report, mall rentals were the highest in Hong Kong, at a staggering $14,488 per square metre per annum. Rentals in Sydney, second in the list, stood at half this amount, at $7,180. Melbourne and Brisbane followed in third and fourth places. Guangzhou, China, was the fifth in the list.

Hong Kong is also the costliest space in Asia-Pacific to set up a High Street retail store, with rentals averaging $28,839 per square metre per annum on Russell Street. In comparison, rentals in Delhi’s Connaught Place were a modest $1,444 (Rs 88,288) per square per annum, weighing in at 10{+t}{+h} on the list. But locations like Delhi’s Khan Market and Mumbai’s Linking Road were conspicuous by their absence on the list, even though rentals in these prime shopping locations are considered to be the highest in the country and among the costliest in the world.

Latest Realty News

Small projects in Chennai see faster turnover
Dec 14, 2013
CHENNAI: Large residential projects may grab a lot of attention. Sales here may indicate market trends but developments offering a handful of apartments in a plot of a couple of grounds, a characteristic of Chennai, continues to attract buyers in prime locations. Developers focussing on this segment have set their eyes on faster turnaround.
Liquidity, realty demand slump keep home loan rates in check
Dec 13, 2013
CHENNAI: Home loan rates may have firmed up a bit in the last 10 days but the range is still lower than the July-August levels and a number of markets are already witnessing some price correction in under construction projects, say top banking sources.
Chennai authorities seal RIL's commercial property
Dec 13, 2013
CHENNAI: A commercial building owned by Mukesh Ambani's Reliance Industries Limited (RIL) in the city has been blocked and sealed by the Chennai Metropolitan Development Authority (CMDA) for the alleged violation of construction norms.
Chennai in top 25 real estate destinations in Asia-Pacific: PwC survey
Dec 12, 2013
MUMBAI: Domestic as well as international investors are looking at newer cities with stable assets for investments, a trend that will be prominent in 2014, and accordingly Chennai jumps to the hot—list for the first time, says a PwC survey.
PIL wants sale of prime trust property cancelled
Dec 11, 2013
CHENNAI: The sale of a prime property belonging to a 125-year old trust in Kumbakonam has come under judicial scrutiny, with the Madras high court issuing notice to the Thanjavur district administration and others on Monday.
Anomalies galore in Chennai property tax rates
Dec 09, 2013
CHENNAI: Property tax rates in Chennai are rife with anomalies and inconsistencies. Many neighbourhoods in the recently-annexed parts of the Chennai Corporation, despite poor amenities and low rental value, pay the same property tax as the well-developed areas that fetch high rental values.
Malayalam singer accuses man of property fraud
Dec 09, 2013
CHENNAI: Police raided a Vadapalani hotel room on Friday night after a Malayalam playback singer alleged that the man who had grabbed his property was staying there. However, the accused had left by the time police arrived.
Casa Grande eyeing to launch 1,000 villas in 2013-14
Dec 05, 2013
CHENNAI: Real estate developer Casa Grande has lined up projects worth Rs 1,250 crore and plans to launch more than 1,000 villas during the current financial year, the company said.
Only a few states follow good property registration procedures: G Shyam Sunder
Dec 05, 2013
CHENNAI: G Shyam Sunder, a Chennai-based advocate, has travelled to 18 states in India to compile the different procedures and practices followed in the registration, revenue and town and country planning department. In his book titled 'Property Registration, Land Records and Building Approval Procedures Followed in Various States in India', Shyam Sunder points out to the benefits of standardising procedures. Edited excerpts of his interview with ET:
Ozone building strategy around large gated communities
Dec 03, 2013
CHENNAI: Large gated communities are the future of residential real estate, says S. Vasudevan, CMD of Bangalore based-developer, Ozone Group.

Latest Realty News Of State

Realty Talk's