Housing sales down 33% in Chennai in 2013; prices up 5 7%
Jan 10, 2014
Source : The Hindu

CHENNAI: Sales volume in the real estate sector in the city during the last one year witnessed a 33 per cent decline owing to the impact of global slowdown due to high inflation and negative buyer sentiments, research firm Knight Frank said today.

“Chennai garnered an absorption of 3.5 million square feet. It is a drop of 15 per cent from the previous year. City witnessed a drop in sales volume to the tune of 33 per cent in 2013,” Knight Frank said in a statement.

“The year 2013 has not been very kind to the Chennai market and like all the other major cities in the country even Chennai suffered the onslaught of the current slowdown in the real estate sector,” Knight Frank India Chairman and Managing Director Shishir Baijal said.

Factors such as slowing economic growth, rising interest rates, high inflation have contributed towards building a negative sentiment within the residential space and sales in the office market also declined by 23 per cent, he said.

However, the research firm said the prices continued to increase by five to seven per cent despite the drop in the sales volume.

Latest Realty News

Sales volume in real estate sector in Chennai declines: Study
Jan 10, 2014
CHENNAI: Sales volume in the real estate sector in the city during the last one year witnessed a 33 per cent decline owing to the impact of global slowdown due to high inflation and negative buyer sentiments, research firm Knight Frank said today.
Ceebros drops prices in premium areas of Chennai
Jan 10, 2014
CHENNAI: In a move that is bound to shake up the realty market in the city, leading builder Ceebros has dropped prices for residential projects in the upmarket Nungambakkam, T Nagar and Poonamallee High Road areas. The disruptive strategy, it says, is only to ensure that it is not saddled with unsold stock at a time when the market is very sluggish.
PE exits in real estate rose by 33% in 2013
Jan 09, 2014
CHENNAI: Private equity (PE) firms focused on the real estate sector made 24 exits during 2013 compared to a total of 18 exits announced during 2012. Ten of these exits with disclosed values harvested $421 million for the investors.
Indian Bank, Indian Overseas Bank launch special drive for home loans
Jan 08, 2014
CHENNAI: In an attempt to target prospective home buyers, public sector lenders -- Indian Bank and Indian Overseas Bank -- are offering home loans at interest rates of 10.20 and 10.25 per cent, respectively.
Realty: Then and now
Jan 04, 2014
CHANNAI: The economic downturn in the year 2013 has had an adverse impact on various sectors and the realty sector has not been insulated by these changes. The year has been one of guarded optimism and the sentiments were rather cautious from both investors and builders.
Owners rent out buildings to commercial units, cheat on tax
Jan 03, 2014
CHENNAI: A growing number of residential properties in the city are being used for commercial purposes to evade high property tax resulting in a huge loss to the city corporation. Any shortfall in collection of property tax, the biggest source of revenue for the corporation, impacts infrastructure schemes directly.
Real Estate Promoters in Chennai,Chennai Real Estate,Real Estate Developers in Chennai
Dec 31, 2013
CHENNAI: The Consumer Disputes Redressal Forum, Chennai (South) has ordered a real estate promoter to refund the amount deducted as cancellation charges from the installment paid by a woman who had booked an apartment in a project mooted by the firm in 2008.
Air India property in Chennai on the block
Dec 31, 2013
CHENNAI: Air India has put on the block a 1.33-acre property in Chennai.It will sell the property located at Teynampet on the arterial Anna Salai through an e-auction on January 21.
Chennai, the hot spot for new retail ventures in 2013
Dec 30, 2013
CHENNAI: Establishing its position as one of India’s fastest growing markets for organised retail, Chennai accounted for over half of the new property rentals and purchases that took place in the space in January-September, 2013.
Another project on OMR
Dec 28, 2013
CHENNAI: Adroit Urban Developers is set to formally announce the launch of Artistica, a two-acre residential development on the OMR. The multi-storeyed apartments are coming up at Sholinganallur junction to the south of Chennai. Over 145 apartments and coming up on three towers of stilt plus 10, 13 and 16 floors, according to the developer.

Latest Realty News Of State

Realty Talk's