Industry & Economy
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Real Estate & Construction
Rental value up in Chennai business dist
Our Bureau
Chennai
,
June 9
THE capital and rental values have risen in the central business district (CBD) in Chennai due to lack of adequate new buildings, according to a half yearly market forecast by Colliers International, a firm of international property consultants.
In the suburbs, property values have remained stable or gained marginally for quality buildings.
Rental and capital values of buildings in the non-CBD areas of Chennai have increased marginally due to shortage of ready to move in space.
The report said that Chennai is now facing shortage of quality space. The 1.13-million sq f of quality office space added in 2003 is far less when compared to that in other major cities. However, this shortage is not likely to last long because of the construction activity along the Old Mahabalipuram Road where more than 2.5 million sq ft is being developed for IT (information technology) and IT enabled services companies.
Velachery and Mount Poonamallee Road are the other preferred destinations for IT companies. Around 0.6 million sq ft is planned as a joint venture development at the Ambattur industrial estate and will be ready by the first quarter of 2005.
IT and ITES continues to be the main demand drivers during the last quarter and companies have located themselves in areas where plug and play office space is available. Compared to the last quarter there are few such buildings available and the demand has been more for campus facilities and `built to suit' buildings.
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