Cushman & Wakefield said,'' The highest capital appreciation in Chennai was witnessed in Adyar & Poes Garden both recording 25% growth in capital values over last year. The demand for residential units in Chennai is likely to grow at a CAGR (Compounded Annual Growth Rate) of 11% between 2011 and 2015. The infusion of supply over the next 5 years is expected to be about 1,17,500, which is higher compared with certain other major cities such as Bangalore, Hyderabad and Pune. Property prices across most locations is likely to remain stable during the next few quarters.
Chennai witnessed nearly 100 new residential project launches during 2011 and approximately 15,000 flats will be available in the city in the next 2-4 years. The supply during the year was mainly concentrated towards the mid segment and peripheral markets.
Kalpana Murthy, Associate Director (Residential Services),Cushman & Wakefield India said,'' The Chennai market had been steady and would remain stable over short to mid-term purely on account of positive demand trend. All segments and locations within the main city of Chennai were experiencing growth, with the mid segment registering the highest. The Chennai market is primarily self-sustained, thereby, even as the global markets seem to go through some upheavals. Chennai’s reaction to these changes may be limited.''
The total supply entering the market in 2011 was located in the growth corridors of Chennai. The more growth corridor locations of Perungudi, Thoraipakkam, Sholinganallur, Perungalathur saw the launch of 750 flats. New upcoming locations of Kelambakkam, Beyond Vandalur, Oragadam and NH - 4 recorded approximately 6,400 flats largely catering to the investor segment. Most of these locations will be long term investment options.
About Cushman & Wakefield ..!
Cushman & Wakefield is a commercial real estate services firm. Founded in 1917, it has about 230 offices in 60 countries & more than 15,000 employees. It has its world headquarters in the Midtown Manhattan, New York City.
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