JLL India - Monthly Real Estate Monitor -
October 2012 Chennai City
OFFICE..!
Tamil Nadu capital Chennai observed
healthy absorption during the month of September, 2012. The key transactions over the month were TCS
leasing space at Marg Square in Karapakkam, GE & Saint Gobain leasing space
at TVH Agnitio IT Park at Kandanchavadi, and FLSmidth leasing space at Alpha
City in Navalur, all of them located on the OMR.
Vacancy declined marginally in
September. Sabari's Sunny Side and Block A6 of Shriram—The Gateway became
operational during September. Pre toll
areas of OMR, Guindy and Mount Ponamallee Road continued to remain the preferred destinations for
occupiers.
RETAIL..!
Retail take-up in malls in Chennai
city continued to remain dormant;
however, with a considerable volume of mall space in the advance stages of
construction, pre-leasing in the upcoming malls happened at brisk pace.
On the other side, retailers in the
high streets of Chennai have started preparing to cater to the increased demand during the upcoming
festive season. Rents in the malls continued to remain stable, whilst rental growth in high
streets were restricted to select
precincts.
RESIDENTIAL..!
Demand for residential units improved,
and the city witnessed healthy new launches during the month. Some of the
prominent launches were Hill View Avenue by Navin housing in Thirumudivakkam
near Chrompet, Upscale by Sidharth Housing in Porur & Altius by Malles
Construction in Perumbakkam.
In addition to this, Villa Green launched its 60 acre township project in Kelambakkam, whilst VGN
launched Hazel in Paruthippatu near Avadi. Property prices rose marginally
during the month.
INFRASTRUCTURE
ONGOING..!
Tamil Nadu government allowed
CMRL (Chennai Metro Rail Limited) to
develop any structures in its upcoming 32 stations along the 3 corridors
without having to get prior approval from the (CMDA) Chennai Metropolitan
Development Authority).
Meanwhile, the second phase of tunnelling from Old Washermanpet to
Chennai Central Station in St. Thomas mount to Washermanpet route commenced
during early-October, 2012.
|
Office
|
Rents
|
Capital Value
|
|
Key Precincts
|
Rs. per sq ft per month
|
Rs. per sq ft
|
|
Mount Road
|
60 to 90
|
9,000 to15,000
|
|
RK Salai
|
70 to100
|
10,000 to15,000
|
|
Pre toll OMR
|
35 to 55
|
5,000 to 6,500
|
|
Post toll OMR
|
25 to 35
|
3,500 to 5,000
|
|
Guindy
|
40 to 55
|
6,000 to 8,500
|
|
Ambattur
|
25 to 35
|
3,250 to 4,500
|
|
Retail
|
Rents
|
Capital Value
|
|
Key Precincts
|
Rs. per sq ft per month
|
Rs.per sq ft
|
|
T. Nagar
|
120 to180
|
12,000 to15,000
|
|
Nungambakkam
|
130 to150
|
13,000 to16,000
|
|
Velachery
|
80 to100
|
10,000 to12,000
|
|
Pre toll OMR
|
50 to70
|
8,000 to11,000
|
|
Anna Nagar
|
110 to140
|
11,000 to13,000
|
|
LB Road (Adyar)
|
110 to130
|
10,500 to12,500
|
|
Residential
|
Rents
|
Capital Value
|
|
Key Precincts
|
Rs. per month for a 1,000 sq
ft 2BHK Flat
|
Rs. per sq ft
|
|
Adyar
|
20,000 to 30,000
|
9,500 to16,500
|
|
Medavakkam
|
7,000 to14,000
|
3,600 to 4,800
|
|
Tambaram
|
6,000 to15,000
|
3,500 to 4,500
|
|
Anna Nagar
|
15,000 to 25,000
|
9,000 to 14,000
|
|
Porur
|
5,000 to 10,000
|
3,600 to 4,800
|
|
Sholinganallur
|
9,000 to12,000
|
4,000 to 5,500
|
About
Jones Lang LaSalle..!
With 2011
global revenue of $ 360 crore, Jones Lang LaSalle serves clients in 70
countries from more than 1,000 locations worldwide, including 200 corporate
offices. The company is an industry leader in property and corporate facility
management services, with a portfolio of approximately 210 crore square feet
worldwide. LaSalle Investment Management, the company’s investment management
business, is one of the world’s largest and most diverse in real estate with
$47 billion of assets under management. Jones Lang LaSalle has over 50 years of
experience in Asia Pacific, with over 22,200 employees operating in 81 offices
in 15 countries across the region.
The company
was named the Best Property Consultancy in Asia Pacific at ‘The Asia Pacific
Property Awards 2011 in association with Bloomberg Television’. For further
information, please visit our website, www.ap.joneslanglasalle.com
About
Jones Lang LaSalle India..!
Jones Lang LaSalle is India’s premier and largest
professional services firm specializing in real estate. With an extensive
geographic footprint across eleven cities (Ahmedabad,
Delhi, Mumbai, Bangalore, Pune, Chennai, Hyderabad, Kolkata, Kochi, Chandigarh
and Coimbatore) and a staff strength of above 5,400, the firm provides
investors, developers, local corporates and multinational companies with a
comprehensive range of services including research, analytics, consultancy,
transactions, project and development services, integrated facility management,
property and asset management, sustainability, Industrial, capital markets,
residential, hotels, health care, senior living, education and retail advisory.
For more
information, please visit www.joneslanglasalle.co.in
For more
information about research
Mr. Ashutosh Limaye Head, Research and REIS ashutosh.limaye@ap.jll.com +91 98211
07054
Mr. Trivita
Roy Assistant Vice
President, Research Email: trivita.roy@ap.jll.com +91 40 4040 9100
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