Office Space.!
The office space leasing in
Chennai remained moderate in November, 2012 . As no new projects were completed
in the Chennai city during the month, occupancy improved.
The notable transactions over
the month included TCS e-Serve leasing in Tek tower at post toll OMR, Maersk leasing in Prince Infocity
at pre- toll OMR, MPS Ltd and Semantic
Space leasing in RR tower 4 and tower 3, respectively, at Guindy.
Projects in the pre- toll areas of the OMR and CBD remained the
preferred destinations for occupiers. Rents and capital values mostly remained
stable in every submarket during the month.
Retail..!
In November, 2012 as the existing
malls in the city had limited cost-effective options, high-street locations
were more attractive to retailers. Vacancy remained stable in the
market. Saravana Stores, a prominent
department store in Chennai, opened three stores on or / around Ranganathan
Street, and Megamart opened a new store in Arumbakkam. Rents and capital values
remained stable over the month.
Residential Market..!
Chennai’s
residential market witnessed steady consumer demand for residential units. The
major projects launched during the month included BBCL launching Vajra in
Nolumbur, and Casa Grande launching Pavilion, a villa project near
Shollinganallur and Mogappair.
In addition,
Akshaya Homes recently launched a mini-
township TODAY in Thaiyur.
Rents rose marginally, and although few projects in the city provided discounts
or promotional offers during the festive season, overall, housing prices
increased during the month.
INFRASTRUCTURE ONGOING..!
The Tamil Nadu government sanctioned
Rs. 10 crore for the preparation of a detailed report of the Chennai Peripheral
Road Project. This road project has an investment of Rs 142 crore and will
connect Mahabalipuram in the south and Ennore Port in the North.
In addition, the road will pass
through Thiruporur, Singaperumal Koil, Sriperumbudur, Tiruvallur,
Thamaraipakkam, Periyapalayam, Pudhuvoyal & Kattupalli.
For more
information about research
Ashutosh
Limaye
Head,
Research and REIS
ashutosh.limaye@ap.jll.com +91 98211 07054
Trivita Roy
Assistant
Vice President, Research
trivita.roy@ap.jll.com, +91 40 4040 9100
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