by JLL India
Office..!
In Chennai, the
pre-toll Old Mahabalipuram Road (OMR) and Mount-Poonamallee Road (MPR), as well
as the CBD locations, recorded good leasing activity during January, 2013.
Some of the prominent
transactions this January month included: Flextronics taking up space in RMZ
Millennia on OMR; Calsoft Labs securing space in BNYM in Guindy; Prokarma
leasing space on MPR; and the Sterling Group renting space in MRC Nagar. The
city’s occupancy rate improved, as no major completions were recorded January.
Rents and capital values remained stable over the month.
|
Office
|
Rents
|
Capital Value
|
|
Key
Precincts
|
INR
per sq ft per month
|
INR
per sq ft
|
|
Mount
Road
|
60
to 90
|
9,000
to 15,000
|
|
RK
Salai
|
70
to 100
|
10,000
to 15,000
|
|
Pre-toll
OMR
|
35
to 62
|
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..!
The month of January
saw opening of Phoenix Market City with high occupancy. This mall, being the
biggest in Chennai with more than a million square feet of retail space, hosts
about 260 international and national brands across different catagories.
The mall opened with
around 20 anchor tenants and an 11 screen, 2,450 seat multiplex by Sathyam
Cinemas. Average rents in Chennai rose on the back of the completion of this
mall.
|
Retail
|
Rents
(High Streets)
|
Capital Value
|
|
Key
Precincts
|
Rs.
per sq ft per month
|
Rs.
per sq ft
|
|
T.
Nagar
|
120
to 180
|
12,000
to 15,000
|
|
Nungambakkam
|
130
to 150
|
13,000
to 16,000
|
|
Velachery
|
80
to 120
|
10,000
to 12,000
|
|
Pre-toll
OMR
|
50
to 70
|
8,000
to 11,000
|
|
Anna
Nagar
|
110
to 140
|
11,000
to 13,000
|
|
LB
Road (Adyar)
|
110
to 130
|
10,500
to 12,500
|
Residential..!
Housing demand in
Chennai remained moderate during the month of January and is expected to gain
momentum in the coming months following the Reserve Bank of India’s (RBI’s)
change in policy stance.
The new year 2013
started with slew of new launches and aggressive marketing from property
developers. Some of the prominent launches during the January month included:
The Verde by ETA Star in Valasaravakkam; Sigiriya by Jones Foundation in
Pallikaranai; and Grand by Ruby builder in Selaiyur. In addtion, TVS Housing
launched its first project, Green Hills, in Perungalathur. Rents and capital
values remained stable over the month.
|
|
|
|
|
Residential
|
Rents
|
Capital Value
|
|
Key
Precincts
|
Rs.
per month for a 1,000 sq. ft 2 - BHK flat
|
Rs.
per sq. ft
|
|
Adyar
|
20,000
to 30,000
|
10,000
to 17,000
|
|
Medavakkam
|
7,000
to 14,000
|
3,600
to 5,000
|
|
Tambaram
|
6,000
to 12,000
|
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 5,200
|
|
Sholinganallur
|
9,000
to 12,000
|
4,000
to 5,200
|
INFRASTRUCTURE ONGOING..!
In a move to make Chennai a
more organised urban settlement, the Tamil Nadu Government has passed orders
for the construction of 6,254 houses at a cost of Rs. 1740 Crore under rental
housing and self-financing schemes. The houses will be built in 17 different
locations in Chennai, replacing existing old houses.
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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