An estimated 9,800
units (36 apartment projects and 6 villa projects) were launched in third
quarter comprising against 8,637 units in the second quarter this year.
As regards demand
pattern, GST Road and Vandalur - Kelambakam Road notched up improved sales
while locations along the OMR continued to see softened demand during the third
quarter, according to Jones Lang LaSalle.
While southern
suburbs sub-market recorded the lion's share of 88 % of the total residential
launches in 3Q 13, GST road and Vandalur-Kelambakkam Road accommodated about
74% of the sub-market's supply.
The Chennai city
absorbed 5,944 units in third quarter against 5,117 units in second quarter,
indicating a marginal improvement in absorption from 9.3% to 10%.
Hefty discounts by a
few developers / promoters are instrumental in driving the demand in certain
areas such as GST road.
Both rentals &
capital values in the southern and western suburb sub-markets remained
stagnant, as there has been inadequate social and physical infrastructure. The
overall economic slowdown has also suddenly impacted the rental demand
including for units in Chennai city areas.
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