According to a
Knight Frank Report, Sales volume in the real estate sector in Chennai, during
the last one year witnessed a 33% decline owing to the impact of global
slowdown due to high inflation and negative buyer sentiments.
Chennai garnered an
absorption of 35 lac square feet. It is a drop of 15% from the previous year.
The city witnessed a drop in sales volume to the tune of 33% in 2013.
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| Shishir Baijal, CMD, Knight Frank India |
Mr. Shishir Baijal, Chairman and Managing
Director, Knight Frank India, said, ''The year 2013 has not been very kind to
the Chennai market & like all the other major cities in the country even
Chennai suffered the onslaught of the current slowdown in the real estate
sector. Factors like slowing economic growth, rising interest rates, high
inflation have contributed towards building a negative sentiment within the
residential space and sales in the office market also declined by 23%"
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