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India Property News

Study Says GST and OMR Rule Realty Launches – Chennai

According to a study conducted by a realty consultant for market trends, Rajiv Gandhi Salai in Chennai and the Grand Southern Trunk Road remain as the city’s choice destinations for launching new residential projects for the first half of financial year 2015.

The study was conducted by CBRE India and it revealed that much of the new launches were within the mid-end, premium and luxury segments. The two establishments have remained the center for real estate activity of the city, the study said.

The study also concluded that luxury and high-end projects were most common in these places: M.R.C. Nagar, Kilpauk, Advar, Alwarpet and Gopalapuran. On the other hand, mid-segment residential projects were most commonly found in Avadi, Ambattur and Tambaram.

Another realty consultant, Cushman and Wakefield, said that the city has also seen fresh supply of around 1.3 million square feet of commercial space.

The president of the Confederation of Real Estate Developers Association of India in Chennai, in the person of Ajit Chordia, said that there has been no observable weakening of the realty sector despite the slow stock market and global economic slowdown.

Chordia added that unsold inventories are coming down although at a moderate pace. Mr. Chordia is hopeful that a new development will come in the near future with the government’s announcement on Smart Cities.

But a lot of critics feel that there are not a lot of people who can afford residential projects that the real estate sector consider affordable. The critics referred to Tamil Nadu Housing Board’s project in Sholinganallur. After a month when the application date for the said housing project was closed, almost half of the almost 1,500 units were still unsold. This forced the board to move the closing date of the application to a later time.

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