| With the real estate being hit by the economic | | | | the builders are still going on with there work. Two |
| downturn all over the across the globe, Chennai Real | | | | will be functional by this year: Ampa mall in Aminjikarai |
| Estate still seems to be getting a group of buyers | | | | will be ready by the second half of 2009 and Express |
| for residential as well as commercial property . | | | | Avenue on Whites Road by the end of the year. |
| Real estate developers are ready to launch new | | | | Many smaller Indian firms, for whom high rentals had |
| projects in these cities, a study said, adding that 12 | | | | so far stopped them from expanding this maybe the |
| major real estate projects were announced in the | | | | right time to buy or lease office space. So, these |
| last six months in the southern metros. Out of the 12 | | | | investors relocating to Chennai to set up their offices |
| projects, six went to Bangalore, when Hyderabad | | | | in Chennai are searching for the right place to stay. |
| and Chennai got five and one respectively. Besides, | | | | So these people new to Chennai are actually looking |
| the three cities have attracted investments worth | | | | for Flats for sale or apartments for rent in Chennai |
| Rs.12,150 crore in five special economic zone (SEZ) | | | | because again the prices have gone down heavily. A |
| projects. The Assocham has added that three major | | | | rental and capital value correction of commercial |
| hotel projects at an investment of Rs.5,375 crore are | | | | office space is underway across markets in India. |
| coming up in these cities. The south is also moving | | | | Compared to a year ago, rentals are down 25-30% |
| fast in the power sector. Elango Industries and | | | | on average across the top eight cities of India. Some |
| Toshiba will invest Rs.1,415 crore to set up two | | | | areas have been affected worse than others. |
| power projects in Chennai, the industry lobby said. | | | | NRI’s are predicted to play a big part in buying |
| So, a lot of relocation factor is also going to happen | | | | new apartments in Chennai or buying a new plot or |
| with new employees from different places relocating | | | | office space in the city. While the local buyers are |
| to Chennai to these offices. So, flats for sale or | | | | hesitating from buying houses coming up in large |
| apartments for rent in Chennai are forecasted to | | | | number in the district, it is the interest of NRI’s |
| register a stable demand. | | | | from Canada, US, England and middle-east countries |
| Again, the slowdown may have stalled construction | | | | that have given a new lease of life to the real estate |
| projects across the country, but Chennai is set to | | | | sector in Chennai. With thousands of NRI’s |
| get six to eight new malls in the next couple of | | | | inquiring about the availability of houses, flats and |
| years, replete with food courts, cinema theatres, | | | | villas, real estate in Chennai has got fresh lease of life |
| gaming arcades and shops. So these Real Estate | | | | that otherwise was witnessing a low business for the |
| Projects in Chennai are again on the forefront where | | | | last four-five months. |