City Search:CHENNAI

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Elite property market prices fall in Chennai

Posted on Dec 09, 2016
Chennai: NRIs have an advantage in luxury property market post-demonetisation as real estate developers in Chennai have 'significantly' dropped property rates, according to Singapore-based business analysts.

City-based developers are cutting prices by up to Rs 20 lakh on slow-moving projects.     

"Experts believe that we can soon expect a 10 per cent-25 per cent discount in the luxury segment of residential condominiums and also in the upmarket areas such as Nungambakkam, RA Puram and MRC Nagar in Chennai," said Abhijit Ghosh, India Desk leader at PricewaterhouseCoopers (PwC) Singapore, an international financial consultancy.

"Specifically, the luxury condominium range of property apartments has been badly hit given that one of the objectives of the current demonetisation move is to discourage all significant cash transactions," said Gaurav Tijoriwalla, manager, PwC Singapore.

The situation is the same in other cities like Mumbai, Delhi and Bengaluru and Chennai.     

Experts have also forecast Delhi property prices to offer 25 per cent to 30 per cent discounts and Bengaluru to offer 30 per cent to 40 per cent discounts.

NRI sources expect luxury property prices to drop by 25 per cent to 30 per cent.

Property transactions have plunged significantly in the last month post-announcement of the demonetisation programme on 8 November.

Bengaluru  property registrations have dropped to about 200 per day, compared to approximately 1,800 properties before demonetisation took effect, the experts said.     

Mumbai is expected to see a 50 per cent to 70 per cent slow down or may even go to a no-transaction period.

India's property enquiry portals, as observed by experts, have seen a significant dip, about 400 people per day asking from an erstwhile number of 1,500-1,700.

But it seems that the overall market sentiment at this juncture is to wait and watch and make the right move at the right time, they said.     

There is no denying that the NRI community will be taking advantage of the situation and explore to invest in luxury condominium residential apartments in India, Ghosh said.

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Developers hope home loan rates will fall

Posted on Nov 15, 2016
Chennai: The developer community is hoping for a home loan interest rate correction in the offing rather than a real estate price correction on account of demonetisation of 500 and 1,000 currencies.Developers' body Confederation of Real Estate Developers' Association of India (CREDAI) has expressed the hope that the home loan rate would go below 7% ...
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Sumadhura Group plans projects in Pune, Chennai

Posted on Oct 18, 2016
Bengaluru-based real estate developer Sumadhura Group today said it has plans to launch residential projects in Pune and Chennai in the next 2-3 years and is in the process of exploring land parcels in the two cities."We plan to launch residential projects in Pune and Chennai over the next two to three years. We are exploring land parcels," Sumadhu ...
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Real estate rentals on the rise

Posted on Oct 18, 2016
CHENNAI: Shortage in supply of office space has resulted in reduced absorption and higher real estate rentals in Chennai. For the period from January to September this year, deals for nearly 3.3 million square feet have been signed, down from 3.7 million a year ago. Rentals have, however, shot up by nearly 10% year-on-year.Chennai's real estate mar ...
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House of Hiranandani’s ‘Anchorage’ takes you to new heights in Chennai!

Posted on Oct 18, 2016
House of Hiranandani, a leading real estate conglomerate, is set to change the skyline of Chennai with the launch of their iconic luxury project “Anchorage”. It will be the tallest residential tower in the city and all apartments will have panoramic views of the sea. The avant garde concept designed by renowned architects and consultants, is poised ...
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Madras HC bans registration of unauthorised plots, houses

Posted on Sep 13, 2016
ChennaiIt also directed the inspector general of registration to circulate the order to all registering authorities in Tamil Nadu forthwith.Registering sale deed of houses built on unauthorised layouts will not be possible anymore in Tamil Nadu. The Madras high court on September 9, imposed a blanket ban on registration of sale deed concerning hous ...
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DLF to invest Rs 500 cr on developing IT park in Chennai

Posted on Sep 13, 2016
Realty major DLF will invest about Rs 500 crore to develop an IT Park in Chennai as the commercial real estate market has picked up in major cities.The country's largest realty firm has exhausted its commercial space stock by leasing out over 32 million sq ft. It expects to earn about Rs 2,700 crore rental income in the current fiscal from its port ...
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Top 3 areas of Chennai for a rental high

Posted on Aug 31, 2016
ChennaiPoonamalle, Old Mahabalipuram Road and Medavakkam seem promising from the angle of rental returns.While buying a house, consumers estimate its present value against its future worth. This is one of the many factors which come to one's mind. In a city which is witnessing expansive housing development, a buyer is flooded with ample choices. Bu ...
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Is it the right time to buy a home in Alapakkam

Posted on Aug 31, 2016
What Kabali has done for Chennai is that it has made people look at this southern metro with new eyes. Chennai, the staid sedate old lady among metros, is giddy and flamboyant as they come: themed cars and aircraft, companies giving employees a holiday to watch a film, ‘first day, first show and what not. Is that a change? Not really, Chennai has ...
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Chennai's high-rises an answer to city's space crunch

Posted on Aug 02, 2016
ChennaiFor a metro city, that had the tallest building in India when the LIC building was inaugurated in 1959, Chennai was not quick to warm up to the idea of skyscrapers.But with real estate having boomed over the last decade, space crunch has forced the city to grow vertically. "For a city that faces a land crunch, going vertical seems to be a pr ...
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Bank of Baroda to expedite loan sanction process

Posted on Jul 28, 2016
Chennai, Jul 22 (PTI) Public sector lender Bank of Baroda has lined up plans to reduce the time taken for sanctioning home and auto loans, a company official said.The bank is transforming through digitalisation and has sanctioned home loans in record six days, the banks General Manager P Narasimha Rao said at a function here."We are contemplating t ...
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Real estate booms in West Chennai

Posted on Jul 20, 2016
A combination of factors — primarily, easy access to different modes of transport and proximity to job-generating industrial clusters — has resulted in areas in West Chennai city limits as well as pockets in the western suburbs attracting the attention of developers, including national players.Apart from areas along Mount – Poonamallee Road – the c ...
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New housing projects in Chennai dip by 36%, lowest in 5 years

Posted on Jul 08, 2016
ChennaiChennai has seen a steep decline in the number of new housing projects launched. This year, it saw a dip of 36 % when compared to 2015. This has been the lowest over the past five years, a report on Indian real estate has revealed.The bad news does not end here --Tamil Nadu's capital may lose IT business to Bengaluru or Hyderabad, as the cit ...
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Home insurance in India grows at over 10%

Posted on Jul 06, 2016
CHENNAI: Home insurance in India which grows at less than 2% is now seeing a more than 10% growth with a large chunk of business coming in from bancassurance channels, say industry players.Mortgage lenders are pressing borrowers to sign up home insurance in a bid to derisk the asset, thereby pushing up penetration levels."We see on average 6,000-7, ...
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Sobha Ltd new project in Chennai

Posted on Jul 06, 2016
Sobha Limited recently launched luxury residential project ‘Sobha Winchester in Chennai. The project is located on the Thoraipakkam – Pallavaram Road and comprises 344 units having 1BHK – 4BHK apartments, ranging from 60.53sqm to 261.68sqm in size.J. C. Sharma, Vice Chairman and Managing Director, Sobha Limited, said, “Chennai is one of themajor i ...
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Home insurance in India grows at over 10%

Posted on Jul 01, 2016
CHENNAI: Home insurance in India which grows at less than 2% is now seeing a more than 10% growth with a large chunk of business coming in from bancassurance channels, say industry players.Mortgage lenders are pressing borrowers to sign up home insurance in a bid to derisk the asset, thereby pushing up penetration levels."We see on average 6,000-7, ...
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Embassy Group to develop SEZ in Chennai

Posted on Jun 29, 2016
Real estate developer Embassy Group has emerged as the exclusive co-developer for setting up a 30-acre special economic zone to come up in the city.The project, a 30-acre SEZ property, on Thoraipakkam Pallavaram Radial Road in Chennai would be known as “Embassy Splendid TechZone”. The first phase of the project is expected to be completed by 2019. ...
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Commercial property is getting hot

Posted on Jun 07, 2016
Investing in commercial property is now more lucrative than residentialResidential property has always been the first choice of investors wanting to capitalise on the real estate investment opportunities in India. However, after the economic slowdown in the past few years, the commercial segment is catching their fancy. Private equity investors are ...
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Developer Group forays into Chennai market, launches first residential project

Posted on Jun 01, 2016
Developer Group, India's first Japanese funded and promoted Real Estate Company, today forayed into the Chennai market with its first residential project `Westwind'. The project, spread over 6.84 acre, was located at suburban Poonamallee. In the first phase, it would have 560 units of two bed room BHK apartments ranging from 630 to 1100 sqft to be ...
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CDC to invest $25 mn in Tata Housing’s affordable projects unit

Posted on Jun 01, 2016
The UK government-owned development finance institution CDC will invest $25 million (Rs 168 crore) in the affordable housing projects of Tata Housing Development Company, the Indian developer said in a statement.CDC joins International Finance Corporation (IFC), the private-sector investment arm of the World Bank, in investing in Tata Value Homes p ...
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