Chennai property market is steadily catching up with the booming Indian real estate with the growth of IT/ITES companies in the city. Capital and rental property values in the commercial real estate are getting strengthened and quite a good volume of demand has been witnessed for quality office spaces.
Commercial rental values in Chennai’s Central Business District (CBD) that encompasses Nungambakkam, Salai, Anna Nagar and Adyar areas have increased in the past 12 months, mostly driven by strong demand from multinational companies, banking and financial sectors as told by one of the developer. He further added that these companies require A Grade quality office space in Chennai and are not satisfied with the current infrastructure.
Current commercial rental value in Chennai varies from Rs 30-55 per sq. ft, which is higher as compared to last year. Rental values of commercial properties viz. offices and shops located at CBD region is reported to have the highest rental values at around Rs 45-55 per sq. ft. These rental values decreases off CBD region of about Rs 35-40 per sq. ft.
It was found from the MagicBricks that a total of 20.47 million sq. ft of commercial office space is to be developed in the city in the coming years in order to meet the demand from commercial sector. This will further influence real estate property values and it is expected that the capital and rental values will go a bit downwards.
Another broker coded that old Mahabalipuram and Guindy are the preferred business district for IT/ITES occupiers. Most of the companies are coming to these regions and the real estate values are likely to take a ride over these trends.
Meanwhile, rental values in Chennai realty space vary with the infrastructure, company’s requirement and facilities offered as well as the location. The recent rental values trends of the city are progressive and the real estate market looks positive in the long term.
For more information on Chandigarh Property visit magicbricks.com, here you can also know about Gurgaon Properties.