Property News From Chennai
Chennai is emerging as a vibrant and healthy Real Estate Market across all Segments for South India.
Office Space Market: The last 2-3 years have seen considerable demand increase in the Chennai Office Space Market. A whopping 65% of the total Office Space demand originates from the IT/ITES industry, having grown almost 7 times since the year 2002. This trend is due to a search for alternative locations, better infrastructure, low attrition levels, and a large pool of qualified personnel. With an increase in the demand, the rental and the capital values have also recorded a marked increase of 8%-10% and 5%-15% respectively. At present, this commercial is chiefly concentrated around peripheral locations of Guindy, Anna Nagar, Ambattur, Adyar and IT Highway (Old Mahabalipuram Road) due to availability of land from the Government and private land owners. According to Official sources, around 80 IT parks have been given permission to set up in the last 12 months.
Residential Market: The continued upsurge in the IT/ITES industry in Chennai has resulted in an increased demand for residential space as well. Other contributory factors such as easy availability of housing loans, higher disposable incomes, high quality infrastructure, etc., have also caused an upsurge in demand for better living conditions with added amenities and quick absorption rate (almost 95%) within 6 months from the launch of a project. This demand remains unaffected although capital rates have increased by 30%-40% per annum. Areas around the Old Mahabalipuram road and Poonamalle High Road have seen considerable residential development.
Retail Space Market: Pioneering the Mall Culture in the country with the opening of Spencer Plaza in the early 90's, Chennai, however, has not seen the emergence of many new malls. Organized Retail Marketing is now gaining focus as, at least 12 new high end malls are slated to open in Chennai in the next few years. The important highstreets of the city include locations such as Anna Salai, Nungambakkam, T Nagar, Pondy Bazaar and the Old Mahabalipuram Road. Other prominent retail locations are the suburban markets of Anna Nagar, R.K.Salai, Besant Nagar and Egmore.
Another trend observed in the retail scenario is the development of concentrated retail hubs within residential pockets. Most leading brands have retail outlets in these hubs to service the ready consumer base.
The entry of National level developers like Hiranandani from Mumbai and RMZ from Bangalore will also have a long term effect on the quality of supply in the Chennai Real Estate Market.
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Comments on Property News From Chennai
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Are there organizations, foundations, companies, privates, societies, Real Estate, hotels, farms, natural & organic food manufactures and so on who want to buy our lands with between 15 USD – 200 USD for each squared meter; forests with 4000 USD – 5000 USD for each 10000 squared meters (1 ha) and wood houses with more or less 45000 USD ? We have here fresh air, no pollution, natural green grass good for cows, the milk is very good, we sell milk and cheese. Bukovina needs a foreign manufacture which buys the milk from producers (peasants with cows) and perform it making natural & organic food products for kids and adults. Bukovina needs a Carrefour or other type of hypermarket. Bukovina needs foreign manufactures which offer an opportunity of work to people from here.
Bukovina needs a big leisure park for foreign tourists who come in holiday.
Bukovina needs agricultural farms which can grow up and develop agriculture and cereals, vegetables, fruits, mushrooms, forest fruits, fruits trees, and so on growing up.
At present, agricultural land sells only for 6 – 10 euros per squared meter in some regions of the country. Experts say more and more foreign investors, in particular from Italy and Germany, are coming to Romania to develop agricultural businesses. “The foreign companies find the conditions in Romania attractive. We are number two in Europe, after France, in terms of agricultural land mass, and a favorable microclimate places us in the top three in terms of agricultural potential,” stated Viorel Matei, chairman of the National Federation of Farmers in Romania.
Romania has 9.7 million hectares of agricultural land, of which only one third has been exploited to its fullest extent. “Peasants have no money to work their land, which is why a lot of it has now turned into fallow. We are only working three million hectares of the total area of agricultural land. However, within five or six years, we will see a Romania where every single bit of land is farmed in line with European standards,” believes Adrian Porumboiu, owner of the Racova Agro Pan Group in Vaslui.
The drought has led to global price increases for agricultural products, which is why many foreign companies have chosen Romania as their destination to develop agricultural businesses. The lack of large plots of farming land in most European countries is forcing investors to buy land in Romania, where they can expand their production.
For example, Danish company FirstFarms has already bought 3,000 hectares of land in Romania and will begin farming and raising livestock domestically. “We chose Romania for our investments because it is a new European Union member and offers a great deal of opportunities to extensively develop agricultural production.
Romania imports a large amount of agricultural products, which is why we want to direct our production to the Romanian market, where we soon expect an improvement in purchasing power,” stated Frank Lorentsen, FirstFarms’ country manager in Romania.
However, the company officials revealed they would not stop here. “We have invested in two different regions so far, and we are still looking for locations where the infrastructure is good,” said Lorentsen.
Although the average price at which the company bought farming land was 2,700 euros per hectare, the representatives of FirstFarms believe prices can be influenced over the next few years by “demand, location, and the quality of land”.
Moreover, the price of land in Romania differs greatly from the price of large amounts of land in most European countries.
“It’s not worth buying land in the West because it is very expensive and you cannot absorb your investment. Foreigners come here where prices are three, four or even five times lower,” explained Mihai Anghel, general manager of Cerealcom Dolj
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