Hike in Property Values Hits IT Firms in Chennai

                                                                                         

Commercial property segment in Chennai is facing a slump. Property prices for commercial real estate are all time high. The rental rates are also hitting the roofs. In this scenario, many companies are planning to quit the Central Business Districts (CBDs) in search of more affordable locations at the city’s border areas.

A recent report suggests that property rates for commercial spaces have gone up by 15-20% in the city centre. The suburban areas have also witnessed an escalation of about 5-10% in the rental rates for commercial real estate. The reports cited that IT and ITES companies, who are already facing a slump because of a recession wave in the economy, is finding it hard to cope up with the increased rates for real estate.

However, property analysts feel that this is a temporary phase. They are hopeful that the property market will become more active in next six months, especially in the ensuing festival season during autumn.

pick uo in Delhi-based Unitech, in partnership with SSI and Arihant Foundations, have plans to build an integrated township speared over7.6 million sq ft.

PBEL Property Development (India) Pvt Ltd has invested Rs180 crores to build a residential and commercial township there. PBEL Property is a consortium of three real estate developers. PBEl will also build a hi-tech residential complex on a 42-acre plot of land at Old Mahabalipuram Road.

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