Question

What is the real position of real estate in chennai?

Answer 1



High times for the Chennai real estate market

Sarita Hunt, JLL India | Mumbai | February 06, 2017 10:48 IST

Chennai is among those metros which has a healthy diversification of economic growth drivers. Its economy has a broad industrial base, with Chennai’s port and its thriving IT/ITeS and BFSI sectors contributing to its growth.

    

A+ a-    0





2016 was year of many big announcements. From the Smart Cities mission to demonetization, there were several headline-making events that would change the face of Indian real estate in the times to come. Chennai embraced these changes and lived up to its reputation of being a city that bounces back, regardless of the odds.
 
Chennai is among those metros which has a healthy diversification of economic growth driver. Its economy has a broad industrial base, with Chennai’s port and its thriving IT/ITeS and BFSI sectors contributing to its growth. The city’s manufacturing sector includes the automobile, computer, technology and hardware industries.
 
This diverse economic base ensures that the city continues to attract new businesses and industries, guaranteeing sustained and robust demand for both commercial as well as residential projects. Also, being one of India’s IT hotspots, Chennai has witnessed a steady influx of talent and skilled workforce.
 
In 2016, over 70% of the office space absorption in the city was from the IT/ITES sector. The city also witnessed a record gross absorption of 6 million sq. ft. This is a 20% increase over the previous year. With limited availability of ready-to-move-in office spaces, occupier demand is only expected to rise.