CHENNAI: The stability in Information Technology (IT) and Information Technology Enabled Services (ITES) and the dip in inflation are expected to spur the demand for residential properties in Chennai, according to a real estate research firm.
Siva Krishnan, Head of residential services (Chennai), Jones Lang LaSalle India, told City Express on Friday that Chennais residential real estate market this year looked quite rosy. The increased job security in the sector has helped the real-estate market to maintain buoyancy and a positive outlook, he said.
Over the last 12 months, it has become increasingly evident that Chennais residential real estate market is significantly dependent on the IT/ITES sectors. With employment stability in these sectors looking a lot better now than it did in 2010, demand for homes has now reached a comfortable and dependable growth trajectory from which developers are taking their market cues, he said.
We expect overall demand for residential properties in Chennai to increase once the interest rates stabilise from their current peak, Krishnan said, in his report. He also said FAIRPRO 2012 ( the annual real estate expo of Tamil Nadu) will give a fillip to the real estate market in Chennai in terms of clarity and benefits to the developers....more
07:58 AM, Feb 18, 2012