Commercial Rental Scenario in Chennai

Chennai property market is steadily catching up withft.
the booming Indian real estate with the growth of ITIt was found from the MagicBricks that a total of
ITES companies in the city. Capital and rental20.47 million sq. ft of commercial office space is to be
property values in the commercial real estate aredeveloped in the city in the coming years in order to
getting strengthened and quite a good volume ofmeet the demand from commercial sector. This will
demand has been witnessed for quality office spaces.further influence real estate property values and it is
Commercial rental values in Chennai's Central Businessexpected that the capital and rental values will go a
District (CBD) that encompasses Nungambakkam,bit downwards.
Salai, Anna Nagar and Adyar areas have increased inAnother broker coded that old Mahabalipuram and
the past 12 months, mostly driven by strong demandGuindy are the preferred business district for IT
from multinational companies, banking and financialITES occupiers. Most of the companies are coming to
sectors as told by one of the developer. He furtherthese regions and the real estate values are likely to
added that these companies require A Grade qualitytake a ride over these trends.
office space in Chennai and are not satisfied with theMeanwhile, rental values in Chennai realty space vary
current infrastructure.with the infrastructure, company's requirement and
Current commercial rental value in Chennai variesfacilities offered as well as the location. The recent
from Rs 30-55 per sq. ft, which is higher asrental values trends of the city are progressive and
compared to last year. Rental values of commercialthe real estate market looks positive in the long
properties viz. offices and shops located at CBDterm.¦
region is reported to have the highest rental valuesFor more details on Chennai Property, log on to
at around Rs 45-55 per sq. ft. These rental valuesmagicbricks.
decreases off CBD region of about Rs 35-40 per sq.