| Chennai property market is steadily catching | | | | per sq. ft. |
| up with the booming Indian real estate with | | | | |
| the growth of IT/ITES companies in the city. | | | | It was found from the MagicBricks that a |
| Capital and rental property values in the | | | | total of 20.47 million sq. ft of commercial |
| commercial real estate are getting | | | | office space is to be developed in the city |
| strengthened and quite a good volume of | | | | in the coming years in order to meet the |
| demand has been witnessed for quality office | | | | demand from commercial sector. This will |
| spaces. | | | | further influence real estate property values |
| | | | and it is expected that the capital and |
| Commercial rental values in Chennai's Central | | | | rental values will go a bit downwards. |
| Business District (CBD) that encompasses | | | | |
| Nungambakkam, Salai, Anna Nagar and Adyar | | | | Another broker coded that old Mahabalipuram |
| areas have increased in the past 12 months, | | | | and Guindy are the preferred business |
| mostly driven by strong demand from | | | | district for IT/ITES occupiers. Most of the |
| multinational companies, banking and | | | | companies are coming to these regions and the |
| financial sectors as told by one of the | | | | real estate values are likely to take a ride |
| developer. He further added that these | | | | over these trends. |
| companies require A Grade quality office | | | | |
| space in Chennai and are not satisfied with | | | | Meanwhile, rental values in Chennai realty |
| the current infrastructure. | | | | space vary with the infrastructure, company's |
| | | | requirement and facilities offered as well as |
| Current commercial rental value in Chennai | | | | the location. The recent rental values trends |
| varies from Rs 30-55 per sq. ft, which is | | | | of the city are progressive and the real |
| higher as compared to last year. Rental | | | | estate market looks positive in the long |
| values of commercial properties viz. offices | | | | term.¦ |
| and shops located at CBD region is reported | | | | |
| to have the highest rental values at around | | | | For more details on Chennai Property, log on |
| Rs 45-55 per sq. ft. These rental values | | | | to magicbricks. |
| decreases off CBD region of about Rs 35-40 | | | | |