Boom in real estate business in another 6 months: Frank Knight report
Posted on: 05/Jul/2016 2:33:01 PM
Frank Knight report says that there will be a boom in real estate business in the next 6 months. Kanchana Krishnan, Director, Knight Frank, Chennai, while highlighting the trends in the real estate market said: Our consultancy releases report on residential and office properties.
Now a report for the first six months (January to June) has been released. The city witnessed a 36 per cent drop in residential launches in the first six months of 2016.The premium segment witnessed an increase in supply with areas like Anna Nagar, Gopalapuram and Uthandi recording new launches.
Now there are signs of property development in South Chennai which was deeply affected due to floods last year. Since the Central Government has given its nod for extending the metro rail up to Wimco Nagar, there are chances of new buildings coming up at North Chennai. Going forward, we believe that the steady demand and reducing unsold inventory will encourage developers to increase supply in residential segment. Dearth of good-quality, large-format office spaces has caused IT companies to postpone their leasing decisions. For the second half of this year there would be 5,350 units in terms of supply. The sales levels will recover from the current lows and reach approximately 8,900 units during the same period.
