New trends in city real estate sector as developers focus on villas

Express News Service

Chennai:

Residential market in Chennai is witnessing new trends with the city, which was predominantly a two-bedroom hall kitchen (2BHK) and three-bedroom hall kitchen (3BHK) apartment market, slowly seeing more villas being launched, according to Jones Lang LaSalle Monthly Real estate Monitor for this month.

The report said that with the entry of more pan India players demand for luxury and studio apartments is also catching up.

The report also stated that with historic launches and improved absorption, rental and capital values have

increased across different sub-markets, especially in the suburbs.

It also added that companies are cautious to lease spaces as Information technology and information technology enabled services are holding their expansion plans and postponing them towards the second half of the year.

The report stated that manufacturing sector continued to lease more space during the quarter. Renault Nissan leased space on GST Road in March. Project delays continued to cap new supplies helping vacancy levels to remain stable.

The report also said that small format stores in the central business district of the city were in demand during March. Canon Image studio, Gem palace, Lasya, Kryolan, and Timex were some of the brands which occupied vacant

spaces in Ramee Mall at Mount road.

However, high streets continued to witness a healthy demand amidst lack of new mall space in the city. Low retail activity kept the rental and capital values stable across the submarkets.