REALTY BYTES: CHENNAI’S RESIDENTIAL SEGMENT ON A GROWTH TRAJECTORY: CBRE
* CBRE Propfair Event inaugurated by Shri Dharmendra Pratap Yadav, Secretary, Housing & Urban Development, Government of Tamil Nadu
* 3rd CBRE PropFair in Chennai witnesses over 5000 people on Day 1
Chennai, 19 August, 2016: CBRE PropFair, a three-day property exhibition witnessed a footfall of over 5000 people on the first day. The exhibition, organized for the 3rd year by CBRE South Asia Pvt. Ltd. was inaugurated by Shri Dharmendra Pratap Yadav, Secretary, Housing & Urban Development, Government of Tamil Nadu. Other dignitaries in attendance included Suresh Krishn, President Credai, Chennai, Mr. Kumar, MD, Naveen Housing, Prakash Challa, MD, SSPDL, Nanda Kumar, MD, Devinarayam. At a press conference organized just after the inaugural, CBRE released a focused report on the Chennai real estate market titled: Resurrecting Chennai – Insights into City’s Housing Dynamics.
Chief Guest at the PropFair, Mr. Dharmendra Pratap Yadav, Secretary, Housing and Urban Development, Government of Tamil Nadu, said, “the real estate industry in picking up now. I would like to have increased private public participation in affordable housing. The government is also working on various parameters to bring down the costs.”
According to the findings of Resurrecting Chennai – Insights into City’s Housing Dynamics a report released by CBRE during the fair, Chennai sold over 45 million sq. ft. of residential space in the last two and a half years and has emerged as the preferred destination for home buyers in south India. The city witnessed a launch of over 17,000 apartments units, resulting in an organized residential space stock in the city. The growth in the apartments units have grown from about 17,000 units in 2005 to about 170,000 units in 2015.
Commenting on PropFair and the findings of the report, Mr. AS Sivaramkrishnan, Head of Residential Services, CBRE India said, “Chennai is one of the leading markets today and will play a critical role towards structuring the real estate sector in the region. PropFair is just one of the many ways in which we bring together all relevant stakeholders for the industry. It allows developers to showcase their product while allowing end-users to experience the residential real estate offerings available first-hand.”
Essentially, characterized by independent houses, Chennai’s residential real estate market has been concentrated around central Chennai with Nungambakkam, Alwarpet, Mylapore, etc. However, with increasing growth prospects of the city, these independent houses began to re-develop as apartments to accommodate a larger populace.
Construction of Greenfield airports and aerospace parks, monorails and elevated expressways are some of the many initiatives which the State Government has undertaken to address infrastructural inadequacies. The city’s residential landscape and its growth prospects by virtue of being well connected enable the micro-markets to enjoy excellent connectivity to all the major parts of the city.
CBRE PropFair, which will showcase projects by more than 80 developers and have numerous financial institutions present, provides an integrated platform for potential homebuyers to review their options under one roof. Chennai is home to one of the fastest growing markets and is expected to lead the development of the southern India’s residential sector in the coming years.
