For a market that has been on the downswing for sometime, experts are of the opinion that some sections are now seeing a slow but steady rise in demand – especially in and around Chennai, Bengaluru and Pune.
Chennai’s real estate market, if compared with the rest of the country, is especially comfortable, said panelists.
Sandeep Mehta, president, CREDAI – Tamil Nadu chapter, said that this was primarily due to the up and coming IT industry developments starting to surround the city. “We have seen a correlation in office demand and residential demand rising in the areas situated in and around IT and other industry hubs,” he said.
And while the depreciation of the Indian rupee may be a cause of concern to other sectors of industry, the amount of NRIs investing in Chennai’s real estate market post the recent dip of the rupee has actually buoyed up the market considerably. This is especially so in the luxury segment, said Ajit Kumar Chordia, vice president of CREDAI.
Coupled with the fast developing infrastructure in the city and the expected creation of almost 50,000 jobs in the next 12 to 18 months, Chennai’s real estate market in both the residential and office sectors can only grow, was the verdict of the panel. The panel also included Mathew Joseph, member of executive management, HDFC and Kalpana Murthy, Associate Director, India Cushman and Wakefield.