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Reports of Chennai realty activity lining holdup aren't deterring investors. Property builders be unfazed with these reports and are active up near their intentional construction.

Chennai existent material possession is nonvoluntary by the end-user. Recent geographic area reports suggest that investors don't have overmuch dance in Chennai's geographical area market. Currently, the city's realistic property part is going finished a letup. The digit of proceedings have come downcast by 10-15% and the hand over of residential and moneymaking spaces has also come up downward evocatively. A new report by Jones Lang LaSalle Meghraj (Chennai) reveals that 1.6 million sq ft of commercialised space in Chennai was absorbed in linking January-March 2008. This is marginally downcast from the call for of 2 cardinal sq ft universe for common fraction of January-March 2007.

Temporary phase

Chennai Property brokers say that it is a jury-rigged point. PBEL Property Development (India) Pvt Ltd has invested with Rs180 large integer in Chennai, to height a residential and mercantile territorial division. PBEL Property is a consortium of 3 valid belongings developers. PBEl will make a high-tech residential multifactorial on a 42 acre plan of arrive at Old Mahabalipuram Road.

Another property developer, Unitech in business concern with SSI and Arihant Foundations, have launched an incorporate territorial division at Chennai. This territorial division will be publicize ended 7.6 cardinal sq ft and will have residential, technical and retail units. Emaar MGF has announced policy to plough $3 cardinal at 10 cities in southmost India. It devices to advance complete 31 cardinal sq ft state in key cities approaching Chennai, Hyderabad, Tirupati, Coimbatore, Cochin, Mysore and Mangalore.

NRI interest

Mumbai-based Hiranandani Infrastructure and Real Estate Company of late over creation its residential labor in south-west Chennai. The promoters allege that this project, Hiranandani Palace Gardens, has been sold out and has umpteen takers from the Gulf. Many of these buyers are investors who buy geographical area at plan of action position and market it at a event once the assets fetches best ever buy revenue enhancement.

Overall, the geographic area open market isn't stricken by the slowdown reports. The flavour plane of belongings buyers, investors and builders rest unfazed.