QuikrHomes |December- 2016 Realty Cityscape

http://www.quikr.com/homes Executive Summary

 Chennai, generally known as the Gateway to southern , is well known for its temples, port centric business, engineering, manufacturing and IT/ITES sector.

 Chennai is experiencing a high growth rate (as per the study conducted by National Housing Bank) post 2008- 2012 global financial crisis. This cosmopolitan city ranks 6th in housing the country’s ultra-rich population. In Chennai, residential housing prices rose over 11 per cent during the Q4- 2014 quarter, as compared to the same quarter a year earlier. While other major cities were struggling with the global financial crisis and took long time to overcome the after effect, the Chennai residential market has witnessed speedy recovery.

 Chennai floods in 2015 have left a grave impact on the real estate market, the market sentiments headed towards south with marginal increase in capital price and stagnation in new launch supply. The realty sector faced a whopping loss of Rs.30,000 crore approximately.

 Improved social and physical infrastructure development and easy accessibility and connectivity via railroad network is the backbone of the Chennai residential market and has significantly boosted real estate development in and around the region. Further development of Smart city in and development of Chennai -Bangalore Industrial Corridor (CBIC) will surely impact the residential market of Chennai and boost commercial activity between Bangalore and Chennai. Additionally, CBIC will provide world class connectivity to a port (Chennai) in the Bay of Bengal.

 The Chennai residential market has noted a decrease of new launch supply in 2016 compared to its previous year, an approximate 57 percent downfall has been witnessed. Post flood the market sentiments remained weak and a marginal number of launches in South and West Chennai have been witnessed. However, there was an improvement in housing sales observed during 2016.

 South & West Chennai remained the cynosure of real estate development in the city. The commercial corridor along with the Old Mahabalipuram Road and global manufacturing companies along has impacted the real estate scenario in the region with the rise in demand of more housing units. An approximate 12,620 dwelling units has been infused in the residential micro markets of these zones in 2016. Which is 97 percent of overall new launch supply in the year 2016.

 The Old Mahabalipuram Road (OMR) stretch has witnessed some positive traction during 2016, a mix of affordable and mid segment projects by reputed builders have been launched in this belt. , and are some of the active micro markets of OMR road and have contributed significantly to dwelling supply. 1. INTRODUCTION/CITY OVERVIEW Overview: Chennai City

Chennai, popularly known as Madras until 1996, is not just the capital of Tamil Nadu but also the fourth largest metropolitan city in the country. Situated on the Coromandel Coast of the Bay of Bengal, this city is termed to be the ‘Gateway of the South’. Having undergone a series of historical metamorphosis since 1th Century, Chennai has emerged as one of the cosmopolitan cities in India. Chennai Metropolitan Area (CMA) has been constituted in the recent years, by the agglomeration of the metropolitan city of Chennai and its suburbs making it one of the important center in terms of culture, trade, commerce and education and fourth-most populous urban agglomeration in India. With Chennai selected among the 20 Indian cities to be transformed into a Smart City, under the Smart Cities Mission launched by the Government of India, there will be huge development in the near future.

Quick Facts

Chennai City Area: 426 Sq.km Chennai Metropolitan Area: 1189 Sq.km

Population: 4.6 million Population: 8.6 million

Economic Overview of the City

Chennai has a well-balanced and diversified economy between manufacturing and service sectors. Chennai’s economy is currently the fourth largest in India and is forecasted to grow to 100 million dollars (which is 2.5 times the current rate) by the year 2025. It is one among the top 10 fastest growing cities in the world according to Forbes Magazine. The city ranked at 4th position and boasts of hosting vast number of Fortune 500 companies of India. Industry Overview Chennai is proposed to have which will be the largest integrated Aerospace sector aerospace ecosystem in the whole world. Mahindra Aerospace has its largest R&D facility of India in Chennai With a major chunk of India’s Automobile industry prevailing in and around Chennai, it is often referred to as the ‘Detroit of South Asia’ attributing to the highest percentage (60%) Automotive sector of automotive export. The prominent automotive companies present here are BMW, Caterpillar, Hyundai, Nissan, Daimler, Apollo Tyres, , and Mahindra & Mahindra Chennai plays a vital role in World banking and finance with many financial institutions Banking and Finance having their headquarters here. World Bank, Asian Development Bank, Goldman Sachs, sector ABN AMRO, Citibank, Standard Chartered Bank and Deutsche Bank run their Development Centre operations from Chennai Chennai is a hub to Electronic and Hardware manufacturing plants with the major players- Electronic/ Hardware Dell, Samsung, Sony Ericsson, Siemens, Flextronics, Xerox, Cisco, Huawei, Nokia Manufacturing sector Corporation and Sanmina-SCI Chennai also gained popularity for being the second largest exporter of software, Information Technology (IT) and IT enabled Services (ITeS) particularly Business Process IT sector Outsourcing (BPO). According to AT Kearney's Indian City Services Attractiveness Index, Chennai is one of the most attractive cities for offshoring services. Chennai is also one of the largest healthcare provider in Asia with the presence of top Medical Tourism medical institutions such as , Adyar Cancer Institute, Sri Ramachandra Medical Centre, , MIOT Hospitals and Chennai is experiencing a high growth rate (as per astudy conducted by National Housing Retail and Real Estate Bank) post 2008-2012 global financial crisis. This cosmopolitan city ranks 6th in housing sector the country’s ultra-rich population

Table 1.1: Economic Industry Overview Price Index : Chennai vs Top Cities

Figure 1.1: Price Index - Top Cities

As per the National Housing Bank’s Residex index, Chennai city has witnessed an upsurge in residential property prices compared to other major cities. National Housing Bank’s Residex index tracks the movement in prices of residential properties on a quarterly basis and cover 26 major cities in India.

In Chennai, residential housing prices rose over 11 per cent during the Q4- 2014 quarter, as compared to the same quarter a year earlier. Being an end-user market, the Chennai residential market recovered on the fast pace during the global financial crisis and recorded a significant upsurge in residential demand. However, post the flood Chennai’s residential market has witnessed a slight decrease in new launches.

Impact of Chennai floods on the property market

Chennai floods in 2015 have left a grave impact on the real estate market, disturbing the city’s sentiments. Prospective investors have held back on buying decisions to purchase properties in low lying areas of Chennai. The realty sector faced a whopping loss of Rs.30,000 crore approximately. Micro markets in Chennai which are adversely affected and shunned by majority of the buyers post-floods are , Urapakkam, , , , , and . 2. CITY ZONES OVERVIEW Overview: City Zones

Chennai, being a coastal city bound by Bay of Bengal on the eastern direction, the city has been constantly growing and expanding in-land. Presently, there are four broad zones in Chennai namely Central, West, North and South zones

Central Zone The central zone of Chennai is the oldest, most developed and is the commercial heart of the city. offers excellent connectivity and there are a huge number of offices in the Central Business District (CBD). This zone of Chennai constitutes of both high-rise residential properties as well as independent units and bungalows.

Prominent Localities: , T Nagar, , , , , Boat Club Road and Poes Garden

Illustration 1.0 : Map depicting Central Chennai Zone along with its prominent localities Overview: City Zones

West Zone With increasing saturation in Central Chennai, West Chennai has evolved in terms of real estate development. Presence of Multinational companies like Hyundai, Dell, Nokia, Samsung and Saint-Gobain along with the electronic hardware establishments in Sriperumbudur and Auto ancillary manufacturing units in led to a growth in the residential market in this zone. IT and financial companies along the Road and ORR are boosting up real estate in West Chennai

Prominent localities: , , Iyyappanthangal, , , Sriperumbudur, , , , and Oragadam

Illustration 2.0 : Map depicting West Chennai Zone along with its prominent localities Overview: City Zones

North Zone When compared to West and South zones of the city, Northern Chennai predominantly comprises of industrial pockets and port-related activities due to the presence of the and Port; thereby restricting real estate growth in this region. Other factors hampering development here are narrow arterial roads and non-availability of vacant land.

Prominent localities: Red Hills, , , , , George Town, , Purasavakkam, Kolathur and Ennore

Illustration 3.0 : Map depicting North Chennai Zone along with its prominent localities Overview: City Zones

South Zone Due to the presence of IT parks, SEZs and manufacturing units, the South Zone of Chennai has evolved as a commercial hub along the Old Mahabalipuram Road (OMR) and Grand Southern Trunk (GST) Road. These establishments in turn have given a boost to the real estate market in this region.

Prominent localities: Velachery, Maraimalai Nagar, , , Old Mahabalipuram Road (OMR), , Grand Southern Trunk (GST) Road, East Coast Road (ECR), Adyar, , , , , Tambaram and Sholinganallur.

Illustration 4.0 : Map depicting Zone along with its prominent localities 3. INFRASTRUCTURE OVERVIEW Infrastructure Overview

Major Infrastructure Projects: Existing Road Network Name Connectivity Description From junction to It connects the city centre with the Mahabalipuram southern part of Chennai viz. Old Mahabalipuram Road (OMR) Perungudi, Siruseri and Kelambakkam From to Exists parallel to OMR, it connects East Coast Road (ECR) Mahabalipuram coastal suburbs of South Chennai From Krishna Nagar to It connects southern Chennai to Bypass Road Mettupalayam Northern Chennai Connects OMR in Thiruvanmiyur to It runs close to Central Chennai Inner Ring Road SH 104 near Manali through locations viz. Koyambedu, Villivakkam, From Vandalur till Nemilichery The six-lane highway connects GST Outer Ring Road Road with the Chennai-Bangalore Highway and NH-205 From Chennai Central Railway It connects western areas namely Chennai- Station to Bangalore Poonamallee and Sriperumbudur Bangalore Highway (NH-4) with the city Centre From Basin Bridge to Kottur It connects Chennai Port with the Chennai Kolkata Highway (NH-5) Northern parts of Chennai From Fort St. George to Mahindra It provides connectivity from city Anna Salai-GST Road (NH-45) World City via airport Centre to southern Chennai. Table 3.1: Existing Infrastructure Overview – Road Network Rail Network Name Connectivity Description Chennai Beach - Thiruvanmiyur - It connects Velachery via MRTS Velachery to the central part of Chennai Chennai Central - Avadi - - It connects the North-western areas Suburban Rail: West Line of Ambattur and Avadi with central Chennai Chennai Central - Ennore - It connects northern Chennai with Suburban Rail: North Line Gummidipoondi-Sullurpeta Central Chennai via Tondiarpet Chennai Beach- - It connects southern Chennai with Suburban Rail: South Line Villupuram Central Chennai via St. Thomas Mount Chennai Beach - Tambaram - This line runs parallel to GST Road, Suburban Rail: South-West Line Chengalpattu connecting the Central Chennai with Mahindra World City via Tambaram Chennai Central- Tiruvallur- It connects the central part of Suburban Rail: West-North Line Arakkonam- Tiruttani Chennai with the west-northern parts via Villivakkam Chennai Beach- - It is the longest line running in the Suburban Rail: West-South Line - Perambur- west-south direction from Central Arakkonam Chennai. Table 3.2: Existing Infrastructure Overview – Rail Network Illustration 5.0 : Map depicting existing infrastructure in Chennai Infrastructure Overview

Major Infrastructure Projects: Upcoming

Name Connectivity Description Tentative commissioning A 21,995 acre area in Ponneri is being developed as a major Ponneri Smart City Ponneri Yet to be announced industrial node and smart city over the next 20 years in three phases It is the second international airport built on 4,820 acre along NH-4. Greenfield Airport Sriperumbudur 2017 It is expected to operate along with the existing airport at The corridor (which passes through the states- Andhra Runs through Chennai, Pradesh, Tamil Nadu and Sriperumbudur, Chittoor, Karnataka) is proposed to Chennai- Ponnapanthangal, Ranipet, boost commerce between Bangalore Industrial Yet to be announced Chittoor, Bangarupalem, South India and East Asia Corridor (CBIC) Palamaner, Bangarpet, by enhancing the Hoskote and Bangalore transportation of goods from industrial nodes to Chennai/Ennore ports The aerospace industrial park is being set up on a 250 acre campus (expandable to 700 acre). Chennai Aerospace Park Sriperumbudur It is proposed to cater Yet to be announced exclusively to aerospace technology and manufacturing of its components.

Table 3.3: Upcoming Infrastructure Overview Infrastructure Overview

Major Infrastructure Projects: Upcoming

Road Network Name Connectivity Description Tentative commissioning It will connect NH-205 with Chennai-Kolkata Nemilicherry- Nallur- highway and Outer Ring Road Phase II 2017 Ponneri Panchetti (TPP) Road at Minjur through a six-lane highway It is a 19 km elevated expressway proposed between Maduravoyal in the west and Seaport Maduravoyal- Chennai along the . Maduravoyal Expressway Yet to be announced Seaport The project is currently on halt pertaining to disagreements on alignment of the expressway Table 3.4: Upcoming Infrastructure Overview – Road Network Rail Network Name Connectivity Description Tentative commissioning Washermenpet - Chennai It will connect Corridor I Central station - Chennai International Airport and 2017 International Airport central Chennai via Chennai Central - Anna It will connect the city Metro Corridor II Nagar - - St. Centre and St. Thomas 2017 Thomas Mount Mount It will connect the metro and MRTS lines at St. Velachery - St. Thomas Thomas Mount, MRTS Extension 2017 Mount connecting GST Road to Perungudi and Central Chennai It will connect Vandalur and Tambaram with Monorail Corridor I Vandalur - Kathipara Beyond 2020 central Chennai via Velachery It will connect West Monorail Corridor II Poonamallee - Kathipara Beyond 2020 Chennai via Porur It will increase Monorail Corridor III Porur - Vadapalani connectivity between Beyond 2020 Porur and Vadapalani

Table 3.5: Upcoming Infrastructure Overview – Rail Network Illustration 6.0 : Map depicting upcoming infrastructure in Chennai 4. RESIDENTIAL MARKET OVERVIEW Residential Market Overview

Residential Supply Trend (half yearly) – 2012 onwards

35,000 The Chennai residential market has witnessed an increase in new launches during H1 2016 over H2 30,000 2015, the residential supply in the city had been deeply affected by the flood in H2 2015. 25,000 20,000 2016 remained a relatively silent time frame in the Chennai residential market, as the city has witnessed 15,000 decrease in new launch supply during this period, 10,000 compared to previous years. 5,000

New Launch supply volume (dwelling units) (dwelling volume supply Launch New - H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2012 2013 2014 2015 2016

Figure 4.1: Residential Property Supply Trend in Chennai

Possession Trend (half yearly) – 2012 onwards

45,000 With more residential demand in the market oriented 40,000 towards ready-to-move units, there is a high developer interest in projecting much earlier completion schedules. 35,000 30,000 About 95 per cent of the under construction residential 25,000 supply is about to hit the market by 2017 20,000

Dwelling Units Dwelling 15,000 10,000 5,000 - H1 H2 H1 H2 H1 H2 H1 H2 H1 2016 2016 2017 2017 2018 2018 2019 2019 2020 2016 2017 2018 2019 2020

Figure 4.2: Residential Property Possession Trend in Chennai

Residential Supply segmentation Trend (half yearly) – 2014 onwards

Luxury residential projects are seen to be taking a 16,000 good share of the market from the second half of 2015 14,000 with growing appetite of the homebuyers for premium 12,000 apartment projects. 10,000 8,000 6,000 4,000 2,000

Residential Supply (dwelling units) (dwelling Supply Residential - A L A L A L A L A L A L H1 2014 H2 2014 H1 2015 H2 2015 H1 2016 H2 2016 (till date) 2014 2015 2016

** Note: A-Affordable, M-Mid, L-Luxury, UL- Ultra Luxury Figure 4.3: Residential Property Budget Breakup Trend in Chennai Residential Market Overview

Residential Supply Property Type Distribution Trend (half yearly) -2014 onwards

25,000

20,000

15,000

10,000

5,000 Residential supply (dwelling units) (dwelling supply Residential

-

Plots Plots Plots Plots Plots Plots

Villas Villas Villas Villas Villas Villas

Apartments Apartments Apartments Apartments Apartments Apartments H1 2014 H2 2014 H1 2015 H2 2015 H1 2016 H2 2016 (till date) 2014 2015 2016

Figure 4.4: Residential Property Typology Distribution Trend in Chennai

Inline with other metro cities, though Chennai has been picking up the trend of Apartment culture, the city also continues to show a good appetite for Independent Houses and Villa units.

Limited availability of land near to city Centre has inclined the developer interest towards vertical growth of the city.

Zone wise Supply Trend (half yearly) -2014 onwards

25,000

20,000

15,000

10,000

5,000

-

West West West West West West

South South South South South South

North North North North

Residential supply (dwelling units) (dwelling supply Residential

Central Central Central Central Central H1 2014 H2 2014 H1 2015 H2 2015 H1 2016 H2 2016 (till date) 2014 2015 2016 Figure 4.5: Zone Wise Supply Trend in Chennai

It is a known trend that the residential market in the city of Chennai is driven by two major industries, the IT sector towards the South along both OMR and ECR roads and the manufacturing industry which leads the way towards East and South-east along GST and Sriperumbudur Roads.

The realty market in North Chennai remained subdued, due to non availability of land parcel for residential development and congested roads in the region. Residential Market Overview

Key Micro Markets of the Chennai City

As per the discussion above, we can understand that OMR Road OMR Road hosts multiple residential markets. This serves employees from Kelambakkam 12,000 Chrompet 10,000 nearby technology commercial establishments and has been a Medavakkam 8,000 Guduvanchery major go-to destination for home buying as well as rental units. 6,000 4,000 Perumbakkam Lately there has also been growing interest in the residential 2,000 corridor being developed along the GST Road with prominent - markets including Chrompet and Guduvanchery. Pallikaranai OMR Road Ambattur Porur OMR or the Old Mahabalipuram Road is the top micro market

Poonamallee Sholinganallur for real estate developments in Chennai. The road harbours multiple micro markets such as Taramani, Perungudi, Oragadam Avadi Thoraipakkam. Emergence of IT/ITeS establishments along this road has given a boost to the residential as well as commercial Figure 4.6: Key Micro Markets in Chennai development.

Chromepet Chromepet is the second top micro-market in Chennai. Positioned in Southern part of Chennai, Chrompet real estate is witnessing great demand from the IT professionals. This micro market is situated along the Grand Southern Trunk (GST) Road, close to Tambaram and next to Pallavaram. Having a strategic location, this suburb is easily connected to all parts of the city through road and railway networks.

Guduvanchery Located in the outskirts of South Chennai on the National Highway 45, Guduvanchery is being increasingly preferred for buying residential properties by home buyers due to well-laid infrastructure, easy accessibility to railway station, airport and proximity to educational institutions namely SRM University, Mahindra World School, Vidya Mandir CBSE School, Sankara Vidyalaya etc. 5. 2016 RESIDENTIAL RECAP 2016 Chennai Residential Market Recap

Zone Wise Distribution of New Launch Supply - 2016

South Chennai 60% West Chennai 37%

North Chennai Central Chennai 2% 1% South Chennai West Chennai North Chennai Central Chennai Figure 5.1: New Launch Supply Split Zone Wise

Chennai has seen active residential launches towards both South and Western zones in the year 2016 even though developer interest towards South Chennai is growing significantly as compared to Western Chennai.

South Chennai Key Micro Markets - 2016 West Chennai Key Micro Markets - 2016

12% 22% Vadapalani Maraimalai Nagar 25% 6% Poonamallee Navallur Vanagaram Kelambakkam 5% Iyyappanthangal 5% 5% Porur Singaperumal Koil 20% 5% Avadi Kolapakkam 63% 6% 4% Others Others 7% 15%

Figure 5.3: West Chennai Key Micro Markets Figure 5.2: South Chennai Key Micro Markets

South Chennai has been a busy destination for developers West Chennai is observed to be slowly catching-up with resulting in more diverse residential markets offering a range of residential launches in the Southern markets and offers affordable and mid segment projects. Recent interest has been more affordable alternatives in comparison. There is huge identified in markets such as Maraimalai scope of growth and is seen to be concentrated in some Nagar,Navallur,Kelambakkam,Madambakkam, Singaperumal prominent markets such as Vadapalani, Poonamallee, Koil and Kolapakkam the most amongst others. Vanagaram, Avadi, and Porur from the rest. 2016 Chennai Residential Market Recap

Segmentation of New Launch Supply - 2016

4,000 Emergence of large scale residential projects by some of the prominent developers and builders in the city 3,500 are the reason for domination of Affordable and Mid segment projects both towards West and South 3,000 Chennai.

2,500

2,000

1,500

1,000 Residential supplyResidential dwelling ( units)

500

- A M L A M L UL West Chennai South Chennai

Figure 5.4: Segment wise break up

** Note: A-Affordable, M-Mid, L-Luxury, UL- Ultra Luxury

Segmentation of New Launch Supply Breakup wrt Key Micro Markets of South & West Chennai - 2016

South Chennai has been more in focus in terms of Singaperumal Koil 100% large scale residential projects with more traits of Madambakkam 100% affordability. These seem to be majorly concentrated in markets such as Singaperumal Koil, Madambakkam Kelambakkam 84% 16% along with Kelambakkam amongst others.

South Chennai South Navallur 100% Western Chennai has seen a more premium segment Maraimalai Nagar 4% 96% residential launches this year with Vadapalani having all luxury projects. Porur 100%

Iyyappanthangal 100%

Vanagaram 42% 58%

West Chennai West Poonamallee 100%

Vadapalani 100%

0% 20% 40% 60% 80% 100%

Affordable Mid Luxury

Figure 5.5: Segment wise property break up 2016 Chennai Residential Market Recap

OMR – A Closer Look

Also known as the ‘IT Corridor’, OMR (Old Mahabalipuram Road) is promoted by Government of Tamil Nadu as a world-class tech destination with about three-fourths of Tamil Nadu’s software exports being shipped out of the corridor which runs from Madhya Kailash to Siruseri. More than 1.2 lakh employees work at the IT companies present in this belt. Along with the presence of Asia’s largest IT Park i.e. Tidel Park, the other technology parks present here are SIPCOT IT Park, TECCI Park, International Tech Park, Futura Tech Park and Pacifica Tech Park. The prominent IT/ITeS establishments in this corridor are Tata Consultancy Services, Wipro Technologies, Infosys, Polaris Software Lab, Cognizant Technology Solutions, HCL Technologies, Satyam Computer Services, Wipro Technologies, Scope International, Accenture India, Photon Infotech and Bahwan CyberTek Group.

Price Trend of key Micro Markets along the corridor

8000 7000 6000 5000 4000 3000 2000 1000 0 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Kelambakkam Thoraipakkam Maraimalai Nagar Sholinganallur Karappakam Perungudi Navallur

Figure 5.6: Price Trend

There has been a marginal increase of prices witnessed in Old Mahabalipuram road and its adjoining micro markets, the residential property prices in the key micro markets remained muted and weaken during the third quarter of the year 2016. On an average, the key micro markets along the 50 km stretch have grown at the rate of 4 percent on YOY. 2016 Chennai Residential Market Recap

Developer Share along the corridor

Ashiana Housing 2% Surely, OMR Road has been the concentration of big 3% 2% builders in the city. This year, there have been multiple 4% Radiance Realty residential launches catering to affordable and mid Developers India Ltd 5% segment mostly from well known builders in the city Advaita Homes such as Ashiana Housing, Radiance Realty Developers 43% India Ltd, Advaita Homes and Casa Grande Pvt Ltd BBCL amongst many others 17%

StepsStone Constructions

PBEL Property Development India Pvt 24% Ltd Casa Grande Private Limited

Figure 5.7: Developer Share

Project/Unit Launches along the corridor

Property Project Name Builder Name Locality Total Units Min. Ticket Prize Segment Affordable Advaita Blossom Advaita Homes Kelambakkam 356 1,985,998 Sree Harsham Sree Builders Maraimalai 32 2,734,623 Affordable Nagar StepsStone StepsStone Sholinganallur 76 3,042,239 Affordable Prasanas Constructions Apartment Mid Ashiana Ashiana Housing Maraimalai 872 1,952,160 Sumbham Nagar Mid BBCL Midland BBCL Sholinganallur 108 3,667,083 Mid PBEL City Tower PBEL Property Kelambakkam 68 3,873,750 Siesta Development India Pvt Ltd Mid Radiance Liberty Radiance Realty Navallur 484 2,379,405 Developers India Ltd Luxury Casa Grande Casa Grande Perungudi 50 6,600,000 Perungudi Private Limited Table 5.1: Key Launches of 2016 Three projects namely, Advaita Blossom by Advaita Homes, Ashiana Sumbham by Ashiana Housing and Radiance Liberty from Radiance Realty Developers India have been some of the star projects to be noted down in terms of scale and affordability. While Casa Grande Perungudi by Casa Grande Private Ltd is a luxury residential markets to look out for. Outlook

The Chennai residential market is one of the most stable amongst the top major cities and has witnessed exponential growth over the past decade. IT/ITES, manufacturing and trading industry has changed the real estate landscape of the city and will continue to do the same. Additionally, Tamilnadu government initiatives to improve and upgrade the current physical infrastructure development will boost the real estate activity in the city.

The Real Estate (Regulation and Development) Act and the Benami Transactions (Prohibition) Amendment implemented in the year 2016, will ensure the transparency in real estate sector and also help home buyers to take informed decisions. The Centre’s move to demonetize Rs 500 and Rs 1000 currency notes has hit the residential property market, making it more favorable for the buyers. Property developers in the city are reported to be cutting prices by up to Rs 20 lakhs on slow- moving projects.

With the impact of demonetization and regulatory bills on the Chennai residential market, the coming time frame will surely witness price correction and transparency in the unorganized real estate sector, it seems that for home buyers “ache din” will not be a distant dream.

The South and West Chennai micro-markets shall continue to remain as the most sought after destinations for home buyers due to the availability of commercial office spaces, improved social and physical infrastructure and IT population in the region. About QuikrHomes

QuikrHomes is India’s leading digital real estate business. We have the largest and most comprehensive list of detailed real estate sales and rental options covering all cities and budget categories. In the highly volatile and scattered Indian real estate market it is quite challenging to understand the dynamics and make profitable investments. We help investors to take informed decision backed by real time data. We capture real estate data across India and also update historical data of supply & absorption in top cities. To ensure the most up-to-date and detailed data availability, our dedicated team/analysts monitor property activity from a number of sources, including developers and property brokers, real estate forums and property listings, as well as our own intensive research. Our research services give clients the tools to review & analyze markets and realty insights that support successful investment strategies. The solutions we provide always cater to our clients’ needs as we ensure that all captured data and all customized reports undergo thorough due diligence by our in-house audit team. Services Provided:  Land Potential Assessment  Customized Reports  Competitive Benchmarking Study  Market Assessment Reports  Feasibility Reports  Quarterly demand Supply Analysis Report  Projects Monitoring Services Tier 1 Cities Residential Projects Details with historical price & Absorption Trends

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