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Big-ticket investments march towards Punjab BRICS development bank Strategy war escalates between Hero and Honda Blue Star plans a new plant in south Celebrating 180 years of relevance Nigeria comes nearer Smart controls for cooling large multi-zone spaces ... Well-refined – RIL’s refinery margins zoom - Economic issues take a back seat at G20 summit Hero Motocorp - smooth ride Purdue and IIT-M sign the dotted line ECGC expands operations Flexible labour laws… Backpack laboratory Striking cords for 25 years… Realty sector takes a break... Ridley marathon to India Towards peace of mind A global plastic event in India Climate change may change the way businesses work... AirAsia India infuses funds to fight out competition Chennai to get a roundabout Metro When Centre visits the state Downsizing spree... Sun Edison launches solar pumps Is Indian telecom industry heading for a monopoly? Steel loses its sheen Durga - India’s largest blast furnace; now operational Digital retail transactions stabilise at higher level… An aerospace-defence cluster in Tamil Nadu… Scoot offers just Rs.13,500 to ANZ... Research needs more funding TII’s single largest investment at Thiruthani On the ‘milky’ way Economic, business and social sustainability Indigo stays leader with 40 per cent share Need to focus on ease of doing business... Pharma market dozes Focus on self-certification and third party inspection Realising double digit growth in Tamil Nadu IFCI to raise NCDs upto Rs 2000 crore Apple maps – finding its way ALL – truck industry is recovering from degrowth Gem of social service... Connecting the unconnected Waste, a gold mine Creating Tamil Nadu Banana brand Curbing steel imports will hurt small business... Automotive Vision Plan II... Business Briefs Dynamic e-commerce scenario TII-challenging year with flat growth Business Breif Techies trip to India Brand leaders come forward... World labour laws at a glance Time to fast-pace the logistics sector Tata Steel commence operations at Kalinganagar OBO Bettermann for better lightning protection An American alliance in the chemical industry? Celebration time at MS Chola Veritas Finance- financing the unfinanced Secured NCDs from Shriram City Chola MS launches motor app Investor friendly Japan Bridging the skill deficit in pharma industry Holiday Inn opens in OMR Chennai Rating of states to be released soon Inclusive and forward moving... SumInfra- corridor based development... Murugappa- a year of consolidation Hyundai excites again Carrefour’s quick exit TVS Logistics – another acquisition to sharpen the business model Make way for the new and dynamic railways Adding Zest to Scooty Innovation that helped Chennai port European crisis is a global crisis! TiE applauds innovative entrepreneurs TOP 10 CEO Compensation ISRO's 100th mission ALL to launch electric busses CUB: towards card-less withdrawal Chennai will soon get its World Trade Centre ALL-two launches in a row Auto test tracks launched at GARC Oragadam campus Housing Innovation Challenge, 2015 Industry-well poised to invest on expansion The new look- 4s Verna WABCO’s second Chennai plant Applauding enterprise... Four daughters and a proud father Schwing Stetter India joins hands with US-based Gomaco Indian Bank – global businesses crosses Rs 3 lakh crore... Illicit markets a concern to growing economy STFC raises money People Flow Day- Safety LVB gears to become a financial supermarket More gensets and diesel engines from TAFE Three more leather clusters… Nothing to hide... Airlines wage price war TN budget pragmatic and moderate on fiscal deficit Reality bytes Chola MS net crosses 100 crores TCS’ revenues cross Rs 100,000 crore Placing the right shoe forward... Chennai Port is at last decongested! Changing dynamics in human resource management
 
Realty sector takes a break...

2012 saw real estate prices soar and little known areas became hot spots on the realty map. Exorbitant rates were quoted for  lesser known localities and there was sudden mushrooming of flats, gated communities and villas along with several unknown builders surfacing. People with vacant lands entered into joint development with builders and with the profits bought more lands and developed them, thus creating a lucrative businesses.

2013 saw a slowdown to this maddening rush. Property prices and number of flats that were constantly on increase saw a halt through the year. During 2013, 3.5 million square feet of real estate was built and 13,000 units were launched in the city and this is a 15 per cent decrease compared to 2012. The residential sales volume dropped by 33 per cent while office space sales declined by 23 per cent, states a report from Knight Frank, a residential and commercial property consultancy. The current slowdown is attributed to a decline in economic growth, rising interest rates and high inflation.

Cushman and Wakefield, a commercial real estate services firm, estimates that 2014 will see 16,000 completed apartments which will form a cushion for completed houses during the year and will help to pick up demand. The firm also states revival in the high-end properties market like Nungambakkam, Kotturpuram, RA Puram, Poes Garden and Mylapore. The commercial space scenario for 2014 expects an addition of 2.2 million square feet in the suburban parts of the city of which about 1 million square feet is expected to be utilised by IT and ITeS sector,

5 lakh square feet of commercial spaces and the remainder in special economic zones for IT and ITeS.

 

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