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