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