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