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