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