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