more-inThe residential market in the city has been bleeding due to a series of events ranging from political uncertainty and extreme weather conditions to the recent demonetisation drive. It accounted for over half the units launched during H2 2016 in locations like Kelambakkam, Mahindra World City, Ottiambakkam and Siruseri. The recent revival of the Maduravoyal-Chennai port elevated corridor will boost the residential market in this micro-market, said the report. On the office space market, Ms Kanchana said, “The Chennai office space market moved from strength to strength as demand rose for the fourth consecutive year despite the acute space crunch.”H2 2016 also experienced the highest transaction levels of any half-yearly period in the history of the city’s office space market on the back of big-ticket transactions. The Chennai office market has traditionally been anchored by the IT/ITeS sector which accounted for 1.3 million sq.ft of office space transactions in H2 2016.

Source: The Hindu January 11, 2017 02:03 UTC