The world’s housing markets moved clearly down during the year to the first quarter of 2012, according to the Global Property Guide’s latest house price indices survey. House prices fell in 24 countries, of the 36 countries for which quarterly house price statistics are available, and rose in only 12 countries.
Chennai real estate has suffered a major jolt as three of its leading builders, DLF, Hirco and Hiranandani, have been removed from the builders’ body, the Confederation of Real Estate Developers’ Association of India (CREDAI ). Yet another major builder, Vijay Shanthi, has opted out of CREDAI membership on its own. Trouble is brewing in CREDAI’s Karnataka unit too, where four builders have been expelled.
In contrast to what was been witnessed in many of the more volatile cities over the last couple of years, Chennai’s residential property market saw steady growth in terms of pricing, demand and supply. Chennai’s residential property market is predominantly end user driven, and this fact did a lot to sustain consistent absorption throughout 2011.
During the economic downturn of 2008, while the other neighbouring and glamorous property market of Bangalore and Hyderabad fell by 24-29 per cent, the Chennai market fell only 8.3 per cent. Limited supply of land and pent-up demand is how NHB’s Residex defines Chennai property market.
During the year 2011 when almost all other matured property market witnessed dip in transaction and price correction was on everyone’s lip, Bangalore registered both healthy transaction as well as upward price movement.
The Mumbai-based Godrej Properties, the real estate development arm of the Godrej Group, announced on Friday, Feb 10, the launch of its first residential project, Godrej Palm Grove, in Chennai.
The Confederation of Real Estate Developers’ Association of India (CREDAI) has put house buyers’ grievance redressal mechanism on the fast track by introducing an e-based redressal system.
Red Fort Capital, an India-focussed real estate private equity firm,…
The year 2011 can best be described as a lackluster year for Indian real estate sector. There were several headwinds that prevented the sector from delivering to its full potential.
Even as global economic slowdown and uncertainty in financial markets have battered the real estate industry countrywide, properties in Kolkata and Chennai bucked the trend with steady demand in affordable and mid-segment housing.