The demand for office space in Chennai is expected to dip, with an expected slowdown in North American and European countries affecting the information technology sector.
Confederation of Real Estate Developers’ Association of India (CREDAI), Tamil Nadu has blamed the two state government agencies of holding up residential and commercial projects worth Rs.7,500 crore by delaying approvals.
Despite strong growth potential for real estate in Tamil Nadu, the price per square foot is set to rise in the next two three months as the industry is reeling under a crisis.