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Footprint of Chennai’s Future Business Districts and Resurgence of Integrated Townships

Shweta k • 20/01/2022

Rajiv Gandhi Salai evolved as one of the most sought-after destinations in Chennai to work and live with the amalgamation of lucrative investments; experiences of Walk-to-Work culture combined with the imminent infrastructure that connects south with the rest of Chennai.

With the shift in workplace preferences, Chennai witnessed a pivotal shift in business districts traversing south to the – IT Corridor. Rajiv Gandhi Salai is dotted as the self-sustaining growth corridor which offers copious options for integrated townships with city-like high-end infrastructure and amenities - assuring high rental yield and capital appreciation over the years.

The impending infrastructure fuelling connectivity with the shift in business districts and preferences towards communal living are expected to drive burgeoning residential demand over the next few years.

In this report, we delve into how the unprecedented times of the pandemic brought about a newfound interest in integrated townships. The rationale behind the shift in business districts and how Rajiv Gandhi Salai conceived as the IT metropolis with its testament to high-end integrated townships, now caters to a diverse community.

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CURRENT MARKETBEAT

Office Buildings CBD
Chennai Office Report

Chennai’s leasing activity was dominated by the OMR sub-markets of Suburban South and Peripheral South which accounted for approximately 86% of quarterly leasing. Backed by sustained occupier interest, an increase in enquiries, and a healthy supply of quality office space, positive leasing momentum is expected to continue in the coming quarters.

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Shopping Retail
Chennai Retail Report

Malls in Chennai witnessed a small share in the overall retail leasing activity in Q2 2022. These transactions were limited to superior-grade malls in the city. National brands in the accessory, fashion, and lifestyle sectors were the most active.

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Warehouse Internal Rack
Chennai Residential Report

Mid-segment homes have been the largest contributors with a bulk of launches in Q2 2022, with a share of 58%. Moreover, after a hiatus, the luxury segment launches witnessed a rise of 7X compared to the previous quarter. The rapidly progressing metro work is expected to be a catalyst for additional launches in the coming quarter. 

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Warehouse Internal Rack
India Investment Report

India’s real GDP grew by 4.1% y-o-y in this quarter of 2022, resulting in a full financial year growth of 8.7% y-o-y. This growth was ushered by the government sectors in tandem with the private services sectors. Q2 2022 also witnessed a private equity investment inflow of INR 58.9 bn. The residential sector garnered the highest investor interest by attracting inflows of INR 27.8 bn. These trends are likely to continue or increase their momentum in the coming quarters.

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Warehouse Internal Rack
Chennai Industrial Report

In H1 2022, Chennai witnessed a rise of 14% compared to H2 2021. This incremental rise was ushered by 3PL sectors contributing to 77% of leasing volumes, followed by engineering and manufacturing sectors with 8%. On a y-o-y basis 4-7% of rental appreciation was noted across sub-markets due to a healthy demand mainly from 3PL players.

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