Chennai Real Estate a Closer Look

8/3/2019 Chennai Real Estate a Closer Look

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Chennai Real Estate

A Closer look


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Chennai Real Estate A Closer Look

Chennai Real Estate Timelines

2001

2002

2003

1998

1997

1999

2000

Tamil Nadu Road Development Company Ltd (TNRDC)a JV between TIDCO and IL&FS was incorporated to

develop road sector initiatives in PPP model

2007

2008

2011

2010

2012

2013

2014

1996

1995Deccan Chronicle Groups

Odyssey opened its rstbookstore in Chennai

STPI startsoperations at

Chennai

2015Airport Authority of India (AAI) expects greeneldairport at Sriperumbadur to be operational

Phase 1 of Kattupalli Shipyard - a mega projectjointly developed by TIDCO and Larsen & Toubro(L&T) near Ennore to become operational

Tamil Nadu Urban Infrastructure Services Limited (TNUIFSL)appoints JLL to prepare re-development plan to create worldclass retail facilities with an integrated range of activities

Tata Housing launches its rst-everaffordable housing project in Oragadam

Chennais largest Mall - ExpressAvenue Mall - becomes operational

By December 011, 1 operational malls in Chennai

2009Phase 1 of IT Expressway - 0 Kms stretch fromMadhya Kailash to Siruseri - becomes operational

Kathipara Flyover - largestcloverleaf yover in thewhole of Asia - inauguratedand open to public

MARG Group launches MARGSwarnabhoomi - the 4 CaratNeo City with 2 notied SpecialEconomic Zones

Olympia Tech Park -an 1.8 millionsq. ft IT space and the worldslargest LEED Gold rated greenbuilding - becomes operational

Ennore SEZ getsformal approval tosetup a multi-product SEZ

2006Residential property prices in Chennai Cityskyrocket almost doubling in capital valuecompared to previous year

TIDEL Park - Chennais rst ITPark - became operational

The largest bus station in Asia -Chennai Moffusil Bus Terminus -was inaugurated in Koyambedu

MEPZ - Chromepet was converted into aMulti-product Special Economic Zone (SEZ)

Infosys Technologies lays foundationstone for IT Campus on 16 acres at

Mahindra World City, New Chennai

Ford inaugurates its rstmanufacturing unit in India

- a JV with Mahindra

The City of Madraschanges its name to

Chennai

Mahindra Group sets up Mahindra

World City - rst integratedbusiness city in the Public PrivatePartnership (PPP) model

MRTS - Mass Rapid

Transit System -railway lines becomesoperational

Nokia inks deal with TN Government to setupan SEZ in Sriperumbadur - Shenzen of India

2004

2005

Source: Real Estate Intelligence Service (Jones Lang LaSalle)

Total Stock of Chennai Ofce / Commercialspace expected to cross 60 million sq ft,Proposed India-Singapore SEZ at Thiruvallur,a JV between TIDCO & Ascendas (Singapore)


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Chennai Real Estate A Closer Look

Chennai is the fourth most populous metropolitan area and the fth

most populous city in India, with the urban agglomeration having an

estimated population over 1.4 million people1.

Chennais economy has a broad industrial base in the automobile,

computer, technology, hardware manufacturing, nancial services

and healthcare industries. Known as the Detroit of Asia, it accounts

for over 60% of the countrys automobile exports. The city is Indias

second largest exporter of software, information technology (IT) and

information-technology-enabled services (ITES), next to Bangalore.

As the Entertainment Capital of the South, it is also home to the

large South Indian Tamil lm industry. The State Government of

Tamil Nadu, after successfully establishing IT and Industrial Parks, is

in the process of setting up Financial City and Media Entertainment

Park, with an investment of over USD .5 billion.

Chennais economic development has been closely tied to its port and

transport infrastructure. The city is served by two major ports namely

Chennai Port (one of the largest articial ports) and Ennore Port. The

Chennai port is Indias second busiest container hub after Mumbai.

A rapidly growing population has increased the strain on Chennais

transport. A comprehensive rail network system is the next thing

in the State Governments ambitious plan to provide a diversied

transport system for the city. The Government plans to have a

00-km monorail in a phased manner. Thus, Chennai will have the

distinction of having four rail-network systems - the Chennai sub

urban railways consisting of the electrical multiple units (covering a

distance of 86 Kms) and the mass rapid-transit system (covering a

distance of 5 Kms) , the other two being the metro rail (covering 45

Kms in Phase-I) and, in future, monorail.

With four major National Highways radiating outward from Chennai,

the city is also served by the three major ring roads that are being

developed. Similar to the MRTS rail system, a BRTS (Bus Rapid

Transit System) is planned which will cover a distance of 70 Kms

of Circular Corridor. An extension of the BRTS is the Chennai High

Speed Circular Transportation Corridors (HSCTC) which is planned

in select corridors, forming an elevated -tier system. At a distant

future of completion is the proposed Chennai Elevated Expressways

(CEE), a Road Network Development Scheme of the Second

Master Plan by CMDA for the Chennai city. With the above proposed

Chennai is expected to have four road-networks by year 00.

Chennai

Figure 2: Major Infrastructure Initiatives in Chennai

Expansion of Existing Airport and

Green eld airport in Chennai

Expansion of existing international airport for which 1,070 acres of land has been acquired.

Greeneld airport proposed in Sriperumbudur for which 4,820 acres of land need to be acquired for

expansion.

Proposed Metro Rail Corridor

A Detailed Project Report (DPR) relating to the Chennai Metro Rail Project was prepared and

submitted by the Delhi Metro Rail Corporation Limited (DMRC). The DPR envisages creation of

2 initial corridors - the rst from Washermenpet to Airport and the second from Fort to St Thomas

Mount under the proposed Chennai Metro Rail Project.

Ennore - Manali RoadImprovement Plan (EMRIP) -

Chennai Port Connecting Project

Widening of Ennore Expressway a 6.8 kms stretch connecting Chennai Port and National Highway

network and improvement of arterial roads at an estimated cost of INR 1.5 billion

IT Expressway and ECR Road

Tamil Nadu Government has declared the 0 kms stretch of Old Mahabalipuram Road from Madhya

Kailash to Siruseri as IT Corridor which further extends to Mahabalipuram in the second phase.

IT Expressway will be a 6-lane world-class highway with all attendant facilities.

Proposal for expansion of East Coast Road (New Mahabalipuram Road) into 4-lane road.

Outer Ring Road The CMDAs ambitious Outer Ring Road covering 6 kms is to be done on BOOT model.

Elevated Express WayIndias longest 4-way elevated expressway from the Chennai port to Maduravoyal will be ready in

01 with project cost around INR 16.55 billion.

Extension of the MRTS line from

Velachery to St.Thomas Mount

Proposal for extension of the Mass Rapid Transit system from Velachery to St.Thomas Mount in the

Phase III.

Source: Jones Lang LaSalle Research

1Includes Chennai, Thiruvallur and Kancheepuram per the Census of India 011 Provisional Numbers


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4 Chennai Real Estate A Closer Look

Trends in Commercial Ofce Space in Chennai

Real Estate Intelligence Service (Jones Lang LaSalle), Q11

Figure 3: Growth of Ofce Stock in Chennai

GROWTH OF STOCK (million sq ft)

QUARTERLY SUPPLY (million sq ft) - Four Quarter Moving Average

VACANCY (%)

Chennai Ofce Stock to be Comparable to that of

Present Day Mumbai by 2015The Chennai ofce market has witnessed remarkable growth from

nearly 10 million sq ft in 4Q05 to 45 million sq ft in Q11. Every 1

quarters, Chennai has added 20 million sq ft of ofce space since

2006 (Figure 3). The growth has been mainly led by ofces built for

the IT industry (as IT Parks or IT Special Economic Zones), which

constitute 86% of the operational ofce stock in Chennai.

With 17 million sq ft of supply expected during Q11-4Q15, Chennai

will continue to add more ofce space, and attain the current size of

ofce stock of Mumbai during 2015.

Adequate volumes of ofce supply will keep hitting the markets

every quarter, keeping the segment interesting for occupiers as well

as investors.

4Q01 4Q0 4Q0 4Q04 4Q05 4Q06 4Q07 4Q08 4Q09 4Q10 4Q11 4Q1 4Q1 4Q14 4Q15

0

10

0

0

40

50

60

70

50 msfin Q1

0 msfin 1Q09

60 msfin 4Q15

1 quarters1 quarters

Q01 Q0 Q0 Q04 Q05 Q06 Q07 Q08 Q09 Q10 Q11

0.5

1.0

1.5

.0

.5

.0

4.0

Rate of supply peaked

@10 msf per year in 008

.5

Rate of supply will fall as projects currentlyunder initial stages of construction get

delayed to 01-014

4Q01 4Q0 4Q0 4Q04 4Q05 4Q06 4Q07 4Q08 4Q09 4Q10 4Q11 4Q1 4Q1 4Q14 4Q15

0%

5%10%

15%

0%

5%

0%

5%Vacancy has risen due to projects at farther

locations becoming operational

Despite high headline vacancy,projects near the city have high

occupancy levels

10 msfin 4Q05


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Source: Real Estate Intelligence Service (JLL), Q11

Despite High Headline Vacancy, Locations Near the

City are Largely Occupied

2011 has ushered in renewed interest in Non IT ofce space in

Chennai - especially from rms wishing to relocate their ofces

to better grade buildings. The expected fresh supply of Non IT

ofce space should witness active absorption at the right rentals.

There will be greater demand for investment grade ofce spaces

within the city, since there is a severe dearth of high quality ofce

buildings in the central areas.

In terms of IT ofce space, OMR remains a preferred destination,

with most of the absorption expected before the toll plaza because

of easier and more cost-effective commuting. Despite a current high

headline vacancy of 1.6% at a city level, projects that are nearer to

the city have low vacancies due to interest from occupiers (Figure ).

Majority of Ofce Demand from IT/ITES

and Manufacturing/Industrial sectors

With Chennai being a major IT and Industrial hub,

nearly 60%-70% of the demand for ofce spacein Chennai is contributed by the IT/ITES and

Manufacturing sectors (Figure 4).

With an expected slowdown in the North American

and European countries, the demand from IT industry,

whose export revenues are highly dependent on

these economies, will witness a slowdown during

H11-01. However, over a longer term, Chennai

ofce market is expected to absorb nearly 4 million sq

ft of ofce space annually till 2015.

Attractive Rents to Drive Demand for Ofce

Space at Suburban Locations

Rents in ofce properties in Chennai have largely remained

stable for the past 6-7 quarters, but have yet to move into

rents rising barring some locations in the Secondary Business

District, which have already shown signs of improvement

(Figure 5). Average gross rents across the three sub-markets

of Chennai were observed to be in the below ranges.

Attractive rentals are expected to drive demand for ofce real

estate from cost sensitive occupiers in projects that are located

after the toll plaza on the Old Mahabalipuram Road (OMR).

However, the ofce properties that are located before the toll

plaza have witnessed healthy traction from occupiers leadingto a rming up of rental values in the near to medium term.

Overall, the vacancy levels in PBD are expected to plateau,

and rents will remain favourable to tenants during 011-01

(Figure 6).

Figure 4: Sector-wise Contribution to Ofce Leasing Transactions

in Chennai

100%

0%

10%

0%

0%

40%

50%

60%

70%

80%90%

005 006 008 009 010007

11%

71%

5%

67%

15%

%

70%

10%

7%

48%

5%

0%

4%

56%

1%

9%

60%

14%

IT/ITES

BFSI

Consulting

Others

Manufacturing/Industry

Source: Real Estate Intelligence Service (Jones Lang LaSalle)

Sub-Market Rental Value Range (INR Per sq ft per month)

CBD 65 85

SBD 45 55

PBD 0 40

1H11 H11 1H1 H1 1H1 H1

CBD

SBD

PBD


Figure 6: Occupier Trafc Lights

VALUE

DECLINING

VALUE

RISING

GROWTH

SLOWING

DECLINE

SLOWING

Bangalore

Hyderabad

Kolkata

Hyderabad

Chennai

Bangalore

Kolkata

MumbaiNCR Delhi

NCR Delhi

Mumbai

Mumbai

Bangalore

Pune

Chennai

Hyderabad& Kolkata

NCR DelhiPune

Chennai2Q11

2Q08 2Q09

Figure 5: Ofce Property Clock

Landlord Favouring Balanced Market Tenant Favouring


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Trends in Commercial Retail Space in Chennai

term outlook of the city remains healthy from a retail stand point;

however, supply of quality retail malls remains a challenge.

Apart from the prime city which has already seen a healthy

penetration of malls, the suburban area of Chennai is witnessing

signicant residential activity, with nearly 71,000 residential units

under construction and likely to enter the market in the next three

to four years. This indicates the potential of Chennais suburbs

to emerge as an attractive retail destination. Bigger residentialcatchments in the suburban areas combined with more reasonable

rentals compared to those in the prime city are expected to act

as key driving forces for retailers to increase their presence in the

suburban precinct of Chennai in the long term.

The additional mall supply is likely to be launched with high

occupancy levels resulting in overall stability in the mall vacancy

rate in the city. With more mall completions anticipated over the next

three years, the citys mall footprint is expected to rise annually from

011 onwards. This trend is supported by the entry of malls by a few

renowned developers such as Prestige Group, Phoenix Market City,

PS Srijan and Marg Constructions (Figure 8). This growth will beaided by falling vacancy, growth of ofce and residential markets in

suburban Chennai and development of quality retail malls.

Established High Street Retailing Remains a Focus

for Retailers

High Streets as a retail format formed the rst wave of retail

revolution in Chennai. With increasing globalization and cross

cultural migration from within India owing to rapid expansion of

businesses across regions and territories, the consumption pattern

of the citys working class went through a signicant metamorphosis.

With the changing consumer landscape of the city, came the second

wave of retail revolution which is the penetration of organized

retail to cater to the demand of Gen-Y or the millennial generation.Traditionally, top retailers in India leveraged on the footfall advantage

of a mall to target the impulse purchasers and the conversion

advantage of a high street for repeat purchasers. The Chennai

retail market is no exception to the above-mentioned phenomenon.

Chennais high streets continue to remain as a favourite location for

retailers as conversion rates in high streets are higher compared

with those in malls. The neighbourhood of premium residential

catchments, ample space for a hassle-free car park and proximity to

the city centre are the key drivers of demand for high-end high streets.

Of the above-mentioned locations, the high streets of Khadar Nawaz

Khan Road (KNK Road) and Wallace Garden Road have emerged

as important retail destinations for global luxury, fashion and

premium brands.

Growth of Organised Retail Malls to Propel Further

Growth

Over the years, Chennai retail landscape has gone through a rapid

retail transformation with the organized retail coming in to the foray.

Albeit at a lag, the Chennai city is fast catching up with the much

mature retail markets of Mumbai, Delhi and Bangalore. With a

cosmopolitan outlook, the citys organized retail real estate markethas improved in the recent times with the penetration of major

foreign as well as domestic retailers and mall developers. The near

Retail Mall Location Year of Completion Status Developer

City Center Mall, Chennai RK Salai 006 Completed ETA Star Properties

Ampa Mall Nelson Manickam Road 009 Completed Ampa Housing Development

Express Avenue Mall Whites Road 010 Completed Express Infrastructure

Ramee Mall Mount Road 011 Completed Ramee Group

Coramandel Plaza OMR 011 Completed Surya Vardhan Estate

Forum, Chennai Vadapalani 01 Under Construction Prestige Group

Market City, Chennai Velachery 014 Under Construction Kshitij and Phoenix Mills

Marg Junction Mall OMR 01 Under Construction Marg Constructions

The Grande Velachery 01 Under Construction PS Group and Srijan

Figure 8: Major Operational and Upcoming Retail Malls in Chennai


Figure 7: Gross Rents at High Street Locations of Chennai


AnnaSalai

Nu

ngambakkam

KNKRoad

R.K.

Salai

Adayar

Alooarpet

AnnaNagar

(ndAvenue)

AshokNagar

BesantNagar

GeamsRoad

Kilpauk

Mylapore

T.

Nagar

Vadapalaril

O.M.R.

Puraswalkam

Velacherry

PBDSBDCBD

16014010100

80604000


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Trends in Residential Space in Chennai

Residential Market in Chennai Dominated

By Mid-End and Value Housing Segments

While Chennai city is home for Mid-to-High end

projects, with geographic expansion of the citys

suburbs and increasing IT/ITES population across

varied income levels resulted in opportunities in mid-

end and value housing projects. However, residential

supply in Chennai is skewed towards value and

mid-end housing as the high-end projects have a

relatively lesser representation at a city level. The

premium pockets of Central Chennai and Off-Central

Chennai predominantly comprise of high-end offerings

as compared to the suburbs of Chennai that offers a

good combination of high, mid and value residential

projects. The representation of value housing projects

is notable in all the four suburbs of Chennai, which are

viewed as opportunity from both an investor as well as

end-user perspective.

However, as new projects are getting launched at

higher prices, the share of value housing segment innew launches is reducing and has declined from 97%

in Q09 to 54% in Q11 (Figure 9).

Figure 9: New Launches and Absorption Rate of Residential Units in

Chennai by Segments


Note:

1. Projects that have residential units priced predominantly in the range of INR 40-60 Lakhs

are categorised as the Mid-End Segment in Chennai; Projects priced at less than INR 40

Lakhs are categorised as the Value housing segment

2. Absorption rate of residential units in a particular quarter is dened as the ratio of residential

sales and inventory.

100%

0%

10%

0%

0%

40%

50%

60%

70%

80%

90%

Q09

New Launches-High End

Q09 4Q09 1Q10 Q10 Q10 4Q10 1Q11 Q11

45%

0%

5%

10%

15%

0%

5%

0%

5%

40%

NumberofUnits

Launched/Absorbed

Absorption

Rate(%)

Absorption Rate-High End

New Launches-Mid End

Absorption Rate-Mid End

New Launches-Value Segment

Absorption Rate-Value Segment

Marked as Years of Comeback, 2009 and

2010 Witnessed Healthy Absorption With

Gradual Capital Value Growth

The absorption rate which is an indicator that

represents the sale velocity in the market was observed

to have peaked during Q10 for mid-end and value

housing segments. From a low of less than 0% duringQ09, the absorption rates in mid and value housing

were observed to be above 50%-mark by Q10. Due to

the wait and watch strategy followed by the buyers in

the residential market, the absorption rate primarily in

mid-segment has tapered in the past - quarters. On

the other hand, the value housing segment has shown

a positive absorption trend during 1H011.

It is interesting note that, since the economic recovery,

the capital values recorded a trend reversal to witness

healthy q-o-q growth between Q09 and 1Q11 (Figure10). Post recovery, the average sizes of apartment

congurations were also observed to have improved

with a typical -BHK dwelling unit being marketed with

an average saleable area of 1,400 sq ft or above.

Figure 10: Change in Capital Value Index by Segments


70

75

80

85

90

95

100

105

110

1Q08

-16%

-1%

-8%

-4%

0%

4%

8%

1%

16%

BaseCapitalValuesIndex(1Q08

=100)

Q-o-QChange(%)

Q08 Q08 4Q08 1Q09 Q09 Q09 4Q09 1Q10 Q10 Q10 4Q10 1Q11 Q11

QoQ Change-High End

CV Index-High End

QoQ Change-Mid End

CV Index-Mid End

QoQ Change-Value Segment

CV Index-Value Segment

During the slowdown (Q08 1Q09), a typical BHK unit was marketed with an average saleable area of 1,00 sq ft as opposed to 1,400 sq ft during 1H11


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Authors

Himadri Mayank

Assistant Vice President, Research & REIS

[email protected]

+91 07 1500

Himadri Mayank manages the operations of Jones Lang LaSalles research offering - Real Estate Intelligence Service (REIS), and is

responsible for the teams outputs, including research reports such as topical whitepapers. Since joining the rm in 2008, he has delivered

several bespoke research projects in the ofce, retail and residential sectors based on specic client requirements.

Himadri holds a bachelors degree from Indian Institute of Technology (IIT), Kharagpur and has over four years of experience in the eld

of real estate. He is pursuing the Chartered Financial Analyst (CFA) program offered by CFA Institute, Charlottesville and has passed the

2011 Level III CFA exam. He is the life member of Association for Promotion of Creative Learning, a not-for-prot organisation which aims

to promote education for underprivileged through creativity and creative learning in society.

Ashutosh Limaye

Head Research and REIS

[email protected]

+91 07 1500

Ashutosh Limaye is responsible for overseeing research and REIS business of JLL. He is also responsible for effective business develop-

ment, selection, grooming and growth of professionals in the research division.

He has 14 years of experience, including one and half years of post graduation in planning with specialization in Urban Planning. His

contributions include real estate market intelligence and forecasting, formulations of economic and physical plans, assessments of policies,

legislations and regulatory mechanisms for delivery of infrastructure services, study of urban governance initiatives for urban management

programmes, identication of appropriate modes of private sector participation in infrastructure delivery for large-scale infrastructure and

township projects in the urban context, nancial cost-benet analyses, project formulation and appraisals, and urban land management.

Balakumaran GS

Assistant Manager, Research and REIS

[email protected]

+91 44 095 1000

Balakumaran G S joined the Jones Lang LaSalle Research team in January 011 and is responsible for the Real Estate Intelligence

Service (REIS) publications. Based in Chennai, he contributes to research deliverables on ofce, retail and residential real estate markets

in the country. Prior to joining the rm, Balakumaran worked in various proles as an entrepreneur and in new business initiatives in the

education industry for over four years in India. He holds an Engineering degree from Bharathidasan University and an MBA from IIPM,

Delhi. He also holds a GNIIT Certication in Systems Management from NIIT, Chennai.

Hariharan Ganesan

Manager, Research and REIS

[email protected]

+91 07 1500

Hariharan Ganesan joined the Jones Lang LaSalle India in April 008 and is responsible for managing the quarterly research offering

- Real Estate Intelligence Service (REIS) publications. Based in Mumbai, he contributes to bespoke research publications on ofce, retail

and residential real estate markets.

Prior to joining the Mumbai team, he managed research operations for Jones Lang LaSalle based out of Chennai region and has worked

on multiple topical white papers, property market digests and bespoke research projects spanning diverse geographies within India. With

over ve years of research and marketing experience, Hariharan holds a dual degree from Bits Pilani and an MBA from IIPM, Delhi.


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About Jones Lang LaSalle

Jones Lang LaSalle (NYSE:JLL) is a nancial and professional services rm specializing in real estate. The rm offers integrated services

delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 010 global

revenue of more than USD .9 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including

200 corporate ofces. The rm is an industry leader in property and corporate facility management services, with a portfolio of approximately

1.8 billion square feet worldwide. LaSalle Investment Management, the companys investment management business, is one of the worlds

largest and most diverse in real estate with USD 45. billion of assets under management.

Jones Lang LaSalle has over 50 years of experience in Asia Pacic, with over 20,800 employees operating in 77 ofces in 13 countries acrossthe region. The rm was named the Best Property Consultancy in Asia Pacic at The Asia Pacic Property Awards 2011 in association with

Bloomberg Television. For further information, please visit our website, www.ap.joneslanglasalle.com

About Jones Lang LaSalle India

Jones Lang LaSalle is Indias premiere and largest professional services rm specializing in real estate. With an extensive geographic footprint across

eleven cities (Ahmedabad, Delhi, Mumbai, Bangalore, Pune, Chennai, Hyderabad, Kolkata, Kochi, Chandigarh and Coimbatore) and a staff strength of over

4000, the rm provides investors, developers, local corporates and multinational companies with a comprehensive range of services including research,

analytics, consultancy, transactions, project and development services, integrated facility management, property and asset management, sustainability,

warehousing and logistics, capital markets, residential, hotels, health care, senior living, education and retail advisory. For further information,

please visit www.joneslanglasalle.co.in

Real Estate Intelligence Service (REIS) Indiais a subscription based research service designed to provide you with cuttingedge insights into Indias diverse and challenging real estate markets through collation, analysis and forecasts of property market indica-

tors and trends across all major Indian markets across various real estate asset classes - ofce, retail, residential.

REIS empowers you with consistent and complete market data and analyses for all real estate indicators by specic micro markets.

It is supplemented by value added services including client briengs, presentations and rapid market updates.

For more details, contact, Ashutosh Limaye - [email protected]

COPYRIGHT JONES LANG LASALLE All rights reserved. No part of this publication may be published without prior written permission from Jones Lang LaSalle. The information in thispublication should be regarded solely as a general guide. Whilst care has been taken in its preparation no representation is made or responsibility accepted for the accuracy of the whole orany part. We stress that forecasting is a problematical exercise which at best should be regarded as an indicative assessment of possibilities rather than absolute certainties. The processof making forward projections involves assumptions regarding numerous variables which are acutely sensitive to changing conditions, variations i n any one of which may signicantly affectthe outcome, and we draw your attention to this factor.

For more details, contact

Ashutosh LimayeHead - Research and REIS

[email protected]

+91 07 1500

Himadri MayankAssistant Vice President, Research & REIS

[email protected]

+91 07 1500

Documents

Chennai Real Estate a Closer Look