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Chennai IT housing sector observing cry off

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Developers are concerned about the housing segment in the IT corridor of Chennai, as it is experiencing the most horrible condition like never before. On Chennai’s IT corridor, builders had proposals to develop lavish flats ventures and scarce to take benefit of growing IT industry. 40,000 housing flats are expected to arise in the remote areas of the city and 50% have the proposals along the IT highway.
Prakash Challa, President of Tamil Nadu unit of CREDAI said to www.propertykhazana.com that, “We gambled our stocks on these ventures as the city is now having lack of 30,000 housing units. 8 Million Sq.ft of IT space will be added up in Siruseri IT Park and an additional 8 million Sq.ft space is under development. Moving ahead saving expects of 100 Sq.ft space for per employee and had formed 1.6 Lakhs new jobs and for us selling 20,000 apartments to IT professionals will be a pushover”, he added.
Builders have not hiked rates, as their ventures are under development. Suresh Kumar, of Vijay Shanthi Builders said to the www.propertykhazana.com that, “It is hard time for the developers and the sales are dropped severely up to 90%, and even some try to negotiate”.
People are choosing a wait-and-watch plan, if interest rates increase ahead, the situation will become worst. Giant Developers like DLF, Hiranandani, Puravankara, True Value Homes, Arihant, SSPDL, L&T, Doshi, ETA Star, Mantri and some all are having their existence on this and that is also a residence to IT monsters comprise TCS, Cognizant, Satyam and Infosys.
Source: NBTVLIVE

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