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Chennai emerges preferred realty market in South: CBRE Group

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Press Trust of India Chennai
: Real estate consulting firm CBRE South Asia Friday said Chennai has become the most preferred residential real estate market in South India with over 41 million square foot of housing space sold in two-and-a-half years.
"Despite the slowdown in the real estate sector, the Chennai market has continued to become stronger and attract investors", CBRE group chairman and CEO (India, South East Asia, Middle East and Africa) Anshuman Magazine said.
"Chennai's residential activity is driven by not just information technology sector, but by manufacturing and trading as well," he said.
According to a company statement, the number of residential unsold inventory in the city declined to 12 per cent as against 14 per cent last year.
The city's residential market results show it has grown by 15 per cent CAGR over the last decade and the residential market was less than 12 per cent as against 14 per cent, CBRE South Asia said.
"A positive momentum is emerging that appears to signal a steady growth projection", it said.
Talking to reporters after unveiling property fair PropFEST-2019 here, Magazine said the residential market has witnessed considerable growth over the past decade.
Despite the slowdown in real estate sector, the Chennai market has continued to become a stronger and attract investors, he said.
In the last decade, the city saw the launch of more than 1.50 lakh apartments, growing from 51,000 to more than two lakh units by end-2018.
According to company officials, around 65 developers are taking part in the fair showcasing more than 250 projects expecting to attract around 25,000 visitors, it said.

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First Published: Jun 28 2019 | 7:50 PM IST

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