Chennai is in a position to emerge as a next realty tech hub after Bangalore but the increasing property prices are deterring its path. The city is witnessing a rising demand for economical qualitative office space and housing. Chennai property prices are swinging as the real estate values are increasing at some places and decreasing at others.

Chennai properties at old Mahabalipuram road are witnessing a downfall in transaction rate. Of the total 4 million sq ft of space only 1.7 million sq ft were taken on rent and the vacant space accounts for about 11% as per C&W report. Reason cited by the property dealers in the city is these projects are overpriced and are not able to find the actual buyer. (Read the full post about ‘Soaring Chennai Property Prices - Boon or Curse’…)