Developers focus on villa culture in the city

CHENNAI: The residential market in Chennai is witnessing new trends with the city, which was predominantly a two-bedroom-hall-kitchen (2BHK) and three-bedroom-hall-kitchen (3BHK) apartment market, seeing more villas being launched, according to real estate consultants Jones Lang LaSalle.In its Real Estate Monitor report this month the agency said that with the entry of more pan India players, the demand for luxury and studio apartments was catching up. The report stated that with historic launches and improved absorption, rental and capital values had increased across different sub-markets, especially in the suburbs.It added that companies were cautious about leasing spaces as information technology and information technology-enabled services were holding their expansion plans, postponing them to the second half of the year.The report stated that the manufacturing sector continued to lease more space during the quarter. Renault Nissan leased space on GST Road in March. Project delays continued to cap new supplies helping vacancy levels to remain stable.The report said small format stores in the central business district of the city were in demand during March. Canon Image studio, Gem Palace, Lasya, Kryolan, and Timex were some of the brands that occupied vacant spaces in Ramee Mall on Mount Road. However, high streets continued to witness a healthy demand amid the lack of new mall space in the city. Low retail activity kept the rental and capital values stable across submarkets.