Developers Putting Housing Projects on IT Parks Lands in Chennai

Several developers in Chennai are considering putting up housing projects on land parcels earmarked for IT parks. The re-think has emerged after the quantum of vacant office space increased, while the demand for housing has remained stable over the past one year.

BY Realty Plus
Published - Tuesday, 08 Jun, 2021

Developers Putting Housing Projects on IT Parks Lands in Chennai

Several developers in Chennai are considering putting up housing projects on land parcels earmarked for IT parks. The re-think has emerged after the quantum of vacant office space increased, while the demand for housing has remained stable over the past one year. The city already has a couple of IT parks along with housing facilities on GST Road and OMR that were designed in pre-Covid times. Developers with IT park projects in the pipeline are holding on their commercial ventures. It comes against the backdrop of office space absorption plunging from a record 5.2 million sqft in 2019 to 4.5 million sqft in 2020. Stakeholders say the absorption is likely to fall further to 2 million sqft this year due to the work from home situation. The market is expected to revive after about two years, but may depend on whether there is a third wave of Covid-19.

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