Chennai Gets $29 mn of Private Equity Realty Investment
Chennai wooed $29 million of the total $2.7 billion (Rs 143 billion) private equity investment inflows into the Indian real estate sector during the first half of 2021, according to a report by Savills India, a global property consultancy firm. The inflow of $2.7 billion across India is equivalent to 41 per cent of the investment the sector saw in the entire year of 2020, an indication that investors’ confidence remains intact despite the pandemic-induced slowdown. In the first half of 2020, private equity investment inflows across India stood at $870 million. However, in the second quarter of 2021, the Indian real estate market saw an investment of $865 million (Rs 63 billion), a 54 per cent decline from the previous quarter, the report says. Interestingly, during the first half of 2020, Chennai did not see any investment. It garnered $166 million of investments in the overall pie for 2020, and all this came in the second half of 2020, says the report. A Shankar, Chief Operating Officer, Strategic Consulting, Jones Lang LaSalle (JLL), says Chennai is a preferred destination by corporate occupiers due to the quality space it offers at competitive pricing. “While there was a slowdown due to the pandemic, now occupiers are better prepared and vaccine support for return-to-office will drive more investment-grade office space in Chennai,” he says. Confederation of Real Estate Developers’ Association of India (CREDAI) Tamil Nadu president Suresh Krishn told, "Investments could not surge during the second half in Chennai due to the pandemic. However, he is positive that in the next quarter there will be more private equity investments as the momentum of vaccination is rising. He says even in the first half of 2020, Chennai did not see any investment due to the pandemic."
Tags : News/Views Investment Chennai Private Equity Realty+ Suresh Krishn CREDAI Tamil Nadu