Chennai has garnered investments worth $2.88 billion in real estate during the period 2018-22, making the city among the top five in the country, a study undertaken by real estate consulting firm CBRE South Asia said on Tuesday.
Across India, the real estate sector attracted investments of $43.3 billion between 2018-2022.
Chennai recorded investments totaling $0.9 billion during 2018-22 into land acquisition accounting for eight percent of the total land acquired since 2018. Over 60 percent of the investments were in core and core-plus investment strategies, the report has revealed.
According to CBRE chairman and chief executive officer, India South East Asia, Middle East, and Africa Anshuman Magazine, "In the next two years, we expect investment inflows to remain steady with the cumulative inflow of $16 -17 billion."
"Taking into account the historical and current trends and the capital that existing investment platforms have raised over the past two-three years, we anticipate that the office sector will continue to attract the largest share of institutional inflows," he said.
"Moreover, we believe that alternative investments specifically in data centre could gain further traction," he said. The study has revealed that the residential market gained the most traction accounting for 37 percent of the land acquired since 2018.
Developers have acquired over 900 acres for residential projects accounting for 43 percent of the total land acquisitions made in 2022, the report said.
Delhi-National Capital Region led the land acquisition activity by capturing over one-fourth share of the total land acquired since 2018-22. It was followed by Hyderabad, and Mumbai at about 14 percent each.
Mumbai followed the Delhi-National Capital Region with a share of 31 percent. Bengaluru and Hyderabad were other prominent cities that captured 9 and 7 percent of the total land acquisition, respectively, it said.
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