Chennai suburbs set to see retail boom

CHENNAI: The explosion in residential and commercial developments in Chennai’s suburban areas is likely to make it an attractive retail destination, according to Real Estate Intelligence Service, Jones Lang LaSalle India.The oversupply that has prevailed in Chennai’s office market has emerged as an innovative opportunity for the city’s retail segment as a few developers are contemplating converting their upcoming office premises into retail destinations, the report Asia Pacific Property Digest - Chennai Office & Retail Real Estate said.This trend is expected to increase retailer penetration in the city and the suburbs in particular, the report added.The lack of well-established high streets in the suburbs of Chennai, unlike the centre of the city, is expected to be the key driver to the success of malls and with good-quality malls in the pipeline, the city is set for a rapid makeover in the near future.