Real Estate in Chennai
Intro: Establishments of leading IT giants due to availability of skilled manpower
resources has given an extra bounce to the real estate in Chennai.
Chennai carries both tradition and western influence hand-in-hand. This metropolitan city
is a major trading center of India. Chennai has a rich culture of music and art. A robust
infrastructure with low congestion- and- pollution levels make it stand out from rest of
the Indian metro cities.
Real estate in Chennai can be accredited to the opening of several job avenues. Job
seekers rush to Chennai for better career prospects. Real estate in Chennai has
experienced a big time hustle-and-bustle for residential and commercial properties in the
recent years. One of the reasons for thriving real estate in Chennai could be the saturation
observed in the real estate markets of Delhi and Mumbai. Also, the IT revolution
resulting in a large number of IT/ software or ITES industries in the city has given an
additional push to the real estate in Chennai. The development of residential sector in
Chennai to provide accommodation to the multiplying population has added a zing to the
real estate in Chennai. Real estate in Chennai especially with reference to the rented
residential accommodations is also making hay with the State government increasing the
property tax; this move of the government has resulted in soaring rentals.
Chennai has the port city advantage which draws the top manufacturing firms and prime
realtors to this city. Commercial growth is always followed by residential growth and
vice-versa. Establishments of leading IT giants due to availability of skilled manpower
resources has definitely given an extra bounce to the real estate in Chennai. Automobiles
and chemical industries are setting up their base in Chennai due to its proximity to the
coast. Massive foreign investments in areas like East Coast Road, Old Mahabalipuram,
Thilluvar and Tambaram have encouraged more real estate investors. Other areas facing
maximum demand for properties include Mylapore, Manapakkam, Adayar, T.Nagar,
Mogappair and Abhiramapuram while Kancheepuram, Tindivinam, Padapai, Thiruvallur
and GST Road are also in demand. One of the prominent areas observing immense real
estate activities in Chennai is the OMR region. Majority of IT establishments are based in
this area which has spurred the development of residential townships on a large scale.
Retail sector is also spreading like fire in Chennai with a constant rise in the number of
shopping malls and complexes across the city. Prominent development in the retail sector
is visible in Vadapalani, Velacheri, Anna Salai, N.M. Road etc. Residential or
commercial properties in prime localities have reached a saturation point which in turn
has aggravated the price hike. More and more people now seek luxurious homes; this has
introduced a new buoyancy for apartments and flats. Seeing the current trends it is clear
that the real estate market in Chennai will teem with life for long.
If you wish to know about the prime residential areas, the apartment culture and transfer
of property ownership in Chennai, log on to www.indrealty.in.