Why Is There An Increase In Developments In The Chennai Real Estate Market?

The Chennai property market is seeing an upward trend and one of the biggest reasons

for this is the rapid growth in the IT and the industrial sectors which have pulled in many migrants here from all across India, thus creating a good demand for commercial and residential projects in Chennai.

Chennai is easily approachable from many parts of our country as well as internationally via an extensive network of various transportation facilities that include sea travel, air travel and a greatly diversified network of buses and railways. The economic foundation of Chennai is strong and it consists of many industrial sectors such as automobile manufacturing, financial services, software services and hardware manufacturing, all of which contribute to the boom of real estate in Chennai. The perpetually advancing IT sector too is one of the crucial reasons for the increase of real estate developments in Chennai. More and more IT firms are seeping in, which thus creates a demand for office spaces as well as residential complexes in the city.

The retail sector in the city has become a lot more organized because of the metamorphosed consumerist culture taking shape. You can now see multi-storied entertainment complexes, shopping complexes, well-facilitated parking lots, huge malls and open spaces in retail buildings across the town.

Chennais residential sector comprises of almost 80% of this towns real estate market. In comparison to all major cities and towns of our country, the residential property market in Chennai has a huge scope of development due to better availableness of land resources plus the constantly rising demand brought in because of the IT and commercial developments taking place in this city. The prices of properties in Chennai in areas such as Egmore, Nungambakkam, Alwarpet, T. Nagar and Mylapore are continuously climbing on the scale upwards, thereby creating a demand for more affordable residential projects and decent priced flats and apartments in Chennai. In areas such as OMR, there are new residential complexes and projects coming up like villas, townships, luxury apartments and bungalows. Prices have also gone up in areas of old Mahabalipurum, Annanagar and Medavakkam. NRIs too have shown a keen interest in investing in the real estate market of the city because of the slackening in the FDI policies of the government.

If youre searching for making an investment in real estate in Chennai, then there are many lucrative properties for you to invest in. There are flats and apartments available at affordable prices as well as luxurious villas and bungalows for sale. You can find these in some of happening spots of the town and these are also in demand amongst the NRI lot.

To invest in equally exciting properties in India, log on to www.indiahomes.com

by: Saachi Singh

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