subject: Property Trends in Chennai [print this page] Chennai is both the economic and political capital of the state of Tamil Nadu and is among the important metro cities of India. The Indian real estate sector has become a rage of late with humungous developments taking place across the country. After the property developments in other metros namely Delhi, Mumbai and Bangalore, it is the turn of Chennai real estate to be explored.
The potential of property in Chennai has hitherto been untapped as all the focus remained on Delhi, the national capital and Mumbai, the financial capital. But with the growing need for residential and commercial units in South India, developers have started looking for more avenues. And what could be better than Chennai since it has the widest industrial and commercial base in the entire southern region of the nation. The property trends in Chennai are similar to those followed by other cities countrywide i.e. first industrial boom followed by commercial property growth and then the boost in housing & retail realty sectors.
The automobile capital of the nation and an emerging IT hub, Chennai comes across as an ideal place for realty investments. As soon as the technology and BPO companies entered the city, a plethora of employment opportunities were created for the talented professionals. People then started moving to the city for better growth prospects raising the demand for both rental and capital property. The perfect blend of urbanization and changing lifestyles promised quality and luxurious living for the citizens. This attracted professionals from all around the country who were paid well and could afford expensive homes. The growing population of top notch field experts and other migrants raised the demand for housing in Chennai-both luxury and affordable. In addition to this, the corporate success of companies made more and more multinationals interested in establishing their presence in the region ultimately multiplying the need for commercial setups. Then, when youth conscious of high standards of living and following current trends settled down, the mall culture became popular. As a result, retail property in Chennai developed in form of swanky shopping malls, multi-storied multiplexes, retail outlets, so on & so forth. In a way, the developments in entire realty segment of the city triggered with the coming up of companies galore.
The Indian real estate is considered to be the most profit yielding sector and perfect for both short-term and long-term investors. Besides the native citizens, even NRIS and foreigners are showing interest in investing money in India realty market. With change in policies and economic liberalization, FDIs are also encouraged in the sector fostering its expansion. The upswing in Chennai property is also the result of these policy changes, consumer demand and commercial wave in the city. This has been same with other tier-II & III cities as well as towns and suburbs especially around metropolises. For instance, NCR around Delhi, Pune and Nagpur in proximity to Mumbai, Mysore near Bengaluru and others are among the few examples. The availability of land and labor at reasonable costs and strategic location of a place makes it a lucrative investment option with huge scope for property and infrastructure growth.
The great influx of leading realty developers in the city to cater to the property demands has been observed from last 2 years. Chennai Real estate is expanding with all kinds of projects related to residential, commercial and retail realty space being launched in large numbers. An upcoming manufacturing hub, its economy is witnessing an overhaul from being a neglected city to a world class one. After recession and price correction, it surely is the right time to invest in Chennai realty.
