Chennai is one of the largest metropolitan cities in India and is a major commercial hub. It is the capital of Tamil Nadu and was previously known as Madras. It is a culturally rich city that is a major center for art, music and culture in India. Chennai features a nice mix of traditional Tamil Hindu culture and Western influence. The city is well connected by road, rail and air transport and can be considered as the least congested and polluted metropolitan area in India.
The growing universality of the city and the opening of a large number of job opportunities have made it an important professional destination. There has been a lot of residential and commercial movement related to property in Chennai in recent years. This growth could be attributed to the saturation of real estate in Delhi and Mumbai and the resulting increase in IT-IT industries and residential developments in the city.
Chennai, being the port city, attracts several leading manufacturing companies and property developers. The presence of the port gives the city an exceptional advantage while reinforcing some of the important developments that are taking place. Simultaneous residential and commercial developments in the city have resulted in a healthy growth of the city:
Property developers like Emaar MGF and others are planning to incorporate a number of real estate projects to develop residential housing.
o Emaar MGF has recently launched ‘The Avenues’ of Esplanade, one of the largest residential projects in North Chennai. Esplanade is nearing completion with 14 acres of land housing over 500 ultra-modern 2-3 bedroom apartments in 22 towers. The Avenues will be completed next year.
o Another city-based builder, Vijay Shanthi Builders, is unveiling Chennai’s most expensive apartment project, ‘The Art’, where each apartment would cost at least Rs 8 crores. It is meant to be a limited edition super luxury residential complex that will be adorned with diamonds, precious hues and pearls. This project aims to provide unique, elegant and luxurious homes while offering good value for money.
On the other hand, the easy availability of good talent both in and out of the city encourages IT leaders to set up operations in Chennai.
o This is why companies like Nokia, Dell, etc. they have devised their campuses in regions like Sriperumbudur in Chennai.
o Other industries related to the automotive, chemical, manufacturing, etc. they are also opening their operating units and setting up their businesses in this metropolitan city.
The commercial boom and residential growth in Chennai have seen huge investments flourish. Therefore, it is counted among the excellent investment options with properties in Old Mahabalipuram, Tambaram, East Coast Road and Thillivar topping the lists. T.Nagar, Mylapore, Abhiramapuram, Adayar, etc. in the south and Ashok Nagar, Manapakkam, Koyambedu areas such as Mogappair in central Chennai generate the highest demand. All of these places are popular for their proximity to schools, hospitals, and industrial areas. Other requested areas include Thiruvallur, Kancheepuram, Padapai, GST Road and Tindivinam. A 5% increase in real estate is expected, but prices will remain stable for the most part.
OMR, Old Mahabalipuram Road: OMR has become a major IT hub of the city and thus witnesses many real estate activities. Residential mega townships are being developed offering clean water, unpolluted environment and peaceful life.
ECR, East Coast Road – This area is one of the preferred residential spaces as it offers magnetic scenic beauty.
Chennai’s retail industry is also growing with the number of shopping malls, shopping complexes, etc. that multiply in the city. The NM Road, Vadapalani, PHRoad, Anna Salai, C-IN-C Road, OMR, Velacheri and NHRoad areas are experiencing retail development.
Chennai’s real estate market infrastructure needs a bit more attention to make it one of the liveliest places in India.
