Chennai is one of the most important metro cities in India and is a major trade center. It is the capital of Tamil Nadu and was formerly known as Madras. It is a culturally rich city being a major centre for art, music and culture in India. Chennai presents a nice blend of traditional Tamil Hindu culture and western influence. The city is well connected by road, rail and air transport and can be seen as the least congested and polluted metros of India.
The growing universality of the city and opening up of large number of job avenues has made it an important career destination. There has been a lot of residential and commercial movement related to Property in Chennai in last few years. This growth could be attributed to real estate saturation in Delhi and Mumbai and the resulting increase in IT-ITes industries and residential developments in the city.
Chennai being the port city attracts various leading manufacturing companies and real estate developers. The presence of the port extends an exceptional advantage to the city while bolstering some of the important developments taking place. The simultaneous residential and commercial developments in the city have resulted in wholesome growth of the city:
The property developers like Emaar MGF and others are planning to bring in 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 more than 500 ultra modern 2-3 bedroom apartments in 22 towers. The Avenues is set to be completed by next year.
o Another city based builder, Vijay Shanthi Builders is coming up with Chennai’s costliest 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 studded with diamonds and precious tones and pearls. This project aims at providing unique, stylish and luxurious housing while delivering value for money.
On the other hand, the easy availability of good talent from both within and outside the city encourages IT leaders to establish operations in Chennai.
o This is why companies like Nokia, Dell, etc. have come up with their campuses in regions like Sriperumbudur in Chennai.
o Other industries related to automobiles, chemical, manufacturing, etc. are also opening their operation units and setting up their businesses in this metro city.
The commercial boom and residential growth in Chennai has flourished huge investments into it. It is, thus, counted among excellent investment options with properties in Old Mahabalipuram, Tambaram, East Coast Road and Thilluvar topping the charts. T.Nagar, Mylapore, Abhiramapuram, Adayar, etc. in Southern and Ashok Nagar, Manapakkam, areas of Koyambedu such as Mogappair in Central Chennai generate maximum demand. All these places are popular for their proximity to schools, hospitals and industrial areas. Other sought after areas include Thiruvallur, Kancheepuram, Padapai, GST Road and Tindivinam. An increase of 5% in real estate property is expected but prices will remain stable for most of it.
OMR, Old Mahabalipuram Road: OMR has become an important IT centre of the city and is, therefore, witnessing a lot of real estate activities. Mega residential townships are being developed offering clean water, unpolluted environs and peaceful living.
ECR, East Coast Road: This area is one of the most preferred residential spaces as it offers magnetic scenic beauty.
The retail industry of Chennai is also growing with number of malls, shopping complexes, etc mushrooming in the city. The areas of N.M. Road, Vadapalani, P.H.Road, Anna Salai, C-IN-C Road, OMR, Velacheri and N.H.Road are seeing development in the retail sector.
The infrastructure of Chennai property market needs a little more attention to make it one of the most happening places of India.