Chennai is one of the major metropolitan cities in India and is a major commercial center. It is the capital of Tamil Nadu and was previously known as Madras. It is a city rich in culture that is an important center of 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 land, rail and air transport and can be considered as the least congested and polluted metropolitan areas in India.
The growing universality of the city and the opening of a large number of work avenues 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 real estate saturation in Delhi and Mumbai and the resulting increase in IT-IT industries and residential developments in the city.
Chennai is the port city that attracts several leading manufacturing companies and real estate developers. The presence of the port extends an exceptional advantage to the city while reinforcing some of the important developments that are taking place. Simultaneous residential and commercial developments in the city have resulted in healthy city growth:
Real estate developers like Emaar MGF and others plan to carry out a series of real estate projects to develop residential homes.
o Emaar MGF has recently launched ‘The Avenues’ by 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 coming up with Chennai’s most expensive apartment project, ‘The Art’, where each apartment would cost at least 8 million rupees. It is intended to be a limited edition super luxury residential complex that will be studded with diamonds and precious shades 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 within and outside the city encourages IT leaders to establish operations in Chennai.
o That is why companies like Nokia, Dell, etc. they have created 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 establishing their businesses in this metropolitan city.
The commercial boom and residential growth in Chennai have led to large investments in it flourishing. It is therefore counted among the excellent investment options with properties in Old Mahabalipuram, Tambaram, East Coast Road and Thilluvar topping the charts. T. Nagar, Mylapore, Abhiramapuram, Adayar, etc. in the south and Ashok Nagar, Manapakkam, Koyambedu areas like 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 therefore is witness to many real estate activities. Residential mega-municipalities are developing that offer clean water, an unpolluted environment and a peaceful life.
ECR, East Coast Road – This area is one of the preferred residential spaces, offering magnetic scenic beauty.
Chennai’s retail industry is also growing with a number of shopping malls, shopping complexes, etc. that multiply rapidly in the city. The NM Road, Vadapalani, PHRoad, Anna Salai, C-IN-C Road, OMR, Velacheri and NHRoad areas are experiencing development in the retail sector.
Chennai’s real estate market infrastructure needs a little more attention to make it one of the busiest places in India.