Chennai, the capital of Tamil Nadu, is the fifth most populous city in India. It has a broad industrial base in the automobile, technology, hardware manufacturing, financial services and healthcare industries. Chennai is the second largest exporter of software, IT (information technology) and ITes (information-technology-enabled services) in India. It accounts for 60% of the country’s automotive exports along with being a major base for India’s car manufacturing industry.
Chennai is considered as the commercial and cultural capital of South India that is on its way to become the next realty destination. Property in India is anyway the most popular industry in the country today as one sees tremendous growth in the sector. A home to numerous multinationals, Chennai still offers the lowest cost of loving as compared to other metros like Delhi, Mumbai and Bangalore. But, the real estate in Chennai is witnessing fast appreciation in property prices and rental values in wake of large investments being made in the city.
Chennai was earlier known for its trade industries since majority of its working population was related to the industry. But the IT boom in the city has gradually changed its profile and made it an IT destination. This shift came about with large-scale commercial developments in the city including offices and commercial complexes extending advanced infrastructure with state-of-the-art amenities. The influx of industries generated the need for housing properties to cater to the growing population of professionals. Now, the boost in residential property of Chennai is driving the real estate demand of the city with Old Mahabalipuram Road (OMR) being the hottest spot. Various plush residential projects are coming around the areas housing IT industries, attracting higher preference, thus, higher prices.
The demand for residential property in Chennai comprising of apartments, flats, duplex houses, etc. has gone exponentially high. It is facing a shortage of at least a lakh houses, distinctly emphasizing the colossal development needed on this front. A fast paced approach needs to be adopted in order to meet the enormous demand created by both buyers and investors-individuals and corporates. Various leading property developers like Unitech Limited, DLF, Shriram Group, Hiranandani Developers, Purvankara, etc. have been engaged in this massive task of building houses in Chennai.
The real estate market of India today is concentrating on developing affordable housing for all. This is why as soon as an affordable residential project gets completed and sometimes even before that, it is completely sold out in a short period of time. The concept of budget housing has become a favorite with property buyers as it offers international standard lifestyle at cost effective prices. The need is urgent and so, property builders need to quickly launch large scale development projects to meet the demand. Some of the fastest growing real estate areas in Chennai are OMR, GST Road and Sriperumbudur. These regions are going through a makeover with numerous residential and commercial developments taking place. As soon as the development work in the city gets over, an upward fluctuation in prices is sure to be expected.
This is, definitely, the right time to invest in residential property in Chennai as its market has just started growing. Once prices increase, they will be sky high equaling to property prices in other metros- Delhi, Mumbai and Bangalore. Those who invest in flats or apartments in Chennai today would reap huge benefits in future. If you are looking for further guidance to invest rightly in Chennai real estate, then realty brokers, agents and dealers can be great help.
According to the law of demand and supply, the property prices in the upcoming realty hub, Chennai will grow manifold.
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Source by Deepika Bansal