From shortage of housing options to a flourishing residential real estate, and from being a core automobile centre to becoming a preferred place for IT/ITES and MNCs, Chennai real estate has come a long way.
Growth Drivers
The demand for real estate in Chennai is largely driven by the growth of IT and BPO industry. It has not only escalated the capital value of commercial real estate, but also stimulated the demand of residential real estate.
Chennai along with Bangalore and Hyderabad is witnessing tremendous developments in its real estate industry, largely due to the availability of skilled manpower, financial costs and excellent business environment
In the past few months the Chennai residential real estate sector has seen massive increase in purchasing activity. Home loans and increasing rates have resulted in price rise in Chennai.
The residential land value of Chennai's IT corridor ranges from 20-100 ground. Places like Anna Nagar in Chennai, which was about Rs. 70 lakhs per ground in 2002, are now quoting Rs. 1.5-3.0 crore per ground, source MagicBricks.com.
Upcoming Projects
A number of real estate projects are to be launched in Chennai soon. One of them is by Elbit Imaging Ltd, who recently entered into an agreement with one of the leading real estate owners in Chennai, for the possession of an 80 per cent stake in 135 acres of land in Chennai.
The project will be a mixed land use, which will consist of high rank residential units, clubhouses, swimming pools and sports facilities, and a huge retail area.
Also, real estate and infrastructure development company, Marg Constructions Ltd. is coming up with a 77 acre luxury project 'Tapovan' at Pavanjur, 80 km from Chennai. The venture will have 90 villas, each spreading over half an acre of land.
Future Outlook
With a number of IT projects, BPO units and other lucrative commercial and residential real estate projects in the offing, Chennai real estate market is attracting lot of buyers and investors from India and abroad.
Investments in Chennai real estate provide active cash flow, quick returns and tax advantages, says industry sources.
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