New Property Developments
In Chennai
Chennai: The gateway to South IndiaChennai had been an important economic and political centre for the South Indian Kingdoms since as early as the 1st century. However, the Chennai we see today has a history of 350 years, with a curious blend of Portuguese influence, British remnants and indigenous Tamil culture. Presently the capital of Tamil Nadu, Chennai is a political and commercial powerhouse in its own right.
Current TrendsThe initiatives of Central Government and Tamil Nadu Government are paying rich rewards in terms of project approvals associated with the city infrastructure. Some of the most noteworthy development projects have now been taken up in Chennai. These include the development of a new international airport in vicinity of the existing Chennai International Airport, construction of the eagerly awaited highway to ease all future ventures of the city and setting up of a separate waterline exclusively for the Chennai IT sector.
The Government of Tamil Nadu, under the Chennai Metropolitan Development Plan, has sanctioned Rs.180 billion for improving overall city infrastructure. The Government has also recently announced implementation of the Metro Rail project to bring Chennai at par with elite Indian cities such as Delhi and Kolkata. The IT industry too is also growing in leaps and bounds, with the Government providing ample backup. The low cost living index in the city is also hugely contributing to the rapid growth in this sector.
Chennai is aptly called the automobile capital of India as half of India's automobile industry have a base here and a major part of the nation's vehicles are being produced here. Several global automotive companies such as Hyundai, Ford, Mitsubishi, TVS, Ashok Leyland, Caterpillar, Royal Enfield, TI Cycles, TAFE and MRF have manufacturing plants in and around.
Since the late 1990s, software development and business process outsourcing and more recently hardware manufacturing has emerged as major areas in the city's economy. In recent times, the city of Chennai has been rated as the most attractive Indian city for offshoring services. The IT Corridor, on Old Mahabalipuram Road in the southeast of the city houses several technology parks. The largest of these is Tidel Park, built by TIDCO. The Mahindra World City, a Special Economic Zone (SEZ) with one of the world's largest information technology parks, is currently under construction in the outskirts of Chennai.
Multinational corporations like Nokia, Flextronics and Foxconn are setting up electronics manufacturing SEZs in the satellite town of Sriperumbudur while Ericsson and Alcatel have research and development facilities in the city. Chennai also has two main biotechnology parks, TICEL bio-tech park and Golden Jubilee bio-tech park at Siruseri that house bio technology companies and laboratories.
With a conducive atmosphere, better infrastructure and brilliant workforce, Chennai is definitely a good choice for investors.
The Realty ScenarioThe Chennai real estate too is undergoing a major face-lift with the IT/ITeS entrants. The city is being targeted as the new IT destination due to its availability of space and lower property rates. While the city is discovering new growth corridors for itself, Chennai's great connectivity with the neighbouring cities adds cherry on the cake. More and more people are moving to the city for jobs and demand for residential and commercial spaces are mounting. The city now presents great investment opportunities, with the Central Business District region taking up centre-stage.
Investment DestinationThe limits of the city are constantly being pushed beyond GST Road in the southwest of Chennai and Porur in the west. Some of the most prestigious locations in the city include the Old Mahabalipuram Road, GST Road, N.H. Road, N.M. Road, Thiruvottiyur High Road, C-in-C Road, Palikaranai-Medavakam, Thalambur, Thriveni Nagar, Adyar, Maraimalai Nagar, Velacheri, Anna Salai, etc. Residential property rates in these locations range from Rs.3090-Rs.13900 per sq. ft., with expected appreciation of 20-30% over 2-3 years.
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