Chennai is known as the commercial hub of south india.Real estate sector has a fortunate growth in Chennai. As commercial sector is growing a large percentage of people migrate to Chennai which in turn is creating demand for rental space & apartments. A huge amount of FDI is being generated in Chennai as foreign investors have opted to invest in Chennai. Hence it is rightly said that Real Estate as a business in Chennai is on a upswing resulting to capital maximization for the city. Cost of living in Chennai is far lower as compared to other metros like Delhi, Mumbai etc hence a huge chunk of the population intends to invest herein. Chennai has further known for substantial growth in commercial Realty sector as many multinationals have come to Chennai to set up their subsidiaries. Industries like IT,BPO & corporate houses looking for commercial properties have changed the face of Real Estate market in Chennai. Residential market is growing parallel with the commercial sector. IT sector is also growing in Chennai .Residential prices have grown in Chennai in the last 4-5 years approximately by 10%. Spaces for investment purpose have gained advantage over the years. Rates in Chennai very between Rs.4500/- to 15000/- depending on the area & locality. Tapping such a huge market without the help of technology will hamper managing your business effectively.
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Chennai is currently witnessing a stunning growth in the Real Estate Market. Chennai has a diversified economic base. The main industries are software services, hardware manufacturing, automobile and financial services.
Chennai has emerged as the top candidate for ‘Location Ranking Survey’ among the other three Indian metros- Delhi, Mumbai and Kolkata.
Chennai is experiencing a major real estate boom. The primary cause of this is the rapid development of the Information Technology and realty based softwares. This has attracted professionals in real estate sector with minimal investments in business automation technology to ease their work and forward better and quick services to their customers. The consumerist culture has also encouraged the growth of organized retailing.
In order to compete in the ever-booming Chennai real estate market and to attract business travelers, several up-market hotels and 5-star luxury homes are designed by builders in Chennai in the last decade. International hotel chains like JW Marriott, Radisson has constructed hotels in Chennai.
The prospective property buyer in Chennai is highly fragmented; the majority work in the I.T sector followed by Financial Services.
There is also another segment- the NRI’s or the Non Resident Indians who usually buys high value ‘cream’ properties in Chennai.
Land prices in Chennai has showed an upward trend in the last few years; this has led to an active demand for flats or apartments. For the well heeled there is the choice of purchasing independent houses like villas and semi detached cottages. These high value properties usually come with other ‘frills’ like swimming pools, gymnasium and exclusive club memberships. The unique feature of such properties is that they are usually located on the I.T corridor (old Mahabalipuram Road) – making the daily commuting of residents easier to the office.
Planning of such properties while keeping in mind the requirements of the consumers and eventually facilitating it to the right customer has become very easy with the help of different I.T. tools like real estate softwares for consultants as well as developers.
The promotion of Chennai as an investment destination has resulted in developers promoting I.T Parks. Commercial and Industrial land is getting costlier every passing day. The old industrial heartland of Chennai situated in the western part of the city has attracted commercial developers.
The increase in property prices has also been a boon to the government authorities; higher property prices mean higher revenue collections! There has been a 40% increase in revenue collection compared to the previous years.