Chennai, also known as ‘Gateway to South India’ is the capital city of Tamil Nadu. The city has played a very critical role in the traditional, historical and intellectual growth of India and a standing testimony of Dravidian civilization. Chennai is the 4th largest city of India and is also the commercial centre of South India. The city is constantly growing and emerging into one of the biggest IT, automotive and manufacturing hub. It is also considered as the cultural hub of South India with strong heritage in classical dance, music, architecture, sculpture, movies & theatre, etc.
The city of Chennai is one such location which hasn’t witnessed any significant dip in the demand of commercial real estate sector. A lot of new companies are setting their base in the city leading to fresh employment opportunities each year.
In Chennai, unlike in other Indian metropolitan cities, the residential market is driven by end users who constitute 80-90% of the buyers. Absorption rate increased to 31.3 per cent in 2015 from about 26.6 per cent in 2014, and even though the market saw fewer launches in last 2 consecutive years, there have been more closures.
This resulted in clearing a lot of unsold inventory facilitating an upward correction in the market, a JLL repost says.
To go with the commercial surge in the city, infrastructure developments are happening to fulfill the needs of industries which are coming in to make Chennai their home.
The Public Transport across the city is getting better with more bus services and projects undertaken by government aiding faster and convenient commuting. Chennai Metro Rail project and Monorail projects are gaining momentum as well owing to which brighter days are expected for the city commuters in near future.
Chennai has always been known for its high-class Healthcare and medical facilities which is also one of the best in the county. The city is also known to have one of the best education eco-system in the county. Development of new hospitals, schools, malls and multiplexes are all abetting growth for the city’s residential real estate industry.
Along the expanding skyline of the city, there lie a number of grand bungalows adorning the city of rich heritage and history. These bungalows have been standing tall for decades and centuries and haven't lost any of their glory till now. While some of these are still used as residences, many have been converted into commercial and heritage establishments. One of the first names in the list of heritage bungalows in the city is the Chettinad Palace in MRC Nagar. Built in the early 20th century by the Nattukotai Chettiar family, the palace displays amazing work of Italian marble, limestone and teak. Another palace in the city is Amir Mahal in Royapettah which houses the Nawab of Arcot and his family. Constructed in 1798, this is a building which displays stunning Indo Saracenic style.
Radiance Builders, Doshi Housing, Jain Housing, Arihant Foundations are among the most prominent local developers in Chennai who are delivering quality, consistently. It is recommended that buyers make an investment decision keeping in mind the various schemes and offers that are being offered at present.
It won’t be wrong to comment that this is the right time to buy as customers have a wide choice of locations, apartment sizes and prices, which going forward may not be available due to the increase in demand!
Story courtesy: moneycontrol, Business Standard, Magicbricks