Top Reasons Contributing to Chennai’s Real Estate Boom

Posted at 23.04.13

Chennai has always been one of the major cities eyed by real estate developers from all over the country. However, in all the last few years; Chennai real estate witnessed an upsurge unlike any other city. Even when other major cities in India observed a slump in the real estate market; Chennai was one of the very few cities to actually notice rising property prices and exceptionally high demand in property investment. While there are many reasons that contribute to rising popularity and prices; industrial revolution due to entry of numerous international and domestic organizations is cited as the predominant factor.

Chennai Real Estate: A new High

Setting up of several centers, factories and organizations has opened up the employment market in the city. The consistent demand for skilled and professional manpower has encouraged migration of trained professionals and experts from other parts of the country and the world at large. International corporations have deeper pockets and have contributed to bigger salaries. Domestic corporations have also managed to keep up with the international counterparts. Together, they have contributed to more elite working families who are today able to make real estate investments. Sriperumbudur is one of the rapidly burgeoning locations of the larger city that is not just growing in terms of industrial movements but also on infrastructural and real estate fronts. The working population of Sriperumbudur desire to be located out of this area and hence several property developers have constructed budget and premium homes to cater to all kinds of the society.

Properties in Sriperumbudur are selling like hot cakes with the city’s population investing in more affordable parts of Chennai. Properties that costed thousands a few years back have today grown in multitude and with the kind of development that is happening here; they are expected to increase in leaps and bounds shortly. Caching in on the boom are several property developers with numerous state-of-the-art properties that are well equipped with top class amenities such as international schools, modern health clubs and gymnasiums, extensive shopping arenas, sophisticated business class hotels and restaurants and fully equipped medical centers and hospitals so that residents of integrated townships and gated communities do not necessarily have to wander in search of important requirements.

Associated Developments

With the real estate scenario in Chennai booming, Tamil Nadu real estate is also experiencing many positive impacts. The state is renowned for contemporary infrastructural developments, effective educational facilities and rapid industrialization in the past decade. Also, proximity to well developed and urbane Chennai makes cities of Tamil Nadu observe growth in property development. Capital value of properties in Tamil Nadu has been consistently increasing due to higher demands for housing. Salem, Coimbatore and Madurai are some of the cities in the state’s list that are preferred by ace property developers and hence areas of interest for investors. Real estate market of Tamil Nadu is characterized by a wide range of residential spaces that include affordable yet luxurious apartments, spacious villas and budget homes that are constructed in alignment with customer requirements.

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