With the arrival of IT market in India, real estate has gained tremendous momentum primarily in metropolitan cities including Chennai. Chennai has a huge growth potential. It has emerged as one of the most enticing cities of India for outsourcing business. The infrastructure of the city has undergone a serious makeover and acquired altogether new infrastructure. Both Central and State governments are operating in alliance for coming up with exciting and excellent real estate projects.
An appreciable number of reputed IT companies such as Tata Consultancy Services (TCS), Wipro, Infosys etc are successfully operating in the city and in fact have already carved a niche for themselves. Many world famous companies have set up their offshore software development centers here. Due to the phenomenal development of the IT sector in Chennai, real estate business is witnessing laudable hike. A number of commercial projects on Chennai -- Bangalore are on the final stage of approval. This is sure to influence the real estate development at Chennai.
Land prices in and around Chennai have gone up by 100 percent in the past 5 years. It’s not only IT sector that has played a crucial role, but also automobile sector where BMW has signed a pact the state government for setting up a car assembly plant.
It is worth mentioning here that foreign investors are showing considerable interest in Chennai real estate. A number of price trends can be seen in this sector. Owing to the large-scale development here, buying a commercial property in a prime location at Chennai has become very tedious.
Talking about residential property, trends can be seen fluctuating every now and then. According to some real estate agents prices are relatively too high in areas like Anna Nagar, Adyar etc and the price may vary from Rs 6 lakhs to Rs. 7 crores.
As software professionals are paid handsome salaries, they prefer to have luxurious lifestyles wherein they find affording 3 bedroom apartments too easy. So it is a wise decision to invest in Chennai real estate as this right move will help you earn huge dividends in the near future
