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As per industry consultants the reply is Yes, Chennai continues to be a secure bet! This is as a result of property costs in the city are even now, inside an affordable range as in comparison with other main cities like Mumbai, NCR or Bengaluru. Investments are flowing in from retail and company biggies.
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At present, property costs in suburban areas of Chennai are touching new highs. Locations like Velachery, Porur, Mylapore and different components of town have turn out to be real property empires and hence are attracting property developers. The yr 2012 has remained exceptionally good for Chennai actual property. However, the massive question is will this progress rate sustain in coming days? Will it’s protected for younger, center class investors to put their cash within the property market?
This is why it has turn out to be one of the sought after places in the world. Many multinational companies together with few Fortune 500 corporations have already began operations whereas others are planning to do so, as early as attainable. The 20-km six-lane IT corridor stretch from Madhya Kailash to Siruseri homes several distinguished IT companies, few resorts, retail outlets, eateries, colleges, and so on. The excellent news is that the fierce competition that is brewing up amongst numerous builders targeting the IT corridor has benefited patrons solely. Now, it is not very difficult to search out developers who’re prepared to provide a number of options to homebuyers.
What attracts buyers in the direction of the OMR stretch is comfortable, green and pollution free environment. The scenic coastline adds additional allure and value to OMR properties. Besides, the OMR and the GST Road, different prominent places like Sriperumbudur, Oragadam and Avadi have also caught attention of property developers. The State Government’s give attention to offering glorious road connectivity alongside these areas has additional boosted these initiatives.
The real estate situation in Chennai is now quite in distinction to what it was even few years back. This is one metropolis which has always been thought of a bit conservative. The phenomenal growth in Chennai real estate market may be mostly contributed to the fact that a number of reputed companies providing IT/ITES have turned their attention towards the town, showing willingness to open places of work. The industrial revolution has occurred mainly due to the state-of-the-art infrastructure services, availability of skilled manpower and strategic location of Chennai.