Property News From Chennai

Along with the rapid development in the city, the real estate markets too have boomed, with property transactions reaching rocketing heights. In recent years the Chennai property market has attracted huge investments from all over Tamilnadu, as well as from outside. This has also been complemented by the growth in the IT industries and BPO companies that have popularized commercial Chennai Properties. A number of housing companies have built huge residential and commercial complexes, villas and apartments in and around Chennai, thus keeping up with the ever growing demands. The increasing number of home seekers and willing investors has brought builders to focus on the availability of affordable and quality apartments.

2007 saw a potential boom in the retail sector with over 20 shopping complexes planned to come up in the next three years. Bangalore based Prestige completed a Forum Mall at Vadapalani in Chennai, in a joint venture with Vijaya Group. Spread over 17 lakh square feet, the mall involves an investment of Rs 350 crore. The Group is now building a second Forum mall in the city’s artery, Mount Road. Construction of Hiranandani Palace Gardens began in mid 2007 on an area of approximately 30.1 million square feet.

Early in 2008 India Infoline acquired an IT park and plans to enter into a partnership with the Indus Group in order to promote real estate projects. January of this year saw L&T South City Projects Limited (L&T SCPL) launched ‘Eden Park’ – a township off Old Mahabalipuram Road. This real estate boom has also attracted companies from all over the world. Following the US and European firms, a number of Israeli firms have lined up mega investment projects in the Chennai real estate market, which include both commercial and residential projects.

As a result of all these forthcoming projects, the real estate market in Chennai is really flourishing with huge investments being made into it and with a lot of professional activities cropping up around it.