Realty News From Chennai

Chennai is the most preferred place for corporate and Multinational Companies due to its expert manpower and outstanding business environment. The upsurge in sectors like the IT and the BPO industry of Chennai has played a vital role in the modification of the commercial real estate market, thus setting it up for the growing demands of the business market.

The IT Park in Chennai, also called “Techscape Towers” was developed by a 25 years old realty player, the Indus Group. India Infoline, the financial service provider, partnered with Indus Group to diversify into real estate business. They acquired the IT Park for a whopping Rs.80 crore.

Chennai is a city that has diversified economically because of its automobile, financial service industries, and software and hardware services. There is growing demand for both commercial and residential investment projects in Chennai due to the stability in the property market of Chennai. When compared to the cost of living with cities like Mumbai, Delhi or Bangalore, Chennai still offers the lowest.

Chennai has great demand in almost every sector, namely, commercial, residential and retail. With the real estate boom, investors also have benefited with cash flow and tax advantages. Even foreign investors now flock to Chennai to make a considerable presence in real estate. Many Israeli firms have shown the desire to cash in on the city’s real estate boom after the domestic, US and European firms, despite the soaring property prices. According to Chennai-based real estate advisor, Hemdey International Realty Services, Israeli firm Elbit Medical Imaging Ltd has acquired Chennai’s residential and commercial property for somewhere around $ 135 million. Other than Israeli firms, both domestic and international real estate are looking out for opportunities in Chennai.

Chennai residential markets have equally played a major role in bolstering its real estate sector. There are umpteen projects that offer apartments with luxurious amenities like swimming pool, club house, gymnasium, children’s park, and etc. Twenty glitzy malls have been planned in the next three years. The new shopping malls are all set to take the advantage of Chennai’s increasing cosmopolitan nature. This emerging trend makes property investment worth an idea.

Rental rates in the suburbs are uniform due to the high level competitions from the developments along the IT corridor. A substantial rise of around 870,621 sqm of space scheduled for completion this year.

Also, the Government is considering on building two model towns in north Chennai and South Chennai anchoring 9,936 tenements and 9,000 tenements respectively for families living in the river bank and hutment dwellers.