One of the top real estate firms in Chennai, Appaswamy Real Estates Ltd. is a subsidiary of The Appaswamy Group of Companies. A leader in the real estate business in Chennai, the firm has existed in the city since 1958. From the first few investment properties that Appaswamy Real Estates Ltd constructed in Chenai, their work has spoken of the standard that the firm has kept up with. A few outstanding characteristics of the company are its commitment to completion of projects on time, prices with an affordable range and absolutely no complaints from their clients.
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Golden Homes Pvt. Ltd., over 16 years since its inception, has become one of the foremost real estate and developers in Chennai. Among its projects, there are several that have become a favorite among real estate investors in the city, are prime locations.
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With the incredible boom in the investment property market till a few months back, there have been a number of people who have taken the opportunity to add another piece of property to their list of assets. A large number of these are people who used to stay in flats (who couldn’t afford houses) and who have now exercised the option of buying themselves a cozy little home, which has the advantage of space, comfort and design/architecture of choice. After having moved out of their flats, a lot of these people let their investment work for them and let the flat out on rent.
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A number of people are moving from the current abodes in the Chennai metropolis to the southern suburban areas. This is mainly due to their search for unpolluted, clean air, away from the hustle and bustle of city life. Moreover the land is much cheaper in the suburbs.
One of the major construction groups that have recently opened shop in Chennai is the Bangalore based ‘PURAVANKARA GROUP’. The group was established way back in 1975 and has emerged as a leading group in the development of investment property in Insdia. In addition to Bangalore, the group has started real estate development in a major way in cities like Chennai, Kochi, Mysore and Hyderabad. The group is also taking up projects in Colombo and in the United Arab Emirates.
Chennai is fast becoming a sought-after destination for many IT majors. Keeping in line with this trend, many famous property developers have also moved to Chennai.
Recently, Tata Realty and Infrastructure (TRIL) and Tamil Nadu Industrial Development Corporation (TIDCO) have entered into an agreement for joint development of property in the Special Economic Zone. This will be IT specific project and will span about 25 acres in Taramani. The estimated cost of development is $ 750 or Rs. 30 billion. Under the agreement, an international convention center, a five-star hotel and service apartments will also be built attracting many to buy an investment property in Chennai. The move is expected to generate employment for over 40,000 people. This project is touted as a milestone in the development of IT-SEZs in India.
Along with the rapid development in the city, the real estate investment 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.
By and large, investment property in India is facing an upward price trend and among the top metros, Chennai is being eyed by all the major as well as the minuscule realtor’s as a gold mine. There’s a very positive trend that’s seen in the real estate scenario in Chennai in the past few months.
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.
Chennai is emerging as a vibrant and healthy Real Estate Market across all Segments for South India.
Office Space Market: The last 2-3 years have seen considerable demand increase in the Chennai Office Space Market. A whopping 65% of the total Office Space demand originates from the IT/ITES industry, having grown almost 7 times since the year 2002. This trend is due to a search for alternative locations, better infrastructure, low attrition levels, and a large pool of qualified personnel. With an increase in the demand, the rental and the capital values have also recorded a marked increase of 8%-10% and 5%-15% respectively. At present, this commercial is chiefly concentrated around peripheral locations of Guindy, Anna Nagar, Ambattur, Adyar and IT Highway (Old Mahabalipuram Road) due to availability of land from the Government and private land owners. According to Official sources, around 80 IT parks have been given permission to set up in the last 12 months.
