Chennai, the capital city of Tamil Nadu is also the fourth most populous metro city in India. Formerly recognized as Madras, it is one of the fastest growing cities in the world. Although many find it a sweltering place to reside in, it is home to several nationals and is growing tremendously in terms of its real estate potential.
Factors Responsible for Boosting the Real Estate Sector of Chennai
The developed infrastructure in Chennai is maintained quite well and there are lot of new infrastructure projects up and coming such as Chennai Metro Rail, Satellite Bus Terminus in Madhavaram, Chennai Second International Airport, 6-Lane Vandalur Flyover and Porur Flyover, contributing to the growth of Chennai’s real estate sector; thereby delivering enticing prospects to buy a property in the form of an apartment or land in various regions of the city.
According to the survey conducted by Quality of Living, Chennai is one of the safest cities in India to live in and that’s why, a lot of people consider buying a property here. Unlike other metropolitan cities in India, the percentage of crime rates here is minimal and it has been labelled especially safe for women.
Second Largest IT Exporters in India
After Bangalore, Chennai is the second largest IT hub in India. Companies like TCS, Infy, Wipro, Cognizant, MindTree, Polaris, Mastek, Patni, Tech Mahindra and Hexaware are expanding their businesses at a rapid rate in here. Hence, this smart city is becoming home to several software professionals every year from different parts of the country.
Chennai is known for its automotive industry throughout the world. Known as Detroit of Asia, Chennai is the base of 35% of India’s automobile components and 30% of India’s automobile industry for 4-wheeled vehicles. Hence, the city adds a great deal to the GDP of India and has equally well-organized commuting means.
Chennai is the second largest employment producer in India that provides almost 35,000 jobs per year to the folks across the country. As a huge group of people migrate to Chennai every year, the real estate sector is also experiencing a boost.
Known for its cultural integrity, Chennai has always been a subject of interest to art lovers. Artists from all around the world flock here to stay connected to their love for dance and music and settle here for their cultural interests.
Chennai has one of the most well-organized transportation routes in India providing an incredible connectivity throughout the city. Known for its well-established infrastructure, the entire city is connected to major areas via taxis, rickshaws, buses and the metro.
Chennai being a hub for IT parks, the workforce from this sector has increased the demand for housing here. Several 2BHK and 3BHK residential projects are under construction, and also a home to a lot of people that have settled here for their careers.
Chennai is well-known for its healthcare industry. There are several hospitals offering high-end medical facilities and specializing in different treatments. People across the country and abroad even, visit this city to receive adequate treatment for their medical conditions. The sector also employs a huge amount of people, making Chennai a preferred location to stick around.
Standard of Living
Rated as the 9th best place to live in among top 10 cosmopolitan cities, Chennai has a great standard of living. Easy access to various beaches, historic temples and museums is giving a rise to the increased number of people that are attracted to this city. Places in North Chennai have a low property cost and people looking for rentals can find a 2BHK for as low as 5K.
Overall, Chennai offers good infrastructure, educational institutions, employment opportunities and medical amenities that hand-in-hand boost its real estate industry. If you are planning to invest in Real Estate Chennai or desire buying a flat here, you undoubtedly have several options to explore.