The city of Chennai real estate has experienced a complete turnaround in its real estate, of late. The combined initiatives of the Government of Tamil Nadu and the Union Government are paying rich dividends in terms of approval of projects related to the improvement of infrastructure in the city.
With buildings and churches built during the British period, Chennai had imbibed the European culture like no other city in India. The city of Chennai, though small in comparison to other metropolitan cities of India, has had an identity of its own that is unique. Except for the weather, most people seem to agree that things are improving in the city; in terms of civic amenities and infrastructure (with the 9 flyovers, privatised collection and disposal of garbage and improved street lighting).
Chennai is currently facing a crunch of quality real estate space, market experts say. However, significant construction activity can be witnessed on Old Mahabalipuram road (IT corridor) and more than 2.5 million square feet is being developed for IT or ITeS companies. Most landowners are opting for joint development with various real estate developers to address the demands from IT and ITeS companies.
Its strong presence in both the old and the emerging knowledge-based economies has made Chennai a vibrant hub in the region. From automobiles to software, from dotcoms to retailing, it's all happening in Chennai. The Chennai Metropolitan Development Authority (CMDA) has come up with an idea of developing satellite towns around the city, in its draft for second Master Plan. Nevertheless,
Chennai Real Estate market is eagerly looking to these initiatives.
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