Chennai Real Estate: Opportunities all Around

With the opening of new IT-based growth corridors in the city, the real estate industry of Chennai exhumes potential of high-growth in the coming times. According to AT Kearney’s ‘Indian City Services Attractiveness Index’, Chennai has emerged up as one of the most attractive cities for offshore activities, in India.

IT majors such as Wipro, Tata Consultancy Services (TCS), Infosys and Polaris have set up their bases in the city while The Institute for Information Industry of Taiwan, at the other end, has set up its first offshore development centre in Chennai.

The telecom and technology industry is also growing quite phenomenally in Chennai. Most of the upcoming technology projects are driven by foreign companies such as Motorola, who is establishing a Hi Tech Zone in 300 acres of land beyond Sriperumbudur in Chennai. Technology giants Nokia, Flextronics and Foxconn are also setting up their units near Sriperumbudur, thereby making it a global telecom arena. These new commercial projects are coming on Chennai-Bangalore highway and a lot of real estate development is taking place there.

Gradually, land prices at the peripheral and sub-urban areas have been appreciated by more than 100%, in the past four years. However, real estate prices have stabilized in the past one year, sources informed.

On the manufacturing front, global auto major BMW has signed an MOU with the Tamil Nadu government for establishing a car assembly plant. Japanese mining and road construction equipment major, Komatsu group is also expected to set up its campus in the city.

With such hi-profile projects, Chennai Real Estate market is fast converting into an opportunity zone and investment in real estate is likely to bring superior returns in the longer term, experts indicate.

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