Chennai has grown over the years as an IT hub. This city is considered the best for real estate investments and is also ranked as one of the best cosmopolitan cities in the world. Chennai’s economy is also growing at an exponential rate. The Chennai’s real estate market has picked up due to its growing infrastructure and connectivity. This has led to rapid growth and investment in Chennai.
There are several reasons why Chennai is considered as a smart city for luxury real estate investments.
- Chennai - Emerging as a major IT & automotive hub: Chennai is growing constantly and developing into a major IT, automotive and electronic manufacturing hub. A lot of new companies are investing and have set their base in the city. This has created more employment opportunities and has led to the rise in demand for commercial property in Chennai. Another reason for the city’s residential real estate growth is the development of hospitals, malls, schools, and multiplexes.
- Presence of renowned real estate developers: The presence of reputed real estate developers has transformed the real estate market of Chennai and has also resulted in the rise of residential projects in Chennai .
- Vibrant economic base:Chennai has a diverse economic base and it is supported by sectors and industries such as software, automobile, hardware manufacturing, healthcare and financial services. The city’s diverse economic base is also supported by the Chennai port. The presence of diverse economy has also created many job opportunities. This has led to rapid growth in real estate development
- Best investment locations in Chennai: The southern Chennai and West Chennai is a complete residential zone. Apart from rapid residential developments, these regions have also increased employment opportunities with various IT and financial services companies also coming up in Chennai. The leading destinations for residential property developments and investment are Ambattur and Oragadam in West Chennai and Palliakaranai, Gudavanchery and Old Mahabalipuram Road in South Chennai.
- RBI’s mandate to cut interest rates: The Reserve Bank of India had granted the permission to cut the interest rates by 0.25%. This has also increased the demand for housing and Chennai’s real estate began to grow again.
- Better ROI: Chennai has reached the top of the list because people are booking lands and houses just for investment purposes. The people who are investors are mostly NRIs who have grown up in Chennai.
- Options for consumers across various budgets: Chennai real estate offers many options for consumers across various budgets. This has made real estate investment in Chennai a beneficial choice.
The emerging destinations for residential property developments and investments are:
- Orgadam: This is one of the attractive suburbs of Chennai due to the presence of various Fortune 500 companies in Chennai’s Oragadam- Sriperumbudur industrial belt. Orgadam is likely to increase the demand for real estate. It has more than 100 global conglomerates investing in this zone.
- OMR: The Old Mahabalipuram Road stretch is also witnessing real estate development because of the establishment of IT business parks and SEZs in the region.
- Gudavanchery: There are many residential properties in this area of Chennai because of the presence of IT and industrial parks as well as infrastructure which has led to residential growth.
Many factors such as employment opportunities, education, and a decent lifestyle have led to the growth of Chennai in the last few years and attracting home buyers to invest in this city. If you are looking to invest in a residential property, Hiranandani Parks in Chennai is a good option. This property is a self-sustained township that offers everything ranging from world-class schools, business parks and villa plots.