Chennai has grown considerably in the last few years. The key factors that drive and draw people to the city are employment opportunities, decent lifestyle and education prospects. The city continues to see the launch of new residential projects at a fast pace. Let’s check out why Chennai is emerging to be the perfect destination for real estate development.
Why is Chennai emerging as a perfect destination for real estate development?
- Infrastructural growth: Chennai is emerging and growing into a major IT, and automotive manufacturing hub. More and more companies are investing in and setting the base in the city and at the same time creating employment opportunities. This has encouraged residential demand in and around the city. The other factors that drive the demand for the city’s residential real estate are the development of new hospitals, schools, multiplexes, and malls.
- IT & real estate: Chennai is one of the real estate destinations that has the best employment opportunity, better housing options, and good connectivity. The existing IT sector has increased the demand for housing amongst professionals of different designations. IT and ITES companies have already absorbed four million square feet of office space in the year 2013. Many IT and ITES companies have been developed, which has further encouraged the demand for residential housing.
- The market value of Chennai real estate is increasing: The market value of Chennai real estate is increasing gradually. The continuous increase in the market value is an indicator that Chennai is the perfect choice for investment and real estate market is growing.
- The growth of employment opportunities: The establishment of many multinational companies has led to high rate of employment in Chennai. Many MNCs prefer Chennai as it is recognized as an official English-speaking work zone. Many employees from other cities are recruited that has led to a growth in the number of people migrating to Chennai every year.
- Entertainment and shopping centers: Chennai has many shopping and recreational centers. McDonald’s and KFC joints can be found in every area of Chennai. Almost every area of Chennai has entertainment and shopping zones.
- Better public transport and roadways: Chennai has excellent roadways and better public transportation which ensures better commuting. This includes local trains and buses. The government has also launched its monorail and Chennai metro rail project. These are some of the reasons why Chennai is emerging to be the perfect destination for real estate development.
If you are looking for a property in Chennai, Hiranandani Parks in Chennai is a good option for investment. It has an integrated and self-sustained township that is spread over 400 acres and offers luxury apartments in Chennai . Chennai is one-of-a-kind city that offers high quality of life to its residents.