- 02 April 2018
When one thinks of Chennai, a culturally diverse, cosmopolitan city that is both modern and traditional at the same time comes to mind. Opportunities for employment and education are the two main reasons that Chennai continues to attract people who move into the city from all over India. .
Often described as the ‘Gateway to South India’, Chennai is today recognised as one of the most vibrant real estate markets in India. Real estate in Chennai is primarily end user driven, and the widely used Chennai Metro has improved accessibility within the city and its suburbs. Growing infrastructure has also contributed to Chennai’s appeal as a real estate investment destination.
With its booming real estate industry, many want to either own a house or buy a flat in Chennai. Read on for a clearer picture of how Chennai is transforming into a city you will want to live in.
In the past year, Chennai has seen significant infrastructural development that's had a positive impact on the real estate market in the city. The conceptual master plan has been approved for the Chennai-Bangalore Industrial Corridor (CBIC), an upcoming mega infrastructure project coming up along Chennai, Sriperumbudur, Ponnapanthangal, Ranipet, Chittoor, Bangarupalem, Palamaner, Bangarpet, Hoskote and Bangalore. The CBIC project is expected to boost commerce between South India and east Asia by enabling quicker movement of goods from these regions to the Chennai and Ennore ports.
Chennai has an estimated GDP of $78.6 billion. The city’s economy is primarily driven by the automobile, financial services, healthcare, software services and hardware manufacturing sectors. Chennai contributes 14 % to the country’s information and technology services, making it India’s second largest IT and BPO exporter. The city is also home to a large chunk India’s automobile industry – automotive, tyre and auto component manufacturers, which has earned it the nickname of the ‘Detroit of India’. Recently, the central government has conducted a first-of-its-kind industry meet related to defence supply opportunities in Chennai, and has announced plans to conduct the Defence Expo 2018 near the city, to attract more industrial players from the region to the sector.
Chennai is an important education hub, and home to some of India’s best educational institutions – IIT Madras, the Madras Institute of Technology, Loyola College, Stella Maris College and the Madras Medical College, to name just a few. At the same time, some of the schools in Chennai are recognised as among the top schools in the country.
In 2017, two Indian cities featured on a list of the World’s 30 most-visited cities – Chennai was one of them, at the 23rd position. Chennai was also ranked 9th in travel guide Lonely Planet's 2015 top 10 cities ranking. The city’s most popular tourist attractions include its beaches, museums, historical monuments and government buildings, amusement parks and nature parks. Chennai also boasts many churches and temples, with some dating as far back as the 7th century.
Chennai has exciting entertainment options to offer residents and visitors. As a cultural hub, Chennai has a plethora of dance, drama, music festivals, and art shows to choose from; and is home to Carnatic music and Bharathanatyam as well. The city’s movie culture too is distinct from that of Bollywood, with people almost hero-worshipping their favourite stars.
There are multiple reasons for moving to and buying a home in Chennai. Rich in culture and tradition, it is a great city to raise a happy family. . The literacy rate is high, and the education ecosystem focuses on holistic development of students. The people of Chennai are welcoming and warm too. The city offers myriad opportunities to maintain work-life balance, and is a culinary delight to boot!
If investing in a home in Chennai, do consider nearby social infrastructure and employment prospects for improved returns. The OMR region and GST road are emerging growth corridors. Avadi is yet another upcoming location that is attracting good buyer interest. It offers convenient connectivity to Chennai and ample employment opportunities, together with good schools, colleges and healthcare institutions.