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How Chennai is developing into the next real estate hub?
25 Jun 3 min Read Read by 1002
Tamil Nadu’s capital city, Chennai, is home to major educational, economic, and cultural centres in the southern part of India. This has led to the rise in the number of people moving into the city for both studies and employment opportunities which has in turn driven growth in the real estate landscape. Although there have been certain roadblocks in the past for the realty market in Chennai, the scenario has changed for the better. For example, there were many regions and neighbourhoods in Chennai that were affected by the meltdown but now if you search for flats in Chengalpattu and other areas of Chennai, there are many reputed developers that are coming up with many good residential as well as commercial projects that will change the outlook of the neighbourhoods.
So, what’s brought in the Chennai change? What’s turning Chennai into the next real estate hub? Let’s find out.
Diverse Economic Base
The presence of a vibrant economy only adds to the attractiveness of Chennai. Anchored by software and hardware manufacturing industry, automobile industry, healthcare industry, and the newest entrant to the sphere – the finance industry, the economic base in Chennai is much to be revered. The import-export industry is not far behind as the Chennai port is the second largest port in India [1] and an important facilitator for the import and export of goods. Moreover, these industries create ample employment opportunities which leads to growth of the real estate in the city. In such a case where you are searching for a 2 BHK flat in Chennai, there will be plenty of options to choose from.
Growth In Infrastructure
Civil and social infrastructure gained momentum once the employment opportunities picked up in Chennai. Major initiatives were taken on the infrastructure front with the Outer Ring Road (ORR), Inner Ring Road (IRR), East Coast Road (ECR) and the Mass Rapid Transit System (MRTS). The metro and monorail corridors are currently being planned to improve the connectivity and accessibility of the city.
The Entry Of Reputed Developers
Due to the influx of people in the city for various reasons, there are many big real estate developers that have entered the market with townships and luxury projects such as Mahindra World City in Chengalpattu. Mainly comprising of 2 BHK and 3 BHK flat for sale in Chennai, this township comprises of Mahindra Lakewoods and Mahindra Aqualily.
In case Chennai is the city you wish to settle in, Mahindra Lakewoods would be the perfect fit as it comes with many advantages that you’d want in a home.
Reference:
1. Sea ports in India – Walk Through India
