Often referred to as Detroit of India', Chennai is the fourth most populated Metropolitan city in India. The foodies relate to this city as the land of "Idli, Vada, Sambhar" while music lovers associate it with being the hub of Carnatic Music. Not just this, Chennai closely follows after Bangalore as the second largest exporter of IT/ITES and software. In recent times, the demand for properties in Chennai has witnessed steady growth; this growth is not limited to just one segment but includes residential, commercial office space and commercial retail space.
Some Prominent Realty Trends in Chennai Real Estate
- With a booming IT/ITES sector, Chennai is attracting IT professionals from all over the country. These professionals having varied income levels have created a demand for properties in mid-end and value housing segment in the city suburbs. Properties in Chennai Suburbs are witnessing high demand both from investors as well as end-users. Some prominent residential projects in Chennai Realestate include Hiranandani Upscale Apartment (OMR), Park Avenue (Kelambakkam, OMR), The Art (Kothari Road, Nungambakkam)
- As far as Commercial Office Space in Chennai is concerned, the growth rate has been phenomenal in the past ten years. Again this growth is attributed to the growth of IT/ITES sector & the setting up of many IT Parks across the state. As per realty market experts, if the current rate of growth continues, the size of office stock in Chennai will reach the current size of Mumbai office stock by 2015. OMR tops the list in terms of the most preferred location for setting up IT office space in Chennai.
- The high end high streets of Chennai including Wallace Garden Road and Khadar Nawaz Khan Road (KNK Road), etc. have emerged as a hub of premium retail and fashion brands. Some factors that have contributed to the high demand for retail space in these locations are the availability of hassle free car parking area and proximity to the city centre. As per market experts, the suburban locations in Chennai will witness high demand from retail brands in the next few years to come. The reasonable rental rates of retail space and growing residential base here will drive this demand. Some operational & upcoming Malls in Chennai include City Center Mall, Express Avenue Mall, Market City, The Grande, etc.
These are just some of the prominent realty trends as far as Chennai Real Estate is concerned.