Mar 7, 2013

Investing in Chennai

Chennai, popularly known as Madras till the year 1996, has a rich tradition and civilization with a perfect blend of traditional and contemporary lifestyle co-existing in an urban melting pot. Chennai, rightly known as an exotic state, is famous for its rich artistic murals across its fabulous temples, the fabulous coconut fringes, the stunning array of rich silk sarees and so much more. This 350 year old bustling metropolis is surrounded by a rich green environment and is gifted with a rich traditional charm that encapsulates art and culture perfectly. Beside major industries like automobiles, software and manufacturing, it is also a leading state in sports like chess, cricket, badminton, squash, hockey and racing.
Ever since the National Housing Bank (NHB) started preparing its residex - an index for tracking the price of residential properties in 2007, the Chennai Metropolis has been in the news for the real estate growth. Since 2008, the price of real estate in Chennai has grown by almost 2.18 times, say NHB figures. But for a slight dip in prices between July & December 2008, primarily on account of the global meltdown, residex has been steadily heading northwards in Chennai.
The city overtook Kolkata, another overheated market over a year ago. Over the past 4 quarters until March 2011, Chennai has topped the NHB survey, which has 15 other cities. Between January 2010 & March 2011, when the latest residex was released, apartment prices in the city have increased by almost one-third.
The Chennai Corporation has been working towards expanding its limits from 174 Sq. Kms. to 426 Sq. Kms. merging municipalities, town & village panchayats. This move to expand the city will lead to improvement in infrastructure, water supply and the underground sewerage system.
Chennai with so much activity in every type of industry from automobile to IT is drawing the attention of talent from across the country. With talent moving in to Chennai for employment in different sectors has led to a raise in population seeking quality real estate and a rise in the real estate sector thereby growing economic progress. A scenario that is similar to Delhi with 3 separate regions. The latest census also states that population growth is advanced in these new upcoming districts than within the older Chennai corporation limits.
This developing socio-economic scenario is thereby prompting immense development and growth opportunities in Chennai. An incredible growth is being experienced in real estate business.
As real estate is always a subject that's of great interest to NRI's looking to invest, they continue demanding newer projects and properties in Chennai and its adjacent districts. It is also attracting investments from neighboring states as well. The residential projects of Chennai have increased by extensive investments made by NRI's and high graded employees thus raising the style of quality and luxurious living with world-class amenities in most of the new upcoming projects.

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