It Industry Drives Chennais Real Estate

By: George Gonigal

Chennai's real estate market is witnessing unprecedented property rates. Despite this, the property market is still abuzz with activity. Domestic as well as the foreign investors are still keen on buying property in Chennai.

Chennai's real estate is largely driven by commercial development, especially on the IT corridor. The entry of new IT/ITES companies in the city has given impetus to the city's property profile. These units look for quality commercial spaces in the vacant plots/space in the city. Professionals occupied in the IT, automobile, electronics and manufacturing sector are driving the residential property of the city. Hence, the commercial sector is indirectly boosting the residential demand in Chennai.

Additionally, some significant developments in the real estate segment have impacted the property demand in the region. IT services major Computer Sciences Corporation (CSC) plans to develop its fourth centre in Chennai. Tata Consultancy services (TCS) is to set up their campus on 80 acres of land at Siruseri Industrial Park on Chennai's IT Corridor.

Property developers such Bangalore-based Prestige and Nitesh Estates too have shown their interest in the city. They have lined up a series of new residential and commercial projects in different localities of Chennai. Prestige Developers plans to set up a value mall in the city at an investment of Rs 300 crore. Ozone Developers, a Bangalore-based property builder, have acquired 42 acres at Koyambedu for a 5.5 million sq ft development.

IVR Prime Urban Developers are planning to build a business park, resort, deluxe hotel, hospital, college, housing complex and a golf course near Sriperumbudur in Chennai with the total investment of Rs 2,000 crore.

These developments are adding glitter to the city's profile. Hence, top MNCs, manufacturing companies, corporate houses are considering to open retail or commercial outlet in Chennai. This is yet another factor that contributes towards a high real estate values in Chennai.

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