Chennai Properties Ride Over it Backbone

By: George Gonigal

If IT is seen as the single-largest factor driving real estate markets in India, Chennai has a reason to cherish. In the recent years, the automobile capital of India - Chennai has come up as a potential IT and ITeS center, compelling national and international real estate developers to take the note of it as a competent real estate destination of India.

Growing incomes from the IT, automobiles and electronics sector which delineate the backbone of Chennai's economy, have been influential in driving demand for residential properties.

Southern Chennai because of its proximity to IT/ITES zone has been witnessing a considerable increase in the residential real estate values. Areas with propinquity to the IT/ITeS hubs have materialized as zones with major demand for residential real estate development in Velachery, Madipakkam and Tambaram to name some.

Besides, places such as Velachery, Mogappiar and Thiruvanmixur are the ones which proffer budget homes. Conversely, localities like Alwarpet, Boat Club, and Poes Garden have transformed into posh residential areas.

Investment opportunities- Knocking on the door

Owing to the splurge of commercial as well as residential projects in Chennai the investment opportunities in the city are anticipated to be astounding.

A number of prominent real estate projects are due to take off in Chennai. One of them is by Chennai-based Sabari Foundation. The Rs 180 crore luxury project by the group will consist of 308 apartments on a 10-acre area at Siruseri.

Also, L&T South City Projects Limited (L&T SCPL) has announced the launch of 'Eden Park', an integrated township spread over about 100 acres in Siruseri, Chennai, on January 18, 2008. It will be developed in 4 to 5 phases. The first phase will be developed over 14 acres with 656 apartment entities consisting of 2 and 3 bedroom dwelling units. The township boasts of residential apartments, villas, schools, necessary services, healthcare facilities and shopping arcade.

With this a number of other such prestigious residential projects are due to come up in near future, Chennai residential real estate will witness a lot of investment pouring in by the real estate developers and also by the potential end user, property consultants project.

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