Chennai’s real estate market has been a subject of surprise for real estate experts across the world. What once was a city with conservative outlook and a lot of agricultural land in its outskirts is today a sprawling city with amazing potential for a real estate boom. So, there must have been more than one trigger that caused the major boom in Real estate in Chennai is headed towards. Here are the factors that have contributed substantially.
- Industrialization: Advent of several new age and traditional industries along the arterial roads of Chennai paved way to the demand for many state-of-the-art commercial buildings. Chennai was the most sought after owing to its location, abundance of land, favorable climate and potential for growth and hence the city slowly became a hub for industrial development. IT/ITES corridor at OMR/ECR and electronic, automobile and glass manufacturers on Sriperumbudur and several others in the Central Business District and other regions of the city are stellar examples of commercial development.
- Increased employment opportunities: Tremendous commercial development and accelerated scope easily attracted migrants from other parts of the country and also from many quarters of the world. Rising employment opportunities have created the demand for numerous housing units thereby causing an upsurge in residential realty as well.
- Heavy infrastructural development: All round realty and industrial growth made the city equip itself in its infrastructure as well. So, the advent of other industries further accelerated.
- Expansions: Real estate in Chennai really began making its mark as the city began its geographical expansions so as to accommodate regions that were once deemed remote.
Industrial development in Chennai
Source: CNN Money
- Sumangali Homes
Builders in Chennai
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