Among the four metropolitan cities in India, the port city of Chennai has a unique advantage of a major hallway to Southern India. Typically the city is catering to the leading off shore industries, but with time Chennai is becoming lucrative place to go for IT and ITeS industries. Chennai real estate value is relatively more affordable due to the availability of large tracts of unutilized land. Chennai can also be gaining advantage over neighboring cities like Hyderabad and Bangalore owing to the access to space and work force. The low operational cost and more affordable lodging is the other motive bring interest of foreign businesses.
Not only has this increased the capital and rental values of commercial property, it’s also fuelled a demand for housing for its workforce. There’s been an active demand for flats and apartments. Residential land prices in Chennai have showed a significant upward trend in the last quarter. Taking into consideration the inroads of multinationals into the city the hospitality industry is also upbeat. To be able to attract the company traveler several up market hotels have been established at Chennai in the last decade. International hotel chains like JW Marriott, Radisson has built resorts within the city. This has further improved the real estate actions within the city. Cashing on the trend majority of the upcoming projects are catering to the needs of higher class end user.