Chennai

The demand for residential space in Chennai real estate market is prompted by the consistent buoyancy in the IT and ITES industry. The south and south western parts of Chennai is the most sought after in relation to the demand for residential space. People have significant demand for the integrated townships and residential neighborhood in the city.

The nucleus of Chennai i.e. the old residential areas such as George Town, Purasawalkam, Triplicane, etc. are now going through urban renewal. The capital and rental rates of the prime residential areas are at an all time high. The city boasts of a balanced mixture of family houses (plotted development) and apartments. Both up-market residential areas and areas that cater to middle-income can be availed in the city.

The support given by the Chennai government to IT sector has allowed them to establish their offices inside the industrial estates. Since, government aims to support people to establish more number of industries in the city, the rates in the industrial real estate in Chennai are comparatively less.

This has prompted builders and investors to invest in the industrial market. Industrial areas like Guindy, Ambattur are the targeted land by the investors. The high quality office space in all industrial sectors is characterized by high demand and is steadily rising. Moreover, emergence of new abodes in Chennai like Porur, Ekkaduthangal can be seen for developmental activities.

There are three main roads viz Anna Salai, Dr. Radhakrishna Salai and Nungambakkam High Road, wherein the prime commercial complexes are established. The prevailing market values and rentals differs as per grade A and grade B construction. Around 48% of India's auto components industry and 29% of the vehicle industry is based in Chennai.

With several global automotive companies(like Hyundai, Ford, Mitsubishi,etc.), petrochemical companies (Chennai Petro Chemicals Limited (CPCL), Madras Refineries Limited (MRL), etc.), IT/ITES corporates, BPOs , there has been tremendous demand for commercial property in Chennai. The real estate market of Chennai has a high demand for A-grade commercial space. Government support to companies have further triggered the rise in demand.

The upward trend in retail industry in Chennai has also supported the rise in demand of commercial property. The city is also home to crucial banks and financial institutions that adds up to demand for commercial real estate property.