Chennai’s economy is on an upswing with its industrial sector doing well, and its IT/ITeS and banking and finance sector also positively contributing to growth. The city’s port and manufacturing sector is also attracting workforce from across the country, and this is driving its real estate growth in both residential and commercial sectors. Flats in Chennai have seen a surge in demand in the past year leading to a real estate boom in the city. While there are a lot of reasons why families are now looking to invest in property in Chennai, some that stand out are:
- Greater Availability of Residential and Commercial Space
Unlike Delhi and Mumbai that are chock-a-block with buildings, Chennai is a city that has ample space for new commercial and residential projects. Whether you are looking for a house to live in, a second home as an investment or a commercial space for business, you are likely to find some great spaces all over the city.
Additional Read: How GST will Impact Real Estate Sector in India
- Greater Affordability
With a relatively huge pool of affordable properties in Chennai may as well be one of the only metropolitan cities in the country. If you are on a tight budget, Chennai may just be the place for you. You can invest in a spacious home for half the price as that of cities like Mumbai or Delhi. Flats in Chennai also have the advantage of proximity to centrally located neighbourhoods, malls, schools, hospitals, etc.
- Economic Position in the Country
Chennai is one of the most prosperous economies in the country today. Not only does it have the fastest growing IT industry, but also other sectors like automobile, technology and hardware industries that are at par with other metro cities in the country. Chennai real estate has also been on the radar of some of the top investors in the Asia Pacific region placing it in a prominent position in not only India but the world. Another development that has impacted the real estate markets in a huge way is the launch of the underground metro that is likely to create a rise in market prices of properties in the areas close to the metro.
- Job Market Growth
The most important aspect of living in any city is your source of income. If you are looking to relocate to Chennai, then the job market is not something you will have to worry about. Whether it is IT and software or automobiles and the BFSI sector, Chennai offers ample opportunities for jobs. With a growing industrial market, the real estate market has also witnessed a stupendous growth.
With dreams of a home of your own, also comes the responsibility of funding such a dream. With all the aspects of taking care of you can buy your dream home in Chennai at by checking out various locations in Chennai to buy home.