The development of the IT sector in Chennai has also led to the development of the real estate market in the city in turn. Realty markets here are showing huge potential for growth in recent times. As per the Indian City Services Attractiveness Index, the city is the most attractive city for offshore activities. Leading IT companies like Tata Consultancy Services, Wipro, Polaris, and Infosys have set their bases in the city.
Even the Institute of Information & Industry, Taiwan has set up offshore development centers in Chennai. So, we can see that it is highly lucrative to buy flats in Chennai if you are in the IT sector. The technology and the telecom industry are grown predominantly in the city of Chennai. There are several places where you may invest.
The Old Mahabalipuram Road :
Chennai real estate is rapidly transforming into a great opportunity and may give you great returns in the long run. When we talk about Old Mahabalipuram Road, it is home to several real estate projects and has become the leading IT corridor of the city. You will find many mega residential townships built by leading real estate developers of the city.
This is an upcoming area which is also witnessing widespread civic and infrastructural development and there are several schools and recreational destinations which have also come up here. The prices of properties along Old Mahabalipuram Road have doubled since the year 2006.
East Coast Road in Chennai, renowned for its scenic beauty, has become the most attractive and lucrative residential destination in the entire city. In this part of Chennai, several residential complexes are coming up. So, the government is doing everything to reduce the number of vehicles plying here. This is helping make it a more exclusive neighborhood in proximity to the sea.
Thiruvallur: The Upcoming Zone for Real Estate Development
Thiruvallur in Chennai is a suburban area which has seen recent activities in the realm of real estate. This is the administrative district located in Tamil Nadu where some of the areas like GST Road, Padapai and Kancheepuram are seeing massive development. The named places have well-established infrastructure and enjoy close proximity to hospitals, schools and shopping malls.
In South Chennai, Kelambakkam is a flourishing area and a growing suburb. Owing to the superior social infrastructure and its great proximity to leading IT zones including Siruseri, more and more buyers are flocking to this location. This area is also a major hub for reputed educational institutions.
GST stands for the Grand Southern Trunk Road and is the busiest highway in the city. It directly connects Chennai to the southern part of Tamil Nadu. This is the best place to buy 2 BHK apartments in Chennai if you are looking for superior returns and comparatively reasonable prices.
Chennai real estate is driven majorly by the end-user segment. Investors do not play a huge role when it comes to driving growth in the city’s property market.