The Candy GPS Report, published on 2nd May, 2014 identified 12 cities across the world with the potential to show strong residential property price growth in the near future.
Author: Vishal Kumar
The Candy GPS Report, published on 2nd May, 2014 identified 12 cities across the world with the potential to show strong residential property price growth in the near future. Guess what? Chennai was one of those 12 cities and the only Indian city to get this recognition. This, in fact, is the first global recognition that the port city has ever received. Mostly underrated as a cosmopolitan city, Chennai is fast playing the catching up game with its more celebrated Indian competitors such as Delhi, Mumbai and Bangalore amongst others. The most important factors that worked in favor of Chennai this time was the strong English speaking skills that the residents possess and the presence of a wide range of industries that provide hybridization of different work cultures.
Chennai’s wide industrial base and its thriving residential real estate market
Chennai is the fourth largest city of the country, having a broad industrial base in the automobile, technology, computer, hardware manufacturing and healthcare sectors. As per the information offered on Wikipedia, Chennai is the third largest exported of IT and ITES of India, and is also known as the BPO hub of the country. So many automotive companies such as Hyundai, Nissan Motors, Ashok Leyland, Renault, Ford, BMW and Mitsubishi have their production plants in Chennai. It once had the Asia’s largest IT park, Tidel Park. With such a strong industrial base, it doesn’t come as a surprise that Chennai has always remained a perennial favorite of the real estate developers and builders. With such a huge potential market in all segments, Chennai attracts residential as well as commercial real estate developments throughout its length and breadth.
A study conducted by the National Housing Bank on the residential index of Indian cities showed that Chennai experienced the highest growth after the 2008-2012 global financial crisis. A study by 99acres conducted in 2011 showed high growth in specific regions likes of Tambaram, Chrompet and Thoraipakkam. Ambattur, which is a fast developing residential locality and manufacturing hub of Chennai, is another high-potential area. It has the Ambattur Industrial Estate, spread over an area of 1,430 acres and prides itself as the South Asia’s biggest small scale industrial estate. Many real estate developers are benefitting from this industrial cluster’s location, and are coming up with new residential projects. BBCL Navarathina by BBCL Builders is a perfect example of the same.
Where to invest in Chennai?
Chennai’s resilient show post recession and now its inclusion in the top 12 global realty investment decisions certainly calls for investing in residential properties such as an apartment in BBCL Vajra by BBCL Builders in Mogappair West, North Chennai. Chennai North has all the attention of investors and buyers owing to the presence of highly ranked educational institutions, IT offices, Industrial Estates, hospitals and other social infrastructure. BBCL Vajra is just one of the superbly designed projects in the area that offers perfectly crafted residential apartments.
The city had a strong year when it comes to residential sales, with the entire 2013 witnessing sale of 32,800 new residential units. The New Year 2014 also started with a positive note, as customers continue to remain optimistic about the future. As more MNC IT companies set up their shop in the city the future also looks bright.
More regions like Velachary are expected to come up and thrive. It is worth noting that Velachary has
grown to become one of the most premium residential addresses of Chennai during the past decade, all thanks to the thriving IT sector. In addition to its commercial significance, the region also has a geographical advantage in terms of connectivity to other parts of the city. May be that’s why new projects like BBCL Ananya by BBCL Builders are still a runaway success and present an excellent buying option to those who can afford
About the Author
Vishal Kumar writes on behalf of 99acres.com, a leading online real estate portal. The site offers a quality of information on the India Real Estate market. He writes on the present realty scenario of different cities in India.