Chennai has retained its traditional charm for a long time. The city is known for its booming film industry. Booming industries include handlooms, furniture, fine silks, and traditional and fashionable merchandise. Investment in real estate in Chennai has been on the rise. With the buzz of satellite townships on the outskirts of the city, the avenue for real estate investment has never been so good. The Chennai landscape is ready for a makeover. When the Rs 32,700 basic plans for the metro are completed on schedule in 10 years, the city’s skyline will be dotted with elevated highways, bus rapid transit lanes, truck terminals, monorail, a dozen more overpasses and several rails above and below. bridges and multi-level car parks to adapt to the needs of a constantly growing population.
With imminent infrastructure development plans underway, Chennai property prices have already skyrocketed. Land prices in the industrial areas of Guindy and Ambattur are experiencing rising rates. In central Chennai, the capital values of a multi-storey apartment are in the range of Rs 7000-12000 per sqft while West Chennai is priced at Rs 2000-10000 per sqft for the same. Chennai IT Corridor demands Rs 2500-5500 per square foot for an apartment unit and in South Chennai it is between Rs 3500-10000 per square foot. Apartment rental values are between Rs 10000-25000 per month in central Chennai.
Many real estate developers are imminent in the city. The L&T South City project is launching Eden Park. It is an integrated municipality and will be developed with an investment of more than Rs 12 billion. The location of this massive project (around 100 acres) is near Siruseri on OMR (Old Mahabalipuram Road). The project will be based on the apartment villa concept, combining the luxury and privacy of an independent villa with the comfort, maintenance and security of an apartment. The project began on January 18, 2008 and will be completed in several phases.
In addition, another Estancia project is also an integrated municipality of L&T Urban Infrastructure Ltd in partnership with Arun Excello of Chennai. This project is coming up on 78 acres of land at an estimated cost of around Rs 1800/crore. It will eventually house 2,000 apartments, an IT park, a hotel, a shopping center and a school. L&T will provide construction and project implementation for this Estancia development.
The city of Chennai, though small in comparison to other metropolitan cities in India, has had an identity of its own that is unique, but evident. With the right infrastructure also in place, the Chennai real estate sector is poised to grow.