There has been an unprecedented growth in demand for real estate across all markets making the exercise dearer. This is attributed in no small measure to the vibrant economy, robust growth and the resultant housing demand exceeding supply, surveys V Nagarajan.
As the Detroit of India, Chennai has been luring several industries to its fold due to its strategic location, availability of skilled manpower, better infrastructure and cosmopolitan outlook. The IT sector’s prolific growth has triggered real estate demand to a new high now. And the declaration of old Mahabalipuram road by the state government as IT corridor and laying of world-class infrastructure facility under way has seen a virtual exodus of property developers to garner land for development.
Chennai has several inherent advantages for real estate development and the city is poised for a quantum leap, feels Sunil T Mehta, director, Citilights Properties Pvt Ltd. The all-round development has enthused even property developers from other cities like Bangalore, Hyderabad, Mumbai, Pune and New Delhi to enter Chennai and test the waters. Mumbai developer Hiranandani Constructions has already acquired nearly 100 acres on IT corridor opposite Siruseri Park. While some builders have finalised a few deals, others are in the process of clinching deals. It has been a Herculean task for a majority of the builders to get hassle free title to the property.
The 100 per cent foreign direct investment (FDI) under automatic route in real estate development is a virtual boon for major global players to enter Indian cities. A number of trade delegations have visited the city for preliminary survey to consider investment in large scale projects. Not a day passes without an investor group surveying the IT corridor for suitable areas for development. While Singapore Realty is yet to officially launch their maiden township project in Siruseri Park, a number of township projects are under active...