REAL ESTATE IN CHENNAI |
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In a 2013 survey titled ‘Emerging trends in real estate in Asia Pacific 2014’, Chennai emerged in the top 25 real estate destinations list in the Asia Pacific region. The city ranked 22nd in the list. There are about 1,240 slums in Chennai home to about 0.9 million people.
Per 2011 census, there are 1.1 million households in the city and the residential housing stock available is 1.15 million – a surplus of about 50,000 houses. About 43,700 of them are kept vacant. In the suburbs of Chennai located in Tiruvallur and Kancheepuram districts, the figures of vacant houses 56,000 and 71,000, respectively. Of the existing housing stock in the city, about 200,000 houses are not in good condition, necessitating either to rebuild or build new units. About 26,000 households live in houses without any room and another 427,000 families (with an average size of five members) live in small dwelling units with only one room. An earlier estimate shows that there is a need to generate about 420,000 units for low-income groups by 2016. As of 2012, an estimated population of 11,116 (0.16 percent) were homeless. Per Supreme Court guidelines, the city needs 65 shelters for the homeless. However, it has only 15, of which 8 are functioning and two are under renovation Chennai is currently witnessing a stunning growth in the Real Estate Market. Chennai has a diversified economic base. The main industries are software services,hardware manufacturing, automobile and financial services. Chennai has emerged as the top candidate for 'Location Ranking Survey' among the other three Indian metros - Delhi, Mumbai and Kolkata. Software services and Business Process Outsourcing (BPO) has emerged as major contributors to Chennai's economy. Chennai is experiencing a major real estate boom. The primary cause of this is the rapid development of the Information Technology in the city. This has attracted young professionals with considerable disposable income and a consequent consumerist mindset. The consumerist culture has also encouraged the growth of organized retailing. International automobile manufacturers like Ford and Hyundai has also set base in the city. In order to attract the business traveler several up-market hotels have been established at Chennai in the last decade. International hotel chains like JW Marriott, Radisson has constructed hotels in Chennai. The prospective property buyer in Chennai is highly fragmented; the majority work in the I.T sector followed by Financial Services. There is also another segment- the NRI's or the Non Resident Indians who usually buys high value 'cream' properties in Chennai. Land prices in Chennai has showed an upward trend in the last few years; this has led to an active demand for flats or apartments. For the well heeled there is the choice of purchasing independent houses like villas and semi detached cottages. These high value properties usually come with other 'frills' like swimming pools, gymnasium and exclusive club memberships. The unique feature of such properties is that they are usually located on the I.T corridor (old Mahabalipuram Road)- making the daily commuting of residents easier to the office. The promotion of Chennai as an investment destination has resulted in developers promoting I.T Parks. Commercial and Industrial land is getting costlier every passing day. The old industrial heartland of Chennai situated in the western part of the city has attracted commercial developers. The increase in property prices has also been a boon to the government authorities; higher property prices mean higher revenue collections! There has been a 40% increase in revenue collection compared to the previous years. Some of the popular real estate and construction promoters are listed below: |
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