Chennai: The Next Big Realty Market

With a robust real estate market, Chennai is emerging as a hub for residential, commercial, and office spaces. The city's growth is driven by its strong IT sector, automobile manufacturing hub, and improved infrastructure.

Real EstateChennaiResidentialCommercialOffice SpaceProperty PricesInfrastructureEconomyReal EstateJun 14, 2024

Real Estate:Chennai, a city that stands as a gateway to South India, has witnessed an uptick in its real estate transaction in past few years. Chennai is gradually gaining attention among all other major cities and attracting domestic and foreign investments. Furthermore, with rapid expansion of Chennai’s city limits, infrastructure development, economic growth, and rising demand for residential and commercial properties, the city’s real estate sector is sure to put Chennai on the national map as a realty hotspot.\n\nPradyumna Krishnakumar, Executive Director, Brigade Group expressed his views, “Chennai’s real estate market has been growing consistently over the last few years, due to the constant demand from sectors such as IT, ITeS, manufacturing, automobile and BFSI.”\n\nThe residential market in Chennai is bustling with major activities with new market trends and customer demands. OMR (Old Mahabalipuram Road) known as the IT corridor is a well-established area featuring numerous IT parks and commercial establishments. It provides a range of residential options, from budget-friendly apartments to luxury villas.\n\nThe office market in Chennai has also witnessed a surge in campus-style developments in recent years, appealing to both global and Indian corporates. The Chennai office market touched record highs in 2023, with net absorption of about 6.6 million sq ft.\n\nChennai is also becoming a data center hub of South Asia with 25 data centers already in operation. Senior living and warehousing are emerging as new asset classes in Chennai. The city is an attractive proposition due to its well-established manufacturing sector, abundant talent pool in engineering and IT, and relatively lower operational costs compared to other major cities.\n\n \nChennai is gradually gaining attention among all other major cities and attracting domestic and foreign investments. With rapid expansion of Chennai’s city limits, infrastructure development, economic growth, and rising demand for residential and commercial properties, the city’s real estate sector is sure to put Chennai on the national map as a realty hotspot.\n\n \nBrigade Group, Navin's, Shriram Properties, and Prestige Group are some of the major real estate developers who have expressed their views on the Chennai real estate market.

Frequently Asked Questions

What is driving the growth of Chennai's real estate market?

The growth of Chennai's real estate market is driven by its strong IT sector, automobile manufacturing hub, and improved infrastructure.

What are the emerging asset classes in Chennai?

Senior living and warehousing are emerging as new asset classes in Chennai.

What is the outlook for Chennai's real estate market in the next few years?

The outlook for Chennai's real estate market is highly positive, with expectations of further growth and development.

What are the key factors contributing to Chennai's real estate market growth?

Key factors contributing to Chennai's real estate market growth include economic expansion, infrastructural development, and rising demand for residential and commercial properties.

What is the current scenario of Chennai's office market?

Chennai's office market is characterized by high demand, with net absorption of about 6.6 million sq ft in 2023.

Tags:

Related News Articles

Real Estate

Tier 2 Cities Shine: Housing Sales Surge 11% in FY2024

Housing sales in top 30 Tier 2 cities increase by 11% in FY2024, driven by high consumer demand and robust economic growth.

July 5, 2024

Read Article

Real Estate Maharashtra

Crackdown on Illegal Sand Mining: Two Officials Suspended in Maharashtra's Beed District

Maharashtra's Beed district has taken a strong stance against illegal sand mining, suspending two revenue department officials for dereliction of duty.

July 5, 2024

Read Article

real estate news

Credit Suisse Real Estate Fund Liquidated: UBS Fund Management Takes Control

UBS Fund Management has decided to put the Credit Suisse Real Estate Fund International into an orderly liquidation to preserve investor interests.

August 15, 2024

Read Article

Real Estate Pune

Microsoft Expands Footprint in India with 16.4-Acre Land Acquisition in Pune

Microsoft purchases 16.4 acres of land in Hinjewadi, Pune for Rs 520 crore to expand its presence in India, focusing on data centres, development centres, and office spaces.

September 12, 2024

Read Article

Real Estate Pune

India's Real Estate Sector Thrives in 2024: Record Leases and Strong Sales

Global Capability Centers (GCCs) have been a significant driver, accounting for 38% of leasing activity, with Bengaluru leading the way at 49%, followed by Hyderabad and Pune.

December 12, 2024

Read Article

Real Estate Maharashtra

MSRDC Secures $2.5 Billion Funding for Mumbai's Ring Road Project

The Maharashtra State Road Development Corporation (MSRDC) has successfully secured $2.5 billion in funding commitments from various lenders for the ambitious Mumbai Ring Road project. This significant investment is expected to boost infrastructure develo

March 10, 2025

Read Article