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Chennai Real Estate

Chennai is the fourth largest and densely populated cities in India. The real estate in Chennai is on high today and there are various reasons accounting to this upsurge in Chennai real estate. The first and foremost reason is no doubt the rapid industrial and IT developments taking place in the city which have attracted number of migrants into the city from all over the country thereby creating a demand for residential and commercial properties in the city. The real estate market in Chennai is on high not only because of these reasons, however there are various other geographical, demographic and psychological reasons too that contribute to this upsurge in Chennai real estate.

Being located near seaboard of the palar delta, Chennai has got a geographical advantage over the metro cities. The city is easily accessible from various parts of the country and outside the country through an extensive network of transportation facilities including air travel, sea travel and a highly diversified railways and bus networks. It has got a strong economic foundation which consists of various industrial sectors like financial services, automobile manufacturing, hardware manufacturing and software services contributing to the real estate boom. The constantly boosting IT sector is one of the major reasons for Chennai real estate developments. It is constantly attracting the IT firms and migrants into the city thereby creating demand for IT and office spaces and residential developments in the city.

 On the other hand is the retail sector which has presently become much more organized due to transformed consumerist culture in the city. The consumers who were earlier conservative and gave significance to value-driven shopping are now giving much importance to convenient shopping. This is the main reason behind the increasing popularity of the multi-storied shopping complexes, huge malls and well-facilitated and spaces in organized retail buildings in the city.

However the residential sector is the largest sector comprising nearly 80% of the city’s real estate that is mainly divided into three sectors residential, commercial and retail. Compared to all other major cities in India, Chennai’s residential real estate has got much scope for development because of better availability of land resources and continuously increasing demand brought due to the commercial and IT developments in the city. The property prices in CBD areas like Nungambakkam, Egmore, Mylapore, Alwarpet and T. Nagar are continuously thereby creating demand for affordable residential properties like apartments and flats in the city. On the other hand new residential projects like townships, villas, bungalows and luxury apartments are coming up in the happening areas like OMR where there is continuous demand for residential properties because of the IT developments and also because of new proposed FSI that will permit larger population density giving profits to the real estate developers.

Not only among the localites and the migrants, even the NRIs are showing interest in investment in Chennai properties with relaxation in Government FDI policies. Every NRI wants a base in the homeland and what better can be a residential property in happening city like Chennai where the real estate and rental prices are on high. The NRIs can possess a property here and can get great rental advantages for long periods of time while they stay abroad. Therefore properties in Chennai are ideal even for NRI investment too.

Those looking to invest in Chennai residential properties will find number of options in the city. There are apartments and flats available in affordable prices and also the luxurious bungalows and villas for sale which are comparatively more luxurious and costly properties in the city. These are mainly found in happening areas of the city and best in demand among the NRIs. For those looking to invest in luxurious residential properties in Chennai like villas or township homes, Pacifica offers the best options. For details visit http://www.pacificacompanies.co.in.

 
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