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IT Park Project Development Chennai

Chennai City is witnessing a change in the concept of development of large-scale projects with the entry of big developers from outside the city planning integrated townships here. In 2003-04 land prices on the Chennai have risen more than 40 per cent. Chennai is the fourth largest metropolitan city in India and is the capital of Tamil Nadu. The presence of IT and ITES sector in the southern part of the city has led to a fast development of residential areas like Velachery. Real Estate Development Chennai is changing trends in economy as well as urban growth. The rise in demand is further assured by the government incentives to various IT companies by providing infrastructure by setting up IT parks in Chennai. Chennai has been growing predominantly on the south side. Old Mahabalipuram Road has attracted most of the real estate developers in India in the last 3 years after being declared as the IT Corridor. IT and related services companies have taken up about 90 per cent of the commercial space, in the last two years.

The potential for IT Park Project Development in Chennai is largely determined by real estate property development in Chennai. Chennai is known for its cultural heritage, historical monuments, myriad art forms and of late, the best brains in IT. Not surprising, that Information Technology is the fastest growing Industry in Chennai, with growth rates exceeding 50% per annum, and the demand always scoring over the growth rate. When demand beats supply, the simplest, logical, wise decision is to increase supply. That's exactly what India has decided to do. And the process is on at an unimaginable pace, the same pace at which IT came into our lives. And the southern end of the Indian Peninsula seems to have woken up to the challenge, earlier than the others. Last two years have seen blueprints of three mega IT park project development in Chennai emerging as reality. from 2001 to mid 2003, a number of multinational Information Technology (IT) and Business Processing Outsourcing (BPO) companies, considering Chennai as a base for their operations, Chennai as an automobile capital of India, has come up as a prospective IT and ITES center, compelling real estate developers in India to take the note of it. Chennai is now a competent real estate destination of India.

Old Mahabalipuram Road is becoming the preferred destination for IT and BPO companies and has been declared as IT Highway by Tamil Nadu Government and converting it into a six-lane highway, it will only enhance the city's attractiveness as a business location of choice. It has been observed that IT parks development Chennai has witnessed rapid development especially in the last three to four years in commercial area development. Chennai is catching up fast as the quality of office space improves. 2005 was the best year in terms of office space absorption that Chennai has seen. The city of Chennai, though small in comparison to other metropolitan cities of India, has had an identity of its own that is unique, yet obvious. With proper infrastructure also in place Chennai real estate is all set to boom.

Real Estate Developers in Ahmedabad - Pacifica Companies too have shown their interest for real estate development in Chennai. They have developed an ultimate information technology park on 7.29 acres of land which is a pride for IT park project development in Chennai. This Information Technology park in Chennai caters to the needs of the Information Technology and Business Process Outsourcing (BPO) segments. These developments are adding glitter to the Information Technology Parks development in Chennai.

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