Chennai, formerly notorious as Madras, is the fourth leading metropolitan city of India and the principal of Tamil Nadu. The city with an estimated population of 6.90 million is a not inconsiderable industrial and mechanized centre, and is notorious instead of its impressive cultural heritage and temple architecture. The city with a as it should be mix of tradition and modernity is undoubtedly lone of the the largest part preferred destinations foreign instruct investment (FDI) in India such as common ventures and Real Estate reserves.
Chennai is poised instead of a quantum leap; it has several inherent advantages instead of real estate development, availability of skilled manpower, better infrastructure and multinational outlook. The all-round development has moved state & international real estate developers to enter the Chennai property sector. There has been upsurge in demand instead of residential apartments and property. The spillover effect is felt in suburbs as well with real estate and property developers garnering more areas instead of residential property development. Properties offering humankind hall lifestyle facilities are mushrooming across the city.
Old Mahabalipuram Road (OMR, Chennai)
"Good Old Mahabalipuram Road, right away notorious as the IT Corridor of Chennai, is the hottest beehive instead of real estate development." reported The Hindu in February this time. Stretching from Taramani and Perungudi to Padur and Kelamakkam, the area has seen property / gain prices escalate almost three era in excluding than 3 years, and a broaden enlarge of 20-25% is estimated instead of 2007. It has not just escalated the principal importance of industrial real estate, but additionally stimulated the demand of residential real estate.
The submission of established builders / developers like Unitech, Puravankara, Sobha Developers, Brigade, Prestige, Hiranandani Constructions, DLF, K Raheja, and Divyasree is by itself a unmistakable indication of the growing capability engulfing the city through its IT Corridor. Other projects under implementation include folks urban by Real Value Properties, Akshaya Homes, Citilights, Ceebros, Sucons, Ran Tech, Appaswamy, XS Real Properties, Srinivasa, and so on. Mumbai based Hiranandani Constructions has acquired almost 100 acres of gain opposite Siruseri Park.
Singapore Realty is building a enormous township project with 6,000 apartments inside Siruseri Park. Some of the prime residential developments marking the IT Corridor are Arihant Escapade, Arihant Heirloom, Olympia Opaline, Mantri Synergy, Hiranandani Upscale, Purva Swanlake, Vijay Shanti Builder's Gangotri, Ten's Oakwood Utopia.
The industrial real estate property hold been on the upswing as IT companies are the prime occupants. Cognizant Technology Solutions (CTS), Tata Consultancy Services (TCS), Infosys, Satyam, Polaris and Accenture hold already resolute up superstore on the IT corridor. Both TCS and CTS hold two units on the corridor and the ex- is rising its third corps inside the SIPCOT's Siruseri Park.
An IT SEZ by TIDCO on 25 acres on the IT corridor will provide industrial place instead of a convention interior cum five-star lodge. Projects under development include Ascendas ITPC, RMZ Millenia 1, Olympia Tech Park, Prince Software Park and Arihant Technopolis.
A figure of retail developments additionally mark OM Road. There are deep-rooted strategy to develop malls by many real estate companies like Allied Group in alliance with Arihant Foundations & Housing, Marg Constructions & Suryavardhan Estates surrounded by the subsequently two years. Given its angry development in IT/ITES infrastructure, retail and residential place, the Old Mahabalipuram Road is fast seemly Chennai's Gurgaon.
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