Chennai is the fifth most popular city in India. Chennai is the second largest exporter of software, IT (information technology) and ITES (information-technology-enabled services) in India. It accounts for 60% of the country’s automotive exports along with being a major base for India’s car manufacturing industry. Chennai is considered as the commercial and cultural capital of South India that is on its way to become the next realty destination. Property in India is anyway the most popular industry in the country today as one sees tremendous growth in the sector. A home to numerous multinationals, Chennai still offers the lowest cost of loving as compared to other metros like Delhi, Mumbai and Bangalore. But, the real estate in Chennai is witnessing fast appreciation in property prices and rental values in wake of large investments being made in the city.
Chennai was earlier known for its trade industries since majority of its working population was related to the industry. But the IT boom in the city has gradually changed its profile and made it an IT destination. Chennai real estate has a very good market with its high demand. This shift came about with large-scale commercial developments in the city including offices and commercial complexes extending advanced infrastructure with state-of-the-art amenities. The influx of industries generated the need for housing properties to cater to the growing population of professionals. Now, the boost in residential property of Chennai is driving the real estate demand of the city with Old Mahabalipuram Road (OMR) being the hottest spot. Various plush residential flats in Chennai are coming around the areas housing IT industries, attracting higher preference, thus, higher prices.