What can Investors look for in the Real Estatemarket in Chennai today and tomorrow?

Real estate of Chennai has been observing continuous and rapid growth in thelast two decades. And the forecast with the new residential projects in Chennai isalso big. There are different factors that contribute to this kind of upsurge.Demographic attributes represent one of the segments that are responsible for thecolossal change the city has been witnessing. Demographic factors include age,occupation and income of Chennai residents that trigger the development of realestate in the city. A few decades ago, when Chennai was not characterized bynew age industries had a different community of people compared to the onesnow. Traditional occupations are replaced by the more contemporary kinds.Salaries have grown larger and so is the residents’ purchasing power. With anoverall increase on several factors, it is only but natural for lifestyle changes tobecome larger than life.

New residential projects in Chennai have undergone a transformation fromsmall independent homes to large green buildings, integrated townships, luxuryapartments and opulent villas much like other metropolitan cities of the countryand other parts of the world. So, what caused such a mammoth change?

Chennai has nurtured a strong economic base with several industriesbecoming a part of its economy. Financial services, automobile and hardwaremanufacturing and Information Technology have grown in large proportionsthereby making Chennai one of the most sought after cities for industrialgrowth. The realty sector is fuelled by large scale industrial development.

Business Process Outsourcing (BPO) is another industry that has contributedto the boom of diverse sectors in Chennai; the real estate market included.Real estate boom in Chennai has developed primarily because of the workingpopulation in the BPO and software services industries that have bigemployment rates and handsome salaries.

Purchasing power is a direct result of good salaries. The working populationtoday can afford a lot more luxury and hence luxury apartments and villasare meeting high demand today. Both residents of the city and the migrantpopulation have developed interests in Chennai’s real estate market.

Consumerism is growing rapidly into a big culture in the city. This kind ofdevelopment in retailing is because the purchasing power of people hasincreased and thereby accounting for better lifestyle and seeking betteroptions and choices. The hospitality sector is also growing dramatically withseveral up-market international hotels choosing Chennai as their nextdestination.

New residential projects in Chennai today have innumerable reasons to grow.

ABOUT US

Akshaya was founded in 1995 under the stewardship of Mr. T. Chitty Babu, a leadinglight of the real estate industry in India. It has grown into one of the most awardedcompanies in the country acclaimed for its transparent business practices andinnovation. The journey over the last 19 years has seen the company excel in both thehome and commercial domains by building more than 150 magnificent edifices inSouth India.

CONTACT US

Akshaya Services Private LimitedCapitale,

No. 22, 2nd Street, Nehru Nagar,Adyar, Chennai - 600 020.

Tel: 044 - 2445 1818Website: www.akshaya.com