Known as the Detroit of India for contributing around 60% of the country’s automobile exports, Chennai – the capital of Tamil Nadu – is also well-known for its port-centric businesses, engineering, manufacturing establishments and IT-ITeS companies. Chennai’s economy is currently the 4th largest in India. According to Forbes Magazine, the city features in the top 10 fastest-growing cities in the world. Chennai also has a presence of numerous Fortune 500 companies, which leads to a massive employment generation.
Chennai residential real estate snapshot New unit launches in Chennai stood at 4,418 in 2017, with around 45,000 under-construction units. Old Mahabalipuram Road, Perumbakkam, Porur, East Coast Road (ECR) and Pallikaranai are among the most preferred micro markets, with residential property prices hovering in the range of INR 3,500 to INR 8,300/sf. Between 2013-2017, around 1.2 lakh units have been added to Chennai’s residential market in Chennai. Of the four zones (Central, West, North and South), South Chennai surpassed the others to emerge as the most rapidly-growing market, accounting for 65% of the city’s total housing supply since 2013. On this front, South Chennai is followed by West Chennai with a contribution of 27%. The presence of IT-ITeS establishments, SEZs and manufacturing units have been the primary growth stimulators for the southern region. In addition, rapidly developing infrastructure is boosting the residential real estate market along the Old Mahabalipuram Road (OMR), Thoraipakkam – Pallavaram Road (TPR) and Grand Southern Trunk (GST) Road.