Will Real Estate Companies in Chennai survive on the Long-Run?
According to recent sources, India’s real estate development is likely to increase at a pace of 30% annually. Especially, the four metropolitan cities of the country will play a major role in creating more opportunities for the real estate industry to grow further in the following years. The real estate of Chennai cannot be far behind, as the city will witness numerous ranges of real estate developments in the near future. Therefore, the real estate companies in Chennai will make huge business by developing more residential projects in the metropolis.
Future Real Estate in Chennai
In recent years, the demand has been huge for real estate in Chennai amongst the residential and commercial properties. Besides, the Chennai city is seeing remarkable infrastructure developments, which has further increased the real estate market of the urban center. Some of the major infrastructure projects, which are recently developed by the combined initiatives of State and Central Government include Metro Rail project, Outer Ring Road (ORR) and Inner Ring Road (IRR). Therefore, these infrastructure initiatives have certainly increased the price appreciation of the real estate properties in Chennai.
Further, the Tata Realty and Infrastructure Ltd (TRIL) has recently announced that they will develop an IT special economic zone (SEZ) jointly Tamil Nadu Industrial Development (TIDCO). Moreover, the IT bigwigs and automobile giants are looking forward to expand their production or development units in the Chennai city at the time to come. Thus, the demand of residential properties will grow rapidly along with these commercial and IT developments in the city.
Even though the real estate companies in Chennai have utilized most of the plots in Chennai for commercial and residential developments, the city still has numerous ranges of open lands in the outskirts of the city. Therefore, the real estate and construction companies in chennai will be busy in developing more real estate projects in the future.
With all the above mentioned factors, the real estate companies in Chennai will survive strongly and lucrative in the long-run.
