The Chennai real estate market

The Chennai real estate market is a dynamic and diverse landscape, offering a blend of traditional charm and modern infrastructure. As one of India's major metropolitan cities, Chennai boasts a vibrant real estate sector that caters to a wide range of investors, from first-time home buyers to seasoned investors..With a rich cultural heritage and a booming economy, Chennai attracts investors seeking finest talent, convenient infrastructure and better transportation facilities that are economical and safe to run their business operation 24x7. With Real Estate Opportunities in residential, commercial, and industrial expanding rapidly, Chennai’s strategic location along the Coast, coupled with robust connectivity through road, rail, and air networks, enhances its appeal as a prime real estate destination.

In recent years, the Chennai real estate market has witnessed steady growth, driven by factors such as rapid urbanization, population expansion, and increased investments in infrastructure projects. Moreover, Chennai's real estate market offers a diverse range of properties catering to different budget segments and lifestyle preferences. From luxury apartments with state-of-the-art amenities to affordable housing schemes supported by government initiatives, there's something for everyone in Chennai's real estate market.

Despite occasional fluctuations influenced by macroeconomic factors, Chennai's real estate market remains resilient, offering stability and long-term growth potential to investors. With its blend of historical charm, modern amenities, and promising investment opportunities, Chennai stands out as a prominent player in India's real estate landscape and has become a safe bet for International Investors.

SATELITE TOWNSHIPS

The State government had announced a decision to form of 6 satellite townships around the suburbs of Chennai to decongest the city and promote all the pheripheral area. The Propsed Townships are in Minjur covering 111 sq. kilometres, Thirumazhisai covering 34 sq. km., Chengalpattu covering 136 sq. km., Mamallapuram covering 123 sq. km., Kancheepuram covering 99 sq. km. and Tiruvallur covering 37 sq. km. Technical Consultants and Experts have been appointed for prepare detailed reports for Thirumazhisai, Chengalpattu, Kancheepuram and Mamallapuram.

Proposed Thirumazhisai township is already an industrial cluster, with the presence of Industrial and IT companies and this Township is adjacent to the Highway, Close to upcoming Airport and has an excellent connectivity in all aspects.

With the construction of Kuthambakkam bus terminus in progress, the new town would usher in economic developmentand would have ample green, open area to act as lung space for the city, the official noted.

The other three satellite towns, including Mamallapuram, Kancheepuram and Chengalpattu, have good potential for tourism. Since New Airport is adjacent to Kanchipuram, Kanchipuram will the next destination for rapid growth, propelled with its links to ancient heritage and one Hour drive to the Port.. There are plans to develop these towns as tourist hubs, officials said.

Chengalpet in on the GST highway , connecting it logistically to cities down south and its proximity to Industrial and IT townships makes a ideal choice for a New Township propelling a new wave of rapid development.

Mamallapuram is connected with Chennai throughout the ECR stretch is has become a favourite destination for Toursim and Hospitality segment with presence Hotel Chains, Resorts and Restaurants. The entire stretch from chennai has a posh and premium development and is has become favourite destination for holidays. A New Township here will propell new wave of growth and bring in rapid developments.

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New Chennai Greenfield International Airport

New greenfield airport will be built near Parandur just 70 kms from Chennai. It will serve the city alongside the existing Chennai International Airport. This proposed airport will be spread across 5,000 acres. The Airports Authority of India (AAI) conducted surveys on various areas near Chennai for a new airport for the city. Initially, a site near Sriperumbudur was fixed for the airport. But due to delays and cost of the land, the government decided to set the new airport in Parandur.The airport will also boost trade from Chennai and neighbouring districts as it will have its own dedicated cargo terminal, leading to a rapid increase in the economic development of the state.

The airport will be built on 4,970 acres of land. The distance between Chennai to Parandur is around 70 km, and from the existing airport is around 57 km, which takes around 1 hour 50 minutes to reach by road

The airport will be connected to the city via a spur road with the under-construction Bangalore–Chennai Expressway, and a proposed metro line of Chennai Metro, which will directly connect the city with the airport. Currently, the nearest railway station is the Tirumalpur railway station of the Chennai Suburban System, which is 10 km away from the airport..

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METRO RAIL EXPANSION

The phase 2 expansion of the Chennai metro project encompasses three corridors: corridor 3 expanding from Madhavaram to SIPCOT; corridor 4 expanding from Light House to Poonamalle; and corridor 5 expanding from Madhavaram to Sholinganallur. The approximate distance covered by the Phase II metro would be 118 km. Each corridor of the Phase II project will cover various areas of the city via different routes.

The expansion of the Chennai Metro Rail played a vital role in enhancing the real estate sector in Chennai. There is a surmountable rise in properties and lands along the upcoming metro corridors of Chennai. Some of the top localities in Chennai have benefited from real estate due to the upcoming metro, and their property value increase in the past decade is listed,

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MULTIMODAL LOGISTICS PARK

The logistics park at Chennai is strategically located at 52 km from Chennai Port, 87 km from Kattupalli Port and 80 km from Ennore Port and will be a “focal point of logistics in the southern region”. The MMLP, which is coming up on 184.27 acres of land at Mappedu village in Thiruvallur district, is close to the automobile and electronics manufacturing clusters on the Sriperumbudur-Oragadam industrial belt. Besides, it is in close proximity to the Chennai Peripheral Ring Road (CPPR). It is estimated to cater to 7.17 million metric tonne (MMT) cargo in a horizon period of 45 years. These MMLPs will be built strategically to harness lesser-explored and more cost-efficient modes of goods transportation, such as inland waterways, railways, pipelines, etc., apart from the roadways that currently propagate over three-fourths of freight movement of the country. For instance, freight carriage rates for railways are much lesser than for roads. But lack of direct connectivity to manufacturing units and warehouses, delays, poor visibility over goods movement, etc., incline businesses to leverage road transportation

Tidel Parks

Chennai Metropolitan Development Authority (CMDA) has issued enter upon permission for three sites — Malayambakkam, Mannivakkam and Vandalur — following the request of Tidel Park Limited. The sites were allotted after conducting a land valuation for the entire ORR stretch. While 5.33 acres on the Malayambakkam stretch, valued at Rs 3 crore per acre, has been allocated for the first IT park, the second one will come up on 5.04-acre area of Mannivakkam where the land value has been fixed at Rs 5 crore per acre. The third IT park is planned at 0.5 acre-area in Vandalur where the land value is Rs 8.05 crore per acre. Currently, the government is targeting to woo Global Capability Centres (GCCs) to set up a base in the state as they could generate high-end jobs for the youth. According to a report of Knight Frank, a global real estate consultant company which has done the land valuation along the 50-metre stretch, there are around 160 GCCs in Tamil Nadu, constituting about 10% of the national count.