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Chennai has retained its traditional charm for long. The city is known for its booming movie industry. Flourishing industries include hand looms, furnishings, fine silks, and traditional and trendy merchandise. Investment on the real estate in Chennai has been on the rise. With the talk of satellite townships coming in the outskirts of the city, the avenue for investment in real estate has never been this good. The landscape of Chennai is all set for a makeover. When the Rs 32,700 core plans for the metro is completed as scheduled in 10 years, the city's skyline will be dotted with elevated highways, rapid transit ways for buses, truck terminals, mono-rail, a dozen more flyovers and several rail over/under bridges and multi-level car parks to accommodate the needs of an ever-growing populace.
With the impending infrastructure development plans in place Chennai property prices have already skyrocketed. Land prices in the industrial areas of Guindy and Ambattur are seeing climbing rates. In Central Chennai capital values of a multi storey apartment is in the range of Rs 7000-12000 per sq ft whereas West Chennai commands a price tag of Rs 2000-10000 per sq ft for the same. The IT Corridor of Chennai commands Rs 2500-5500 per sq ft for an apartment unit and in South Chennai it is between Rs 3500-10000 per sq ft. The apartment rental values are between Rs 10000-25000 per month in Central Chennai.
Many real estate developers are imminent in the city. L&T South City project is launching Eden Park. It is an integrated township and will be developed with an investment of over Rs 12 billion. The location of this massive project (around 100 acres) is near Siruseri on the OMR (Old Mahabalipuram Road). The project will be based on the concept of villa apartment, in which luxury and privacy of an independent villa is to be combined with the convenience, maintenance and security of an apartment. The project started on 18th January 2008 and will be completed in several phases.
Besides, another project Estancia is also an integrated township from L&T Urban Infrastructure Ltd in association with Arun Excello of Chennai. This project is coming up on 78 acres of land at an estimated cost of around Rs 1800/ crore. It will eventually house 2000 apartments, an IT Park, hotel, shopping mall and a school. L&T will provide the construction and project implementation for this Estancia venture.
The city of Chennai, though small in comparison to other metropolitan cities of India, has had an identity of its own that is unique, yet obvious. With proper infrastructure also in place Chennai real estate is all set to boom.
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