Chennai has always been a popular tourist destination and a port city. It is also one of the gateways to Andaman & Nicobar Islands through air and sea. It is also known as the Detroit of India, as it is base for the automotive industry. It is the 4th largest and 6th most populated city in India. Chennai also has the 3rd largest expatriate population in the country behind Mumbai and Delhi.
Even though real estate property in Chennai companies like DLF have set foot, the market sentiment has been kept in mind and the property costs have not been allowed to increase exponentially in Chennai. The city has seen reasonable expansion towards south as well, due to its connectivity to Mahabalipuram.
Chennai like any other cosmopolitan city has witnessed high growth rate in terms of population, mainly due to migration of population. A city’s expansion plan and growth depends as to how it handles this sudden influx of populace migrating for better job opportunities and career enhancements. This aspect is largely contributed towards by two factors; the enhancements in infrastructure and growth of the real estate sector.
The Chennai real estate sector has received a huge blow due to the unexpected torrential rains followed by floods; caused by water logging due to faulty planning of the city. The flooding of the city has left a serious doubt in the minds of potential investors whether it is safe to invest in Residential real estate in Chennai, it would be sometime before the market gains back its sentiment.