What Attracts NRI Property Buyers Towards Chennai?

NRIs or Non-Resident Indian have always been opportunistic in terms of investment avenues and returns. The government regularly comes up with new and planned schemes with an aim to attract more and more investments from the foreign land. The foreign investment bandwagon has got a major boost with the news of eased FDI policy. The news publicized by the government not so long ago, breathed in life into the realty sector. Not all, but there are certain cities that manages to attract the attention of the investors and buyers from abroad. One of them is Chennai that has all the key features to pull in investments from the foreign land.

A Snapshot of the Cities

Amongst many major cities that drive the real estate domain in India, Chennai is one city that despite its location, strict culture and language shock manages to attract a range of NRI buyers and investors. A recent survey by ASSOCHAM where 850 cities were picked up randomly for study, revealed the name of the cities that are on the wish list of the NRI property investors.

Chennai is expected to witness a surge of whopping 35% in the overall foreign investments influx.

Here are some of the key points that compel NRI investors to flock Chennai:

The Key Reasons

There are a number of reasons that highlights the supporting aspects about Chennai, which proudly makes it a favored destination for foreign financiers.

Infrastructure Projects & Advancements

India is a huge country that showcases a combination of developed, developing and rural cities. A foreign investor will choose to stay in a city that can offer him a lifestyle that is close enough to what he has been leading in his native country. Chennai has managed to don a stature of a developed city; thanks to a slew of infrastructure projects. Infrastructure projects, such as:

• Successful construction of road & rail over-bridges on the NH-45 highway to reduce traffic clogging
• Notable improvements in the overall functioning of the NH-45 highway
• Significant advancements targeted to integrate various public transportation systems

A Slew of Housing Options

Chennai is fast emerging as one of the eye candies for a number of investors in the market. NRI investors or simply buyers are preferring localities that are balanced in terms of budgetary as well as elite housing segment both. Areas such as Porur, Ambattur and localities forming a part of the OMR road like Padur, Perumbakkam and Siruseri have also seen a sharp rise in sale volumes of their residential offerings. Chennai also offers housing options that relates to high-income housing, luxury housing and even ultra-luxury housing. Apart from posh apartments, investors are also looking forward to exquisitely designed villas in Chennai that are synonymous to ultra-luxurious choices and living needs.

Presence of IT hubs and SEZs

Chennai shares the same cadre as Bangalore and Hyderabad owing to the presence of IT hubs and SEZs. The developing commercial hubs have led to the rise of the residential arena as well. Realtors and builders operating in the city are taking advantages of the scenario and are busy upgrading the existing or constructing new residential townships. People hate to travel and face heavy traffic jams; thus prefer localities for living close to their work setting. Professionals from abroad who are here in Chennai for work are considering these townships for living. Localities based across OMR road are the most vulnerable ones.

Transportation Systems

Over the years, Chennai has witnessed a drastic improvement in its transportation system. There have been advancements, such as improvements in metro rail and road systems that have elevated the standards of people in Chennai to a next level. The city, replicates the likes of major metropolitan cities, such as Mumbai and Bangalore. The improvements brought into the transportation system have resulted into an increase of 15% in the performance of the top performing localities.

The Lifestyle & Culture

Chennai represents the culture and tradition of southern India. This is one aspect that enchants the expatriates who are here for work or for temporary stay. There are beaches, a set standard team time, cultural airs prevailing and food made with authentic spices. Another important feature that puts Chennai class apart is peace and cleanliness. Foreign investors and home buyers from different country get attracted to this aspect as well and find it extremely supportive for their lifestyle and standards.

Chennai can be a huge successful realty hotspot in the future. For the time being the city is busy enjoying investment from abroad on a steep rate. These are good seeds that Chennai is experiencing right now!

Currently associated with 99acres.com, Tripti, strives to keep her readers updated with the upcoming global and national trends in real estate, finance and banking sector.