Chennai Real Estate Sector is majorly driven by IT Industries

According to a recent study, the real estate market of Chennai has been raising up majorly owing to the development of IT and ITes industries in the recent times.

As Chennai is one of the major industrial hubs in India, several top multinational companies across the globe are choosing the metropolis to expand their operations. Thus, the demand has increased for commercial spaces in Chennai, said by an international real estate consultancy firm Cushman & Wakefield. Further, it's predicted that the supply of commercial spaces will be higher than the demand.

Besides, the demand of buying or renting a residential property has increased in the city with the development of IT sectors in the past few years. As the job opportunities are high for the IT professionals, the number of migrants to the city have increased in the recent times. Therefore, the requirement has raised up for residential properties in Chennai. Especially, the IT working professionals prefers the gated community apartments in Chennai, as these types of homes suit the requirement of modern living.

As Chennai OMR (Old Mahabalipuram Road) is the IT corridor of Chennai, the demand of residential properties has been high in the areas located along the stretch. The IT working professionals prefers buying or renting a home near their work locations, the demand is high for renting or buying residential properties in OMR. Further, buying an apartment near OMR will make the property investors to gain a good return on investment, as the rental demand is high in these localities.

As a result, the residential developers in the Chennai city are focused on the areas that have close proximity to the IT hubs. Thus, the city is witnessing a wide range of residential projects that are being developed near the IT corridors. The types of residential projects in Chennai that are demanded high include gated community apartments, independent villas and row houses.

According the recent real estate sources, the city will further development of Information Technology industries in the following years. Therefore, both the residential and commercial residential market will witness further boom at the time come.

Thus, Chennai's real estate market is majority driven by the IT industries.