Chennai is one of the most important metros in India, known for its extremely well-connected transport and network system, important landmarks, and rich cultural heritage. One of the most important sectors that thrive in this southern belt is the real-estate sector. Investment in real estate is seen as a hard to ignore plan right from the time the child is born and families grow. The driving factor is also an emotional factor such as prestige and greater social standing.
With greater purchasing power, the real sector has been booming since diverse financial schemes have been made accessible to almost every segment of society. So among the up and coming areas which is seen as the next dream stop for homebuyers is in southwest Chennai, known as Chinglepet. It also touted be the next satellite hub, similar to Thane or Gurugram. The rapid urban development of this suburb has undoubtedly placed it on the map in the realty sector.
Chengalpattu: Best choice for residential investment
One of the factors that contributed to its popularity is the development of the transport system that included train and bus services to far reaching pockets around the town. Naturally, it follows that with better access, the real estate sector is bound to see a growth pattern around the areas touched by the movement of people. Take, for instance, the arterial roads such as Vandalur-Kelambakkam and GST have become synonymous with prime areas where investors can potentially tap into real estate development.
Real estate prices are also driven by a combination of socio-economic and political factors. With the presence of small and medium enterprises making its market presence, the industrialisation has opened the market-wide open to international brands in the automobile sector such as BMW, Ford, TVS and IT sector such as Infosys, Dell to name a few. With employment generation from these manufacturing shops, it is only natural that human resources will flourish. In order to leverage this presence, the real estate projects start mushrooming to cater to the demands of the workforce who prefer to be located closer to their place of work with all the important amenities available at an arm’s reach.
Infrastructure development is a natural outcome of industrialisation and real estate development lending more value to the market. Banks, schools, colleges, medical institutions have also been fast growing in this belt. Hence rental incomes have seen a healthy return on investments. Further, the development of multiplexes is also expected to boost retail development. Another aspect to consider is the development of link road, which is expected to connect to the airport, thereby reducing overall travel time. For frequent travellers, this proximity to key travel points is a crucial factor to weigh in while choosing to rent or buy a property. Moreover, with the widening of the roads into a four-lane, commuters from nearby areas such as Thoraipakkam, Thiruvanmiyur, Medavakkam can access this suburb easily, without getting choked in Tambaram.
The overall pace of development has made Chengalpattu what it is today.