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Chennai Property Has a Great Demand

Chennai Property Investment

Chennai Property Investment

Chennai is the capital city of Tamil Nadu (former name, Madras). It is located on the Corromandel Coast, off the Bay of Bengal. This city is the major commercial, cultural, economic and educational centre in South India.

Chennai Real Estate has a great demand in the areas like commercial, residential and retail. The demand for both residential apartments and individual houses is pretty high. Real estate prices in Chennai vary depending upon the factors such as location, accessibility, type of building construction and facilities. Rental houses are also easily available in Chennai. A number of BPOs are on the rise in the city. Professionals and youngsters working with BPOs search for rental properties.

Residential Properties in Chennai

Many automobile companies are setting up their businesses in Chennai. This rising growth in this sector is responsible for increasing demand in the residential property market. People from all over India come to this city for making a good carrier. Most of them settle here. These people either search for rentals or lease property. The Lease property is in the name of the company and the house is given to the people working for the company.

Since the demand for residential properties is rising, many new housing projects are coming to meet the demand. These houses can be availed on rent or can be taken on lease by the companies for their employees.

Commercial Properties in Chennai

This sector is growing due to the huge demand from multinational companies, banking and financial sectors. Commercial rental values seem to be increasing at a rapid pace with time. Rents for commercial properties i.e. offices and shops located in CBD region are the highest in the city. The emerging hotels and hospitality industry add on to the demand for commercial property. Also, the business opportunities have increased with the modernization of Chennai airport.

Property Tax in Chennai

The Municipal Corporation Chennai collects the property tax. The property tax in Chennai is revised in every 5 years. The assessment of property tax is based on the following aspects:

– Pre-determined rate per square feet of the building
– Basic rate of that street
– Usage of building
– Occupant (i.e. owner or tenant)
– Age of building

Chennai Real Estate Market Growth Drivers

Some of the factors due to which the demand for property market in Chennai is rising:-

  • Good connectivity to its satellite cities and other parts of the country
  • Have many prestigious educational institutions
  • Has advanced medical and healthcare amenities
  • IT/ITES and SEZ’s growth
  • Rising income from IT and ITES sector
  • NRIs coming back to Chennai for better opportunities

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