Chennai is ranked as one of the top realty investment destinations in the world. According to the Candy GPS Report, Chennai is said to be one of the 12 cities in the globe with potential to show strong residential property price growth in the next few years. The report points out the reason for this boom in investment opportunity as the lower prices for the properties in Chennai in comparison to other major cities. For instance a 2BHK flat in Chennai can be purchased for as little as Rs. 20 lakh to Rs. 30 lakh which is much less compared to other cities like Mumbai. The main reason for the difference in price is that in big cities like Mumbai, the top builders construct primarily for the needs of the high end segment. But, such is not the scenario in Chennai where even the top construction companies offer an array of properties from 2BHK flats to bungalows.
There are also many other reasons like the increasing scope for development available in Chennai. Investors (builders and developers) find that there is a strong business base in Chennai which is expanding mainly because of the increase in the number of multi-lingual people in Chennai. In addition to that, Chennai stands out as a city, due to its traditional banking domain that helps drive inbound BFSI (banking financial services and insurance) businesses, hence proving to be a key differentiator to Bangalore and Hyderabad.
The tremendous growth in education and health care sectors also contribute to Chennai being the hub of construction companies. The IT platforms opening up all over the city have started attracting people from all over the country and the easy accessibility to amenities like schools, hospitals and public transport makes it an added advantage for the investors. This has prompted most of the top builders and construction companies in India to promote properties in Chennai; and this in turn opens up a much wider scope for the investors, making Chennai a realty destination hub.
