the City - Chennai
Chennai, the capital of Tamil Nadu, is the fourth largest city
in India. The city is surrounded by the Bay of Bengal in its
east, the state of Andhra Pradesh on its northwest, the Kanchipuram
on its south and the states of Kerala and Karnataka on its western
side. This gracious city boasts of a clear skyline, long sandy
beaches, parks, historic landmarks.
the Gateway to Southern part of India, is about 350 years
old. It is both the Commercial and Cultural Capital of South
India. This vibrant city has managed to strike a beautiful
balance between the modern and the traditional. It is a metropolis
with a distinct old - world charm and compared to other metros,
it is far less congested and polluted.
Chennai has witnessed a great deal of industrial
expansion in recent times. With the mushrooming of engineering
plants, car-assembly plants, educational institutions, Textiles,
Leather Goods, Chemicals, Automobiles, Computers, Granite,
Hardware and Shipping, the city is gradually making its presence
felt in the industrial and software arena. Chennai is also
known as the automobile capital of India as around forty percent
of India’s automobile industries are based here.
Chennai in recent years has also become
a major center for outsourced jobs from the Western world
as the people of Chennai are highly educated and hospitable.
Chennai is a cosmopolitan city to the core and it is growing,
expanding and changing vigorously with the passage of time.
Commercial rental trend in Chennai
Chennai like any other progressive city is on the move upwards
in the commercial real estate sector. As the city is emerging
as the hub for IT, ITES and the BPO industry; apart from it
being the automobile capital of India Chennai is now gearing
up to meet the demands of commercial real estate sector to
meet the increasing demands from investors willing to start
their operational bases in the city.
As the demands for office spaces and retail
outlets keep increasing, developers are queuing up provide
the best infrastructure to the investors. Recent trend shows
the corporate offices preferring the Central Business Districts
(CBD) as their addresses while the IT and the BPO industry
opt for the Suburban Business Districts (SBDs) specially the
Old Mahabalipuram Road (OMR) where a significant increase
in the capital and rental values are expected in the next
few months. The Tamilnadu government’s policy to promote
IT Corridor on OMR and the development of a six-lane expressway
are proving to be of main attraction for the investing companies
opting for commercial spaces in the city.
Since most of the investors in the IT and
BPO sector would prefer to test the market; initially these
companies lease office spaces to start their operational bases
before further expansion. This has also brought about an increase
in the rental/lease rate of the commercial spaces in Chennai.
And the commercial market is expected to see further upsurge
as Chennai emerges as the promising destination for investors.
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