Posted on 16th October 2024
The fast growth of Chennai's IT sector has substantially changed the city's real estate market. In addition to plots in Tambaram, flats in Mogappair West, there is a surge in demand for villas in Chennai
Chennai is one of the IT power houses of India. It is known as the second largest IT hub and several startup companies thrive here. The city has many IT companies, including Cognizant, Accenture, TCS, Infosys, Zoho among others. India's largest IT park, TIDEL Park, opened in 1999 is also in Chennai. The city has other IT parks, including DLF IT Park.
The fast growth of Chennai's IT sector has substanti
ally changed the city's real estate market. It has increased the number of parents wanting their child to study in Chennai’s engineering colleges and also the number of people and families wanting to settle down in the city for work. This has indeed propelled the property values. This blog explores the impact of the IT boom on real estate.
Chennai has been attracting domestic and international companies due to its status as a major IT hub in India. Due to this there are scores of job opportunities and people have been shifting from other places to Chennai for their work and career growth. As the number of people increases the demand for housing too increases. Due to the IT boom, there is increased demand for residential properties, especially near to IT parks and IT corridors .
1. Mogappair West
Mogappair West has seen considerable real estate development due to the high demand for housing. The area is strategically located and is well connected to various parts of the city, including IT parks. Reputed builders like S & P Foundation has flats for sale in Mogappair West. It is considered to be one of the most liked choices for IT professionals.
2. Tambaram:
Tambaram is another area that is seeing a boom due to its closeness to major IT corridors. There is high demand for plots in Tambaram as many buyers would like to invest in land for future development.
In addition to plots in Tambaram, flats in Mogappair West, there is a surge in demand for villas in Chennai. Many IT professionals are turning their attention to purchasing villas that are close to IT corridors. Real estate developers like S & P Foundation have S & P The Address in Mambakkam and S&P Signature Villas in Nedunkundram. These spacious homes offer modern amenities, security and privacy.
Real Estate Trends Post-IT Boom
The rise in demand for residential properties due to the IT boom has led to a growth in property values across Chennai. Areas like Mogappair West and Tambaram have experienced an increase in rates that overtake many other parts of the city. This trend is expected to stay as more IT companies begin offices in Chennai. This is expected to further drive demand.
The future of Chennai's real estate market appears bright, driven by continued growth in the IT industry and an ever-increasing demand for quality housing solutions.
The increase of IT parks has also led to an upsurge in not only residential real estate but also in commercial real estate development. Many investors are focusing on areas near IT parks or those areas that are well connected to other parts of the city for their real estate investments. IT professionals also think that living in proximity to IT parks and IT corridors will help them with better work-life balance.
The impact of Chennai’s IT boom on real estate is deep and manifold. As property developers in Chennai continue to update and adapt to changing market requirements, areas like Mogappair West and Tambaram will likely remain attractive destinations for homebuyers and investors.
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