Read More About Chennai & it's Real Estate Property Market
Also known as Madras, it is the capital city of the southern state of Tamil Nadu.
Located on the Coromandel Coast off the Bay of Bengal, it is the biggest industrial and commercial centre in South India.
Also known as the - Detroit of India- for the huge presence of automobile industry here, Chennai is also a major cultural, economic and educational centre.
It is the third-largest city and fourth-most populous metropolitan area in the country and 31st largest urban area in the world.
The city is host to the third-largest expatriate population in India after Mumbai and Delhi, with an estimated 82,790 expats living here in 2011.
Chennai is the only city in South Asia and India to figure in the ‘52 places to go around the world’ by The New York Times.
Tourism guide publisher Lonely Planet has named Chennai as one of the top ten cities in the world to visit in 2015.
Chennai is ranked as a beta-level city in the Global Cities Index ahead of Hyderabad and Kolkata.
It has also been named in the 'hottest' cities to live in for 2015 by BBC among global cities with a mixture of both modern and traditional values.
POPULAR TOURIST ATTRACTIONS:
MARINA BEACH: The second longest beach in the world. The large expanse of silver sand allows for a great walk along the seashore. Sunrise and sun set views are picturesque in this perfect setting. Some of the sports activities possible in Marina Beach include fishing, wind surfing and beach volley ball.
Semmozhi Poonga: This Park offers a great escape from the scorching sun and is a visual delight. Opened towards the end of 2010, this 20-acre park features a view of scenic landscapes and lush gardens. The well-maintained gardens have over 500 varieties of trees and plants from all parts of the world.
Arignar Anna Zoological Park: It is the first ever zoo in India, established in the year 1855. The zoo was initially in the Moor market before being shifted to Vandalur in 1976. The massive 510-hectare zoo houses over 150 species of animal life that includes: tigers, hyenas, lions, panthers, elephants and many more.
Pulicat Lake: A must visit place located along the state’s border. The atmosphere is serene and relaxed. Boat rides are a very attraction here. While boating, tourists are also allowed to indulge in fishing. This lake is also a great place for bird watching.
Kapaleeswarar Temple: Its one of the oldest temples in the city and a classic example of the Dravidian style of sculpture and architecture. It is not clear as to who built the temple. Going by the songs by Nayanmars, it is believed that Kapaleeswarar Temple was built during the 7th century by Pallava Kings.
Breezy Beach: Chennai has many beaches and while Marina beach is the longest in Chennai, Breezy beach holds attraction for the unpolluted atmosphere. It is situated in Valmiki Nagar in Chennai. This small beach remains untouched by commercialization and hence very serene.
National Art Gallery: Established in 1907, the strong influence of Indo-Saracenic architecture is evident in the red sandstone construction, which has four sections namely Tanjore Painting Gallery, Ravi Varma Painting Gallery, Indian Traditional Art Gallery and Decorative Art Gallery. It displays ancient paintings and handicrafts dating back to 11th century.
Connemara Public Library: Established in the year 1896, this library boats of many unique and rare collections across subjects. The library itself is intricately designed and the architecture is a blend of Southern Hindu Deccani, Gothic, Rajput and Mughal. It also houses a periodic hall, a video room and a reference room.
Little Mount Shrine: It has a rich history associated with it. You can find the cave where St. Thomas went hiding before being martyred here. The lack of attention in preserving important structures and monuments are evident here too as you can find a rock that bears St. Thomas’ footprints.
According to the provisional population results OF 2011, Chennai had a population of 4,681,087, with a density of 26,903 per km and the urban agglomeration had a population of approx 8,653,521.
The city registered a growth rate of 7.77 percent during the period 2001–2011.
In 2001, the population density in the city was 24,682 per km, while the population density of the metropolitan area was 5,922 per km, making it one of the most densely populated cities in the world.
The Chennai metropolitan area is the fourth most populated agglomeration in India.
The sex ratio is approx 951 females for every 1,000 males, slightly higher than the national average of 944. The average literacy rate rose from 85.33 percent in 2001 to 90.33 percent in 2011, which was much higher than the national average of 79.5 percent.
The city has the fourth highest population of slum dwellers among India’s major metros, with an estimated 820,000 people or 19 percent of the city’s population living in slum conditions.
According to 2011 census, the Chennai district has 11 lakh households, with about 51 percent of them living in rented accommodation.
A majority of Chennai’s populations consists of Tamils and Tamil is the primary language of the city, while English is the preferred language of the city’s large white-collared workforce.
Chennai, along with Kolkata, Mumbai and New Delhi, is one of the few Indian cities that house a diverse mix of people belonging to different religious communities.
According to the 2011 census, Hindus constitute about 90.3 percent of the city's population, while Muslims (3.1 percent), Christians (6.6 percent) and Jains (1.1 percent) are the other major religious groups that reside here.
JOBS & EMPLOYMENT OPPORTUNITIES:
The city’s economy is driven mainly by the technology, automobile, manufacturing, healthcare and IT sectors.
A large number of leading auto majors including: Hyundai, Renault, Nissan, Ashok Leyland, Daimler AG, Caterpillar Inc, Ford, BMW and Robert Bosch have manufacturing plants here.
Chennai was the country’s second-largest exporter of IT and BPO services in the year 2012.
The city also hosts the Madras Stock Exchange and is the second major financial hub in the country after Mumbai.
The prestigious Forbes magazine has rated Chennai as one of the fastest growing cities in the world.
Chennai holds the fourth spot in terms of hosting the largest number of Fortune 500 companies of India, preceded only by Mumbai, Delhi and Kolkata.
The city is also home to an estimated 25 domestic companies with a net worth in excess of US$1bn.
As of 2012, the city had about 34,260 identified companies in its 15 zones, of which 5,196 companies had a paid-up capital in excess of INR 50 lakhs.
According to CII estimates, the city is expected to grow to a US$10bn economy by the year 2025, which is approx 2.5 times, its present size.
Chennai is also listed as a Global City by GAWC, based on the extent of its global reach and fiscal influence.
The industrial zone located at Ambattur-Padi is a hub for textile manufacturers while a SEZ for footwear manufacturing and apparel has also been set up in the southern part of the city.
Chennai is said to account for more than 50 percent of the country’s leather exports.
Leading IT companies have also set up their offices in Chennai at IT hubs like the Tidel Park, which was rated as Asia’s largest IT park when it was built.
Reputed financial institutions like the World Bank, Standard Chartered Bank, HSBC, Allianz, Bank of America, Citibank and Barclays to name a few, have their back-office operations here.
Chennai is one of the largest electronics hardware exporters in India, accounting for 45 percent of the total exports in 2010–11.
Medical tourism is another important driver of Chennai's economy with approx 45 percent of medical tourists to India heading to Chennai for treatment.
The prolific Tamil film and television industry based here are also significant contributors to the city’s booming economy.
An estimated 1,00,000 people in the city have assets valued at over INR 5cr, while the city itself is one of the country’s largest markets for luxury cars.
TRANSPORT & CONNECTIVITY:
The city serves as a major gateway to other parts of South India.
Its international airport that includes the Anna international terminal and Kamaraj domestic terminal handled estimated passenger traffic of approx 1.29cr in 2011-2012.
The city is connected to major hubs across Asia, Europe, and North America via a network of more than 30 national and international carriers.
Chennai is also the headquarters of the Southern Railways and hosts two major railway terminals.
The city’s largest rail terminal, Chennai Central, provides pan-India access as well as connectivity to smaller Indian cities, while Chennai Egmore provides connectivity to destinations with Tamil Nadu, with a few exceptions.
Inter-city connectivity is also boosted by the Chennai suburban rail network, which is one of the oldest in the country. It includes four broad gauge sectors which terminate at Chennai Central and Chennai beach.
The four sectors is an elevated corridor that links Chennai beach to Velachery while being interlinked to the rail network.
There is also a proposal to construct a monorail network to augment the existing public transportation system in the city.
Chennai is also connected by the Golden Quadrilateral system of National Highways.
The city is connected to other cities by 4 major National Highways (NH) that begin from Chennai itself.
These include: NH 4 to Mumbai (via Bangalore, Pane), NH 5 to Kolkata (linked via NH 6), NH 45 to Then (via Villupuram, Tiruchirapalli, Dindigul) and NH 205 to Madanapalle (via Tirupati).
Chennai is connected to other parts of the state and the Union Territory of Puducherry (formerly known as Pondicherry) by state highways.
The presence of an Inner Ring road and Outer Ring road has greatly enhanced inter-city connectivity here.
According to the city’s transport department as of 2011, there were an estimated 25.8 lakh two–wheelers and 5.6 lakh four–wheelers in the city, while the strength of the Metropolitan Transport Corporation (MTC) bus fleet stood at approx 3,421, which amounted to roughly 0.1 percent of the city’s total vehicular population.
The Chennai Mofussil Bus Terminus (CMBT) is one of the largest bus stations in Asia.
It is the main intercity bus station of Chennai, administered by 7 government-owned transport corporations, which operate intercity and interstate bus services.
The Tamil Nadu State Transport Corporation also operates Volvo air-conditioned services from Chennai to nearby cities like Pondicherry, Vellore, Trichy and Hosur.
Alternate means of transport here include Vans or Maxi cabs, auto rickshaws, metered taxis and tourist taxis.
The city is also served by two major ports, namely Chennai Port which is one of the largest artificial ports in India and Ennore Port.
As of 2014, Chennai was set to welcome atleast 17 new infra projects.
Major projects proposed include 12 grade separators, a river bridge, a foot over-bridge, a skywalk and the widening of two roads, proposed by the metro wing at an estimated cost of INR 2,000cr.
Work on three flyovers namely, at the junction of Kundrathur Road and Santhai Road in Pallavaram on GST Road, junction of Perambur -Redhills Road near Kolathur Rettai Eri on Inner Ring Road and at the junction of Taramani Road, Tambaram-Velachery Road and Velachery Bypass at an estimated cost of INR 231.68cr.
Other key projects proposed include: a bridge across Adyar River on Mount-Poonamallee Road in Ramapuram, a flyover at the Mount Poonamallee-Avadi Road junction, at Chennai-Chittoor-Bengaluru Road near Kattupakkam and another across the Cooum.
Fifteen projects have also been sanctioned under the aegis of the Chennai Metropolitan Development Plan. These include; a skywalk connecting central station, park station and the government hospital on EVR Salai, pedestrian subways near AG Church near Chinna Malai (on Anna Salai), MKN Junction in Guindy on GST Road.
The government has also sanctioned approx INR 40cr to fund a proposal to construct a flyover connecting the junction of CMBT and Kaliamman Koil Road on Jawaharlal Nehru Road.
Fast developing Velachary is also slated to receive a major infra boost with the highways department planning to build three new elevated roads along the Velachary main road and at the nearby Madavakkam.
The department has also proposed a skywalk connecting Velachery and Vijaynagar bus stand with the Velachery MRTS station. The 1.1-kmlong skywalk will connect Vijaynagar bus stand and the Velachery MRTS station.
The department also plans to build a 45-km elevated road along OMR -which, when completed, will be the country's longest elevated corridor.
REALTY MARKET OVERVIEW:
Chennai witnessed the launch of about 360 projects last year (2014).
The city’s residential market continues to be an end-user driven one, which means that speculator activity is low.
Chennai offers options across luxury, premium and affordable categories in and around the growing suburban corridors of OMR, ECR, GST and Poonamallee.
New upcoming residential areas in the periphery and suburban areas of Chennai include Perumbakkam, Medavakkam, Kovillambakkam, Vannagaram, Mangadu, Kundratur, Ambattur, Avadi, Chembrambakkam and Oragadam.
South Chennai saw the maximum launches at approx 66 percent in areas like OMR, Sriperumbudur, Pallavaram, East Coast Road, Guindy and GST Road.
The western parts of the city accounted for about 25 percent while Chennai central staked claim to approx 6 percent of the total number of projects launched here.
An estimated 80 percent of the new residential supply in Chennai comprised of smaller projects hosting less than 100 units each with the city’s south accounting for the bulk of launches in this category.
Only about 4 percent of this comprised of large residential projects offering more than 500 units each.
Experts attribute this to the overwhelming presence of local developers here and a rising demand for smaller, affordable homes.
The growth of the city’s automobile, IT and ITes and manufacturing sectors are the main drivers for the increasing demand for quality housing units in the city and its peripheral areas.
Latest trends indicate a growing preference among IT professionals for affordable options in the city’s western areas due to its proximity to Chennai IT hub at GST road.