Bingo

Chennai is vibrant with activity across all sectors but demand from the information technology (IT) sector was emerging as the key factor driving demand and leading to a visible increase in the real estate activity.

IT sector has a spin off to the residential developments in the southern suburbs of the city as well. With the development of the IT corridor on the Old Mahabalipuram Road, Velachery and Perungudi had become a preferred destination for many new generation software professionals.

More than 20 major residential projects are coming up in Velachery and Perangudi side, as there is a need for integrated developments offering good quality life and neighbourhood with workplaces and shopping etc in the same premises.

Middle and high segment housing will see more than 2000 dwelling units coming into the market in the next two years.

Owing to the rising presence of an increasing number of IT and ITES companies in the southern part of Chennai, there was strong demand in areas like Velachery, Perungudi, and Thiruvanmiyur for budget apartments to house employees and for top-end residences for the senior company executives.

The market witnessed an 8-15 per cent increase in capital and rental values in almost all the residential micro-markets.

According to a real estate report, IT sector growth in India in general had emerged as a driver for boosting real estate development in all sectors.

- Business Standard