India is the country with high economic prospects and possibilities. Among various metropolitan cities of India, “Chennai” which was also known by the name of “Madras” until 1996 can be considered as the fourth largest city among the entire metropolitan city all over the India. It is exactly located on the coast of Coromandel and also known as the capital city of Tamil Nadu. As the overall industrial activities and economy of the place are growing with rapid succession, a large number of people is migrating in the Chennai from various areas of India as well as Tamil Nadu. Demography shows that PGR or population growth rate of the place is about 7.77%. And the very place has a connection with quadrilateral system highways where the metro project is known as” CMRL” is also in construction process with the link in different cities. The economy of Chennai is very well balanced as there is a steady balance between service sectors and manufacturing with diversification in software, automobiles, healthcare, automobiles, financial sectors, and hardware manufacturing industries etc. Likewise, infrastructure projects are going very well with rapid progress. Real estate in Chennai has bright future comparatively properties in Ahmedabad and another tier 2 cities.
Residential properties in Chennai are progressing rapidly and evoke around 7% price appreciation every year. There has been massive growth in price supply as well. There are some peripheral parts such as properties in GST, OMR, Maraimalai Nagar with rapid progression. Likewise, other areas like Rajiv Gandhi Sala, Guindy, Velachery, and Paramania supposed to possess large demand for large residential supply as there is the lack of residential lands in central parts of the city. It has been observed that there are about 45,162 properties which are for sale and distributed around 17 % commercial, 80% residential and rest 3% goes for retail. There are other rental commercial areas like Nungambakkam, T Nagar, and Anna Nagar. These micro markets have rent ranging from ninety rupees to hundred fifteen rupees per square feet. In Ambattapur, price per square feet is 4210 inQ3-2013and high rent of nine and low often. Likewise, the price for Adambakkam is 5910 and rent are eleven for high and 14 for low. Advani has the price of 12330 with low rent of 30 and high rent of 24. Similarly, Anna Nagar has the price of 9080 with rent of nine and sixty-four each for low and high. Charges are set by the government with property registration charges and electricity or water supply charges. There is stamp duty about seven percent. And one percent charge of property rate. Agreement value for VAT is seven percent whereas service charge is three percent. Electricity charges can be defined according to units. There is no any doubt that real estate is doing wonderful progress and all kinds of commercial, residential and retail markets are growing with progress. Not only that, it has been promising splendid and productive results in upcoming days. It has proved to be one of the most popular trade centers of India. Educational institutes or universities are spreading widely. Some of the major real estates of Chennai are Amir castle, Srivari Villas, RC Houston, Green City Extension, Asthma Abhinav, Green Meadows(GVSPL), Akshaya, Maya apartment, Mathru Krupa, KVR Anandham, Maurya apartment, Sri Shakti apartment, Mahalakshmi Apartments, loyal nest, Sri Suprabatham etc.