Chennai is regarded as one of the largest cities of India and is also a major trade hub for most of the businessmen. Earlier, this city was known by the name of Madras. It is also the capital of Tamil Nadu. Being a major center for culture, music and art in the country of India, it is a culturally rich city. It presents a blend of western influence and traditional Tamil Hindu culture. It is joined by rail, road and air transport and is considered as the leas polluted and congested cities of India.
The magnificent university of Chennai and lots of job opportunities have made it a wonderful career destination. Moreover, there has been lots of commercial and residential movement associated with property in Chennai during last a couple of years. The credit for progress and growth goes to real estate business in Mumbai and Delhi and increase in residential developments and IT industries in this Chennai. This city attracts various real estate developers and leading manufacturing companies. With the emergence of new IT growth corridors in this city, the real estate industry of Chennai has got potential high growth during past years. Moreover, this city is also famous for its offshore activities. Lots of people from different parts of this country come here for enjoyment of offshore activities.
Many IT industries such as Polaris, Infosys, Tata Consultancy Services and Wipro have established their bases in this city whereas Institute for Information Industry of Taiwan has established its offshore development centre. The technology and telecom industry is also making waves in this city. Many upcoming technology projects are propelled by foreign companies like Motorola, which is setting up Hi Tech Zone in Chennai. Foxconn, Flextronics and Technology giants Nokia are also establishing up their units in the vicinity of Sriperumbudur, in order to make this city an international telecom arena. These commercial projects are emerging on highway of Chennai-Bangalore and lots of development of real estate is going on there.
The prices of land at the sub-urban and peripheral areas increased by more than 100% during last four years. Nevertheless, the prices of real estate become stable during past one year. Global auto major BMW has signed a memorandum of understanding with the government of Tamil Nadu for setting up a car assembly plant. In addition to this, Komatsu group, Japanese mining and road construction equipment major is also likely to establish its campus in Chennai.