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Changing residential landscape of Chennai

New projects are targeting young IT professionals.
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First Published: Thu, Oct 18 2012. 08 34 PM IST
Hemant Mishra/Mint
Hemant Mishra/Mint
Updated: Thu, Oct 18 2012. 10 05 PM IST
The Chennai residential market is end-user driven. While end users constitute close to 85-90%, investors constitute the balance. Of the total end users, around 60-70% are salaried. Traditionally, residents of Chennai have exhibited a strong preference to live in the prime localities of Boat Club Road, Adyar, Anna Nagar and Egmore where good infrastructure facilities in terms of roads, power and water supply, schools and hospitals are available.
In the recent past, information technology (IT) has been a growing industry in the state and attracts young professionals. As a result, the growth of the city has moved south, along Old Mahabalipuram Road, given the presence of the IT corridor there. The government of Tamil Nadu is also promoting IT and IT-enabled services industry by offering concessions to this industry. New projects launched in this area target young IT professionals who can afford apartments with the ticket size between Rs.30 lakh and Rs.40 lakh.
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First Published: Thu, Oct 18 2012. 08 34 PM IST
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