Why Invest in Chennai
If it was Bangalore in the 1990’s it is going to be Chennai by 2010 Chennai is the third largest commercial and industrial centre in India with a population of 7.6 million.
Chennai has been rated as the most attractive Indian city for offshoring services according to A T Kearney's Indian City Services Attractiveness Index 2005
The Hindu Business Line
Major software and software services companies like Accenture, Cognizant Technology Solutions, CSC, EDS, HCL, HP, IBM, Infosys, Satyam, Sun Microsystems, Symantec, TCS, Verizon and Wipro have development centres in the city. The city is now the second largest exporter of IT and IT enabled Services in the country behind Bangalore. The IT Corridor, on Old Mahabalipuram Road in the southeast of the city houses several technology parks, and, when completed, will provide employment to close to 300,000 people.
The Mahindra World City, a Special Economic Zone (SEZ) with one of the world's largest information technology parks, is currently under construction in the outskirts of Chennai
The real estate around these places has risen multifold in last three years, making it a right place for sound investment, attracting NRI and software professionals.
Chennai was recently rated as having the highest quality of life among Indian cities ahead of the other three metros and Bangalore, based on the 'Location Ranking Survey' conducted by ECA International. It is now ranked at 26th position in Asia in terms of livability
Chennai is considered the automobile capital of India, with a major percentage of the automobile industry having a base here and a major portion of the nation's vehicles being produced here.
This has led to Chennai being referred to as the Detroit of South Asia. It has also become a major centre for outsourced jobs from the West.
More recently, Chennai has emerged as a electronic manufacturing hub with multinational corporations like Dell, Nokia, Motorola, Cisco, Samsung, Siemens, Sony-Ericsson, Flextronics and Foxconn setting up Electronics / Hardware manufacturing plants, particularly in the Sriperumbudur electronics SEZ . Ericsson and Alcatel have research and development facilities in the city while Texas Instruments' R&D facility is in the pipeline. Semiconductor companies like SPEL and Tessolve have announced plans to set up or expand manufacturing and R&D centers in the city.
The total employment potential around Chennai is more than 2 million over the next 5 years !!
This would create a huge demand for housing and it would be best time to invest in real estate.