According to
a recent study by Candy GPS Report Chennai has been ranked as one of the top real estate destinations in the world.
Chennai has achieved this feat by competing with hundreds of other business
cities in the world.
As per the report, Chennai (formerly known as Madras) is
already a magnet to Ultra High Networth Individuals in the region and is
therefore already a recognised and fashionable enclave.
It has a
diverse economic base, strong cultural life and arts base, including cinema and
film production. Chennai has a national park within its boundaries and the
nearby Mahabalipuram UNESCO world heritage site further enhances its status.
Chennai has
always been a steady residential real estate market, as it is largely driven by
end consumers unlike other cities in India. Due to this rate per sq ft did not
fall down even during turbulent times.
Other cities which were featured in
the report:
- Tel Aviv, Israel
- Melbourne, Australia
- Miami, USA
- Chicago, USA
- Dublin, Ireland
- Panama City, Panama
- Beiru T, Lebanon
- Istanbul, Turkey
- Cape Town, South Africa
- Jakarta, Indonesia
- Lagos, Nigeria
Chennai will witness huge investment
by way of FDI in real estate as the market is resilient and it provides good
investor climate. The city will get more visibility in the international
investor community thanks to this report.
People who want to invest in real
estate in Chennai irrespective whether they want to buy apartment, or to buy
villa, or to buy plot can invest money now, as rates are expected to increase
in the medium to long term.
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