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Why Chennai ?

Chennai’s residential property prices have shot up by threefold in four years. Chennai, as we have come to believe, is a conservative market. But the recent price rise in the city’s residential market paints a different picture. Property prices in Chennai have gone up by 11 percent in the first quarter of 2012, as compared to the first quarter of 2011, in terms of price per square foot. Besides, the National Housing Bank (NHB) Residex Index shows that Chennai has registered a 204 percent increase in prices of residential property in the period between 2007 and 2012. As per HDFC , Chennai has the highest number customers seeking home loan. On basis these inputs it is correct to believe that Chennai is a Hot real estate destination.

Chennai has a robust and diverse economy that bases on automobile, software, hardware manufacturing, financial services and the healthcare industries. The region accounts for about 30% of India's automobile sector and about 35% of the country's auto components industry, hosting reputed companies such as Hyundai, Ford, BMW, Mitsubishi, TVS group, Ashok Leyland, Nissan-Renault amongst others that have set up their factories in the region thereby causing Chennai to be called as the Detroit of Asia. Major electronics manufacturers such as Dell, Nokia, and Samsung having their manufacturing bases in Chennai. It accounts for about 14% of the Indian software exports, coming only second after Bangalore. In the financial services sector, renowned financial institutions like the World Bank, HSBC, Citi Bank have back office operations in Chennai.

In the health sector, industry giants include Apollo Hospitals, Sankara Nethralaya and Sri Ramachandra Medical Center that distinguish Chennai as having the best Healthcare facilities in the Country that have brought in quite a considerable number of medical tourists. About 45% of health tourists from abroad and a 30 to 40% of local tourists have been to the region when compared to other regions in the Country.

As an industrial hub of south India, Chennai's diversified economic base that largely depends on trade and industry has been at the core of its attractiveness for investment. On the overall, the main industries in its economy include automobile, software services, hardware manufacturing and the financial services sector. Its software and bio-tech sector has attracted big names in the business such as Wipro, Infosys, TCS, HCL, EDS, Accenture, Sun Microsystems and HP.

The National Housing Bank's Residex index, which has been tracking housing prices in different parts of the country since 2007 released following data.

The index for Chennai leapt up by 39.5 per cent in the last quarter [January to March 2012] of 2011-12 compared to the same period last year [January to March 2011]. This is the highest jump for any city for the period.

Releasing the latest data for January-March 2012 quarter, the National Housing Bank said from January 2012, NHB-Residex has been expanded to cover Bhubaneshwar, Guwahati, Ludhiana, Vijayawada, and Indore, taking the total number to 20. Interestingly, all the five cities have shown a robust growth in price over the past five years. In Indore, the prices have more than doubled – from the base of 100 in 2007 to 208 during January-March 2012, while it has increased by 84 per cent in Vijayawada, 63 per cent in Ludhiana, 61 per cent in Bhubaneswar and 57 per cent in Guwahati.

In contrast, only nine out the 15 cities crossed the 50 per cent mark during the five-year period: Chennai [204 per cent], Faridabad, on the outskirts of Delhi [117 per cent], Bhopal [104 per cent], Kolkata [91 per cent], Mumbai [90 per cent], Pune [81 per cent], Delhi [68 per cent] and Ahmedabad and Lucknow [64 per cent each]

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