Despite its subdued mood, in the last financial year, real estate activity seems to be picking up and growing at a steady pace in Tamil Nadu. It may not have touched the levels that prevailed about over two years ago when people were investing their surplus cash in real estate, yet the growth seems positive.
Very recently, Coimbatore witnessed the launch of the first phase of a State Government-sponsored IT Park. Interestingly, Chennai also seems to be walking towards a cosmopolitan outlook. Surviving without the need to know Tamil has resulted in a greater influx of residential projects. A good and talented workforce has further upped the movement of the IT & ITES industry. All this hints at a paradigm shift in the outlook of the state towards building infrastructure.
Upcoming residential developments
“The residential market in Tamil Nadu is picking up and the gap between upwardly mobile and the fairly traditionalist is narrowing down,” says, Kingston Jaykumar, Manager Sales, Alliance Group. This can be attributed mainly to influence of the western culture brought by the MNC and IT companies, and also the NRIs returning to India. There has been a growing influx in the number of residential projects in the state with a host of renowned builders coming up with their state-of-the-art residential spaces.
1. ETA Star is developing a residential project, Le Chalet in Sriperumbudur, Chennai. The project comprises semi-independent villas, Trinity duplex row houses and Twin ridge duplex twin houses and is expected to complete by October 2010. 2. Akshaya Group is coming up with a 10.36 acre residential project called Metropolis on GST road. The project would include 420 villa apartments, 16 town villas and 42 service apartments and is expected to complete by December 2010. 3. True Value Homes Pvt Ltd is developing a residential complex comprising six towers and nine hundred and forty two apartments in Padur. The project is expected to complete by December 2011.
Upcoming commercial developments
Chennai apart from it being the automobile capital of India; is emerging as the hub for IT, ITES and the BPO industry. The state government's policy to promote IT Corridor on OMR and the development of a six-lane expressway is attracting companies to opt for commercial spaces in the city. Though most of these companies prefer to lease office spaces initially, the commercial market is expected to see further upsurge as Chennai emerges as the promising destination for investors. Some of the major upcoming developments in the state include:
1. Indian Oil Corporation and the Tamil Nadu Industrial Development Corporation Ltd (TIDCO) plan to jointly set up a 5 mtpa LNG terminal and power plant in Chennai.2. Ashok Leyland Ltd is planning to set up a construction and earth moving equipment in a joint venture with John Deere in Gummidipoondi. This project is expected to complete by October 2010. 3. Srijan Realty is planning to set up a shopping mall over 417 cottah on Avinashi Road in Coimbatore. It is likely to complete by January 2012.