The Tamil Nadu realty market is driven by a healthy mix of the IT/ITES, manufacturing and logistics sectors. Investments from multinational companies and the opening up of new offices is creating new jobs in the state adding to its economic development. In the five months since the government-notified rates for registration of properties were revised, the property rates in the state have already increased by almost 45 per cent. “The demand is universal across both residential and commercial properties in the state; although residential development leads the way,” states Suresh Kannan, Marketing Executive, Vishwakarma Real Estates & Constructions (I) Pvt Ltd.Upcoming commercial developmentsAccording to the latest reports by property consultant CB Richard Ellis India, the commercial market in Tamil Nadu was quite stable in the first quarter of the year in terms of capital and rental values with an 8 to 10 per cent rise in the rental rates. Since then, the suburban market has seen a marginal rise in rentals of about 3 to 5 per cent, while the peripheral market continues to remain stagnant. Some of the prominent upcoming projects in the state include, ESIC Medical College: National Buildings Construction Corporation is setting up an ESIC medical college in Coimbatore. The project is being developed on 1 lakh sq m with an estimated cost of Rs 420 crore.Chennai One Magnum: Spanning 2.4 million sq ft, this is the largest single block project of the Green Grid Group in Chennai. The property, to be operational by July 2012, boasts of structural glazing and aluminium composite panel finish for exteriors.Amara Anan: AR Group has launched premium high-end villas on the East Coast Road. The project, Amara Ananta offers 25 high-end premium villas with each having 5,500 sq ft built-up area.Upcoming residential developmentsThe real estate and property market of Tamil Nadu has benefited immensely from its industrialisation and growing economy. Property prices have increased considerably in many regions of the state, particularly those that are experiencing new commercial and residential construction activities, such as Chennai, Hosur, etc. Around 67,500 residential units are likely to be infused in Chennai in the next three years, states the latest report by Knight Frank India. Additionally, many residential projects are at various stages of development. These include, Alliance Orchid Springss: Spread across 18 acre, Alliance Orchid by the Alliance Group comprises 2,123 truly exceptional apartment homes, a shopping mall, multiplex and an international standard clubhouse.Solitaire: S&S Foundations has launched a residential project – Solitaire – on the Kathipara Junction-Porur road in Alandur. This will be a 11-storey tower with 108 apartments. It will have 2 and 3 BHK units of 1,150-1,850 sq ft.Elysium: This project by Ramky Wavoo Developers in Chennai comprises six blocks of stilt+4 floors having 3 BHK apartments with several amenities.