Chennai, formerly known as Madras, is the capital city of the Indian state of Tamil Nadu. It's the fifth most populated city and fourth most populated metropolitan area in India. Its economy has a broad industrial base in the technology, automobile, healthcare and hardware manufacturing industries.
Chennai city has a very delightful blend of modernity and tradition, as it retains its rich heritage and tradition while embracing the positive influences of a western culture. Chennai, earlier perceived as a conservative city, has shed its inhibitions to catch up with modern lifestyle trends that are followed by other Indian metros. Chennai is known for its intricate handicrafts and gorgeous silks.
The Tamil Nadu Industrial Development Corporation is contriving to set up an IT Investment Region in Chennai. This will require an investment of approx. Rs 25,000 Crore. The proposed ITIR will be built in the south-western part of Chennai between the Old Mahabalipuram Road (OMR) and the Bangalore Highway, spawning an area of 3.5 lakh acres or 1,400 sq km area.
It's a very ambitious project that is aimed at evenly dispersing the infrastructure by providing plug and play facilities to investors across the ITIR over a period of next five years. The project is also expected to generate approx. 4 lakh additional jobs. The Tamil Nadu government will also build four new railway stations for this region- Chennai-Kancheepuram (along NH 4), Taramani-Mahabalipuram (along the Buckingham Canal), Kancheepuram-OMR and Chennai-Kancheepuram (along NH 4).
Foreign investors who have invested in India have acknowledged that Chennai has better infrastructure facilities than any other Indian city. The Chennai Metro rail project is being suggested to aid the existing intra-city transport. The Central government has even agreed to contribute up to 20% of the total cost of the project.
Many foreign investors from countries, such as Singapore, are keen to tap the real estate market in Chennai for profitable investments. They are also planning to invest in sector-specific and multi-product SEZs across the city.
The Chennai Metropolitan Development Authority is contriving to a single window clearance to accelerate the process of clearance of building plan applications. This service will clear building plans, make on-the-scene investigations and verify land records - all at the same window. This service has the support of all the stakeholders involved in the real estate business.
Some factors that make Chennai an attractive prospect for the investors are:
Chennai has a reasonable cost of living which will permit a comfortable and risk-free lifestyle that any investors with future plans won't complain about.