As a result of the displacement of information technicians for work in the city, there is a high demand for residential housing in Chennai.
Chennai has long been known as the city of beautiful bungalows and villas. People wanted to live in their own homes rather than share the framework with others. However, the trend has changed over the past two years. “There is a shortage of large land packets in the city. In addition, the increase in property prices and the floor Space Index (FSI) has resulted in developers choosing vertical growth and higher growth in suburban areas or peripheral locations ” Says Pritam Mehra, the director general of the Chennai operations and CPRs consultancy company.
Sustainable economic activity, policy initiatives aimed at attracting investments and the availability of skilled manpower have established Tamil Nadu as one of Indias leading investment destinations. In the past few years, Chennai has seen a large number of information technology (IT) and multinational companies (MNC), which have led to the increase in migration of young professionals to the city. Millhouses in the city for better job opportunities want to live in apartments that are easily maintained with relatively low rent costs. All this stimulated the need for vertical development in Chennai.
In 2014, more than 16 of the total number of new ladders (28,540 units) are in the second place in Chennai. The stock has now fallen to five percent of the total 13,000 units launched in 2019. As compared to Chennai city, Sanjay Chuck, City head-Chennai, Anarak Property consultants say that by easing the rules, developers are now creating structures. A class based on technology, structure, and design. “The latest trend indicates that the city is gradually warming to vertical growth, with at least 16 percent of the projects launched in 2019, with 21 Storelines or more tall towers, ” he Says. “The rising skies carry bows to demand from the rich who grow towards ‘ ski villas ‘ rather than the Swangi bungalows or the sea-facing reverses,” he points out.
The need for affordable and middle class housing is being guided by professionals working in the major information technology centres and its surrounding information technicians and the major industrial centers of the city. Depicting him, “high demand and affordable housing for the middle section encourages developers to meet these two sections. “