The rapid infrastructural development in India has seen remarkable growth in its Real estate industry post Globalization and Chennai seems to be emerging as a real estate superpower and its origin story is rather fascinating. Although the city of Chennai started to take shape in the 17th century, it has been a social and trade hub with a rich cultural heritage since the 1st century CE. Prior to this development, it was a tiny fishing hamlet known as ‘Madraspatnam’ along the Coromandel Coast. Upon the building of Fort St. George in 1644, the East India Company established and created the coastal city of Chennai. This fort was not only the Company’s first major English establishment in the country but also a major hub for trade and administration. Chennai city started to develop around Fort St. George and currently the metropolitan of Chennai is 8,878 square kilometers in area.
How Chennai evolved to be India’s Real Estate Hotspot
Chennai became one of the four major metropolitan cities in India after independence from the British. Of late, Chennai’s emergence as a prominent real estate destination has been bolstered by its booming economy. This rapid growth is the consequence of Chennai being home to a multitude of top national and international companies from sectors such as automobiles, Information Technology, Electronics Hardware, Banking, Finance, Engineering Procurement, Construction, Medical Tourism, Petrochemicals, Textiles, and Entertainment Industry. The infrastructure of Chennai is growing rapidly as the large working population needs homes, shops, schools, colleges, hospitals, and entertainment centers, thus booming Chennai’s real estate market.
There are other factors that have significantly contributed to Chennai’s growing real estate market. It is a socially cosmopolitan city with a culturally diverse population which makes it an ideal location for people to live in the southern city of Chennai. Also, it has been rated as the safest city in India by the Quality of Living Survey and a city worth living in the long-term by the BBC. Also, Chennai has been selected under the Smart Cities Mission to be developed as a Smart City.
As it is established that Chennai is a truly global city for the worth living. Due to this reason not only new buildings are emerging in Chennai but many existing buildings are being refurbished. Chennai is gradually experiencing a growth in new residential buildings design along with the rise in renovation and interior rehabilitation of many existing villas and houses. Thus, Chennai’s Interior Design industry is growing along with its real estate sector and this trend seems to be positive for the development of this city.