Chennai as compared to its southern counterpart states like Hyderabad and Bangalore, do not appear to be as happening as them. But its economic prosperity cannot be underestimated, with its treasury being run mostly by the automobile industry as it is the home base to several leading automobile companies. Since the first motor car came to India in the year 1898, the automobile industry set up assembly lines in Bombay, Calcutta and Chennai (then Madras) between 1910 and 1920. Leading car manufacturers of the world like General Motors (GM) and Ford Motors of the US; Volkswagen and Toyota have made Chennai their hub for car manufacturing. It also hosts the manufacturing facilities of Hindustan Motors Mitsubishi Lancer, Ford, Hyundai and Ashok Leyland, a leading truck manufacturer.

Moreover, Chennai has been the production bases to numerous industries, which supply auto components to manufacturers across the country. Tyre manufacturing company MRF is based in the city. These small-scale industries and auxiliary industries have constituted one of the pillars of industrial growth and have contributed significantly to the city’s economic growth. And along with economic growth came employment opportunities and upliftment in the living standards of the people. This has in turn contributed in investment procedures and real estate investment as always became the best bet for buyers and developers alike.

Real estate Chennai over the last few years has seen a scaling rise as more industry giants – both from the automobile and IT industry started their operations base from the city. Even though this boom in the industrial sector has contributed to a substantial expansion of the real estate business in the city, the relatively cautious and conservative approach of property dealings in Chennai have prevented extremes of speculative activity. Thereby, making Chennai’s progressive real estate slower and steadier compared to other new-age cities. But there has been no dearth of co-operation from the government in creating congenial environment and infrastructure for industry bigwigs to make Chennai their base for investments. The recent decision by the automobile giant BMW to invest about Rs 900 crore in the long-term at their manufacturing facility in Chennai is a reference to the fact. Such inflow of investments will surely make Chennai, the most-favored place for real estate investments for years to come.

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