The city that used to be known as Madras is as hot as the curry powder of that name when it comes to property investment, according to Dubai property company ETA Star.
ETA is targeting the Tamil Nadu region, which includes Chennai, for a massive investment project, MENAFN Press reports. The company has hailed Chennai as one of the most favourable places for investors to go and as a result it is to begin work this year on building Jasmine Court, a 4.4 acre residential development consisting of apartments of varying sizes near to the airport.
ETA Star’s executive director Abid A Junaid told MENAFN: “We are very excited about Jasmine Court as we have already achieved major success with our two residential developments – Binny Crescent and The Gardens in nearby Bangalore. Chennai is a great place for property investment at the moment as it is the third largest commercial and industrial centre in India and it attracts a large number of professional residents and also many tourists who come to visit the numerous sporting venues in the city.”
The proximity of good infrastructure, economic importance and tourist attractions have often been cited as advantages for the property industry and it is here that buy-to-let investors may consider either letting to the growing professional class in India as the economic and commercial growth of the country continues, or entering the holiday home market. Sport may in fact not be the most reliable source of tourism, as India increasingly leans towards a one-sport culture based on cricket and only England brings large numbers of travelling followers away from home, with the largest contingents tending to visit more western countries like Australia or South Africa.
But Chennai offers plenty of other tourist attractions that may assist the buy-to-let holiday home market. The local tourist authority lists plenty of religious and other festivals for culture vultures to experience, plenty of temples to go with this, a wide range of tropical beaches lined with palm trees, plus plenty of entertainment and food.
The potential of many places in India is not lost on wealthy developers in Asia. The Bangladesh Daily Star reports that developers, builders and architects are heavily involved in a plethora of major projects. These don’t just include Chennai; the report mentions developments in Hyderabad, Amritsar, Bangalore and elsewhere.
Optimism is riding high and if it is justified then India’s booming cities could offer buy-to-let investors great opportunities in the years ahead. This optimism is perhaps best summed up by the managing director of the Indian arm of architects RSP, Gopi Bhawnani, who told the Daily Star: “What we are seeing is the tip of the iceberg that is to surface in the next ten to 15 years.” Source:Intranetics
