Chennai,
the capital of Tamil Nadu, is the 4th most populous city in India & serves
as a gateway to Southern India through its strategically located port.
Chennai’s
urban agglomeration, also known as the Chennai Metropolitan Region (CMR), is
spread above 1,189 square km. and consists of parts of Thiruvallur and
Kancheepuram districts apart from Chennai city.
As per
Census 2011, the total population of CMR was 87 lac.
The
development of the CMR is entrusted to the nodal planning agency
Chennai
Metropolitan Development Authority (CMDA) which prepares the
master
plan for the region.
CMDA in
September 2008 prepared the Second Master Plan for Chennai Metropolitan Area,
2026 outlining the detailed development plan along with land use,
transportation, housing and other important aspects of the CMR.
CHENNAI
METROPOLITAN REGION POPULATION
Population
in Lac
Year Population Average
Annual Growth
1991 54.2 lac 2%
2001 65 lac 1.9%
2011 87 lac 2.9%
Source:
Census 2011, Knight Frank Research
Chennai
is divided into four broad zones: North, Central, South and West.
It may
be noted that being a coastal city, Chennai does not have an eastern market and
faces the Bay of Bengal.
North
Chennai is primarily an industrial area dotted with various locomotive
workshops and port related activities.
The two
major ports namely Chennai Port and Ennore Port are located in this region.
Non-availability of vacant land, narrow arterial roads and lack of employment
opportunities have restricted the real estate growth of this region as compared
to other parts of the city.
Destinations
such as Tondiarpet, Madhavaram and Perambur are the primary
residential
locations with large underconstruction projects in these areas. Residential
demand is driven by the business community, traders and public sector employees
here.
Central
Chennai is the commercial heart of the city with many corporate offices
located in the Central Business District (CBD) areas of Anna Salai,
Nungambakkam, Egmore, Nandanam and others.
Excellent connectivity with various parts of
the city, good physical and social infrastructure and presence of organized
retail have ensured
the
highest property prices in this part of the city. Locations such as Boat Club
Road, Poes Garden, Nungambakkam, T Nagar, Mylapore and Raja Annamalai Puram are
some of the prominent residential areas.
Majority
of the residential development in the central locations comprises bungalows
& independent residential units
while some pockets like Alwarpet, Kilpauk and Anna Nagar are witnessing growth
in high-rise construction as
well.
The western
Chennai has some of the most upcoming locations. The saturation of land
banks in Central Chennai has seen westward movement
of
residential development. Electronic hardware corridor in Sriperumbudur and Auto
and Auto Ancillary manufacturing units in Oragadam have resulted increased
demand for afforatable residential units in this region.
Multi
National companies such as Nokia, Dell, Samsung, Saint-Gobain, Renault-
Nissan
and Hyundai have set up their units here. However, lack of social
infrastructure, absence of organized retail and distance from the city centre
have restricted growth of the residential market in this zone.
South
Chennai, along the Old Mahabalipuram Road (OMR - Rajiv Ghanthi Road )
and Grand Southern Trunk (GST) road is rapidly developing as a self-sustaining
hub with the presence of a large number of IT SEZs, IT Parks and manufacturing
units.
Nodes
such as Perungudi, Sholinganallur and Siruseri on the OMR along with Tambaram
and Mahindra World City on GST road have created enormous employment
opportunities in this region.
This
has inherently led to the development of the residential market in South
Chennai. Additionally, the focus of the state government in providing excellent
road connectivity along these nodes has further helped in the development of
this
region.
Report by Knight
Frank
Knight Frank - Chennai
No.3, Gitex Building,
IIIrd Floor,
Khader Nawaz Khan
Road, Chennai 600 006.
Phone: + 91 44 4296
9000
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