The flourishing Real Estate scene in India.

The Chennai real estate classified in India is on a definite uptrend now. A decade or two ago, a middle income family will think twice before venturing into buying property. Financial pressures such as household expenditure, childrens education, medical expenses and the need to save for the future would deter any decisive action towards buying property. That scene has changed now.

Today the dream-house aspirations of even the low-income groups of people are coming to be realized. The reasons are many. Among the foremost, we can name - a positive growth in economy, the boom in IT sector, increased foreign investments in the infrastructure industry in India as also many government initiatives like encouraging easy home finance facilities through different banks. The builders and developers are also coming up with ever new and interesting projects with increased amenities; township constructions and walk to work projects being the latest attractions offered.

The Information and Technology sector has seen tremendous growth and diversification in India. Many good Companies are employing talented youth in thousands every year and are offering attractive pay packages to encourage and retain them. This has in turn increased the average earning capacity of individuals manifold. Consequently this has changed the complete outlook of the modern urban generation. Assured by a good monthly income the urban employed youth are confidently venturing into investment and property building. While at a time an average Chennai real estate classified would buy property if at all around his forties, today urban employed youth get into the buying business right from the day their jobs are confirmed. This trend is now catching up with the ones lagging behind - Government employees, families with both spouses working etc; and these are also slowly entering the real estate arena. To make things easier for them are myriad home loan schemes offered by banks and other financial institutions.

The government of India has relaxed the ceiling of foreign direct investment (FDI) to a 100% to stimulate investment in the infrastructure sector. This has encouraged many international companies to invest in India as also to get into collaborations with good constructors and developers in India. The Royal Indian Raj International Corporation from Vancouver, Dubai based Emmar Properties, Morgan Stanely Real Estate, High Point Rendel from UK, American International Group Inc, Cesma International from Singapore are some among many companies showing interest in India today. Foreign interest in real estate has led to a remarkable development in both commercial as well as residential construction business in India. Knight Frank, a leading global real estate consulting group has placed India in the 5th position among 30 up-and-coming retail markets in the field. It has also predicted an attractive 20% growth rate for the sector by the end of the decade.

NRIs (non resident Indians) provide a significant impetus to the flourishing Chennai real estate classified business in India. It has always been a passion for Indians working especially in the US, UK and the Middle East to invest back in India and what can be more rewarding to them than real estate! This is a welcome means for them to keep themselves linked to their mother country. Here is a place where they can come back to for a vacation,

for a break and rejuvenate themselves for fresh beginnings again. Many NRIs look to India for commercial advantages in real estate like buying and resale, renting out, leasing etc which are great ways for multiplying their monetary resources. Builders in India have tactfully capitalized on this sentiment and have introduced such facilities by which NRIs can get their real estate transactions smoothly executed staying away from India. The legal aspects are dealt through power of attorneys, the money transactions through bank transfers and the specifications of the clients are met through effective email and chat communications. This saves a lot of time and energy for both builders and clients.

There is a parallel growth in the Chennai real estate classified business in India both on the commercial and residential fronts. While commercial constructions have deeply rooted in all the four metros and other larger cities in India, residential constructions are spreading out to suburban areas seeking fresh and pollution free ambience.

Builders and developers in the commercial construction business focus on prime location and ultra modern state of the art facilities as major attractions for their office complexes, hospitals, shopping malls, resorts etc.

Residential builders on the other hand focus on basic civic amenities like good water supply, quality sewage system, water purification plants, lifts, car parks, generators, closed circuits televisions etc. They build dwellings to suit every purse ranging from budget houses to compact apartment flats to spacious villas and farm houses. Their township concept is gaining much popularity these days. Townships are constructed on vast areas normally outside city limits, more into the suburban localities and go on to include besides number of apartments, independent houses and villas; health clubs, swimming pools, playground, medical clinics, pharmacy, shopping complex ATMs et al within the same complex so that the residents do not have to go out of the complex for their day to day requirements and everything is close at hand. Most of these townships also arrange for helpers to aid the residents with day to-day chores with separate quarters to lodge them as also special maintenance squads. Property of this kind has immense resale value. They are very dear to the NRIs too. They can happily lodge their old parents in a house inside such a township without worrying too much about not being able to be near them.

Yes real estate business is risky. Prices are skyrocketing. Land values change. Construction costs fluctuate. Often there is shortage of building materials. Managing labor poses many problems. Legal proceeding regarding permission and sanction are long drawn. Cumbersome paper- work is involved. Yet there is a growing demand for property in India. This business is gaining so much predominance that even large business houses from other sectors like automobiles (Mahindra, Hindustan Motors, Bajaj) and textile (Bombay Dyeing, Pantaloon, Century Textiles) just to name a few are also diversifying into real estate. This business is providing bread and butter not only to the people engaged in building, developing and promoting but to thousands of go-betweens; the brokers and agents as also to architects, interior decorators and many more. Chennai real estate classified business has come of age in India and is here to stay.