With a population of seven and a half million people, Chennai, also formerly known as the city of Madras, is the fourth largest city in the entirety of India. It’s the capital of Tamil Nadu and considered as one of the coasts of the Bengal Bay called Coromandel Coast. The city was an important urban location and naval base for British India. Aside from this, one time, it became the capital of the country during the 20th century.Currently, the city is enjoying a surge in revenue and investment because it is a well-developed urban community. It is also home to big industries that promote automotive and electronic technology as well as manufacturing hardware. In the realm of the IT industry, where India is making its mark in the world, Chennai is behind national leader Bangalore and second-place Hyderabad, making it third in the country for IT exports.
Chennai has a rich background in the art industry and literary field, and culture is one of the main draws to tourism in the city. Cultural events for performance arts like dance, drama, and music are prevalent in the city. The art form has also evolved with the times, and Chennai has become the home of Tamil’s film industry.
The city is located on the Eastern Coastal Plains, a flat area near the coastline. There are two rivers that have their waters running through the city, and currently, the government has efforts underway to reverse the damage brought on by urbanization, the clean up of sewage and other debris. The coastal location also brings about a stable weather pattern through Chennai’s area, where in, it is hot and humid for periods throughout the year. This is with the highest temperature readings occurring during May until June, hovering in the thirty-eight degree Celsius range. The lowest temperatures are during the month of January, at nineteen degrees Celsius on average. The rainfall in Chennai is mostly seasonal, brought by the monsoon rains during September until December.
Chennai’s Attractive Economy
The city of Chennai has a diverse playing field when it comes to the economy. Investors have a lot to choose from when it comes to putting their money in and having it grow and give returns. The automobile manufacturing sector is a nice, stable base to put your money in. Hence, with the sheer number of companies that manufacture their vehicles in this area, Chennai has truly become a multinational haven for companies wanting to expand operations in India, and produce cars for the local market. Roughly one third of the whole automobile production in India is based in Chennai alone, as well as the parts used to build cars and replacement components.
You can also have a lot of other industries that have stable growth patterns. The workforce in Chennai numbers around one and a half million people, in all industries combined. The city is also host to other major industries like textile and leather production. The city production of leather accounts for over fifty percent of the national export levels. You’ll also see lots of production in other industries like electronics, with Ericsson and Alcatel having their base of operations in the area.
Aside from producing industrial levels of materials and output for cars and other goods, the city is also beginning to be on the rise when it comes to exporting software, with fourteen percent of the total software exports of the country coming in from Chennai. It’s just behind Bangalore, which is the current leader in software. Chennai is also home to Pfizer’s R&D laboratory operations in India.
Investing in Chennai
Chennai is fast becoming an opportunity for investors, with possible yield levels the same as, or even above those of other Indian cities. In information technology, one can truly sense that you’ll be able to get more out of your investment when you invest in a Chennai-based company, as it seems that everybody is targeting Bangalore companies for their investments. Investing in Chennai software companies is like investing in Bangalore, only cheaper and far fewer people are clamoring to get a piece of the action. You’d also get the chance to earn more when you put your money in with Chennai.
Real estate is perhaps the shining star in the Chennai investment scene. Growth is set to take full flight when it comes to investing in properties in Chennai, whether tangible or intangible. By 2010, there will be a newly built international airport, and this will aid access to the city like never before, making it easier to get to and from Chennai. The current airport’s operations would be expanded greatly in international and domestic flights.
The airport construction will see prices going up in the general vicinity of the airport building because of the business opportunities provided by this new influx of business traffic. Properties will have their value increased and the commercial spaces will become more expensive to acquire once the airport has finished construction, so it would be wise to jump the gun a bit and buy now, since the airport is underway already, making it a sure bet for property buyers.
Property experts are betting on two areas in Chennai to get the most benefit from the airport construction, and those two would be Guindy and Vela Chery, so heeding expert advice, better act fast and consider buying properties here while the prices are reasonably low. The hotel industry would also likely benefit from the airport construction because of the influx of new travelers to the area, giving them more leverage in buying better areas to invest in and build a hotel.
Chennai, along with other cities in India, is enjoying a steady rise in investment opportunities because of the emphasis of the government in acquiring foreign investors to have a stake in their industries. This is only the beginning for Chennai, because, as more and more investors take notice of the possible benefits of putting their money in Chennai companies, it will surely increase prices and lessen profit margins for investors. So act now and invest in a Chennai company today.