- विज्ञापन -
Chennai’s office space market has experienced an astounding 75-fold increase, growing from 1 million sq. ft in 1999 to 76.5 million sq. ft by the first half of 2024, as reported by JLL. Over the past 25 years, the city’s real estate landscape has undergone significant transformation, primarily driven by the IT/ITES sector and the emergence of Global Capability Centers (GCCs), solidifying Chennai’s position as a prominent economic hub.
The residential sector has also seen impressive growth, with the number of housing units rising 27-fold from 10,100 in 1999 to 275,000 by mid-2024. Property values have surged alongside this growth, with residential prices increasing tenfold during the same period, now ranging between Rs 5,000 and Rs 25,000 per sq. ft, highlighting Chennai’s attractiveness as a prime investment destination.
Siva Krishnan, Senior Managing Director (Chennai & Coimbatore) and Head of Residential Services at JLL India, remarked, “Chennai’s transformation over the past 25 years is nothing short of remarkable. The data clearly illustrates the city’s evolution from a manufacturing hub to a diversified economic powerhouse.” He further noted that with ongoing infrastructure development and strategic policies, Chennai is well-positioned to leverage emerging trends in technology, sustainability, and urban living. The city’s resilience and adaptability bode well for its future as a significant player in India’s economic landscape.
Chennai’s growth is not limited to residential and office spaces; the logistics and industrial sector has expanded 50-fold, from 1 million sq. ft in 1999 to 50 million sq. ft in 2024, driven by its strategic location and Tamil Nadu’s focus on manufacturing, particularly in the electric vehicle (EV) sector, which now accounts for 40% of the country’s EV production. Additionally, the retail space has increased sixfold, growing from 1.17 million sq. ft to 7.1 million sq. ft over the last 25 years, reflecting rising consumer spending and increasing affluence.
A notable development is Chennai’s emergence as a major data center hub, now the second-largest data center market in India, with a colocation capacity of 88 MW. The city is set to attract USD 1.54 billion in investments over the next two years, representing 27% of India’s total data center investments. Chennai’s infrastructure, which includes six cable landing stations, reliable power supply, and a skilled workforce, positions it as an attractive destination for cloud and data storage solutions.
