Property in Chennai

Chennai, on the Bay of Bengal in eastern India, is the capital of the state of Tamil Nadu. It is the biggest cultural, economic and educational centre of south India. The Quality of Living Survey rated Chennai as the safest city in India. Chennai is one of the 100 Indian cities to be developed as a smart city under the Smart Cities Mission. In a 2013 survey titled 'Emerging trends in real estate in Asia Pacific 2014', Chennai emerged in the top 25 real estate destinations list in the Asia Pacific region. The city is ranked 22nd in the list. There are about 1,240 slums in Chennai home to about 900,000 people. Per 2011 census, there are 1.1 million households in the city and the residential housing stock available is 1,150,000 – a surplus of about 50,000 houses. About 43,700 of them are kept vacant. In the suburbs of Chennai located in Tiruvallur and Kancheepuram districts, the figures of vacant houses 56,000 and 71,000, respectively. An earlier estimate shows that there is a need to generate about 420,000 units for low-income groups by 2016. As of 2017, there are more than 2.2 million households, with 40 percent of the residents without owning a house.