Chennai: Though the state government is drawing flak from the opposition parties and a section of farmers opposing the Chennai-Salem green expressway corridor, a real estate survey has listed out this project among numerous other projects coming up in Tier 2 cities, as key growth drivers.
Coimbatore where electronic manufacturing cluster, CODISSIA industrial parks and upcoming IT developments are happening, Madurai where AIIMS, Madurai-Tuticorin industrial corridor, Vadapalanji IT SEZ, Tiruchi where Sipcot industrial estate near Manapparai, food processing, artificial diamond manufacturing; and Salem where defence corridor, Chennai-Salem expressway, aerospace park and proposed IT developments have been proposed, are among the four key growth drivers, according to 'Advantage Tamil Nadu: Conquering beyond boundaries' a report launched by JLL - India's largest professional services firm specialising in real estate in association with the Credai, Tamil Nadu.
The report was launched on Friday in the presence of Deputy Chief Minister O. Panneerselvam at the Credai Statecon 2018 here. Tamil Nadu, the survey says, is one of the largest economies having a well-balanced regional growth with contributions coming from the smaller cities especially Coimbatore, Madurai, Tiruchi and Salem.
The drivers of these cities include planned infrastructure, connectivity with major hubs like Chennai and Bengaluru and adequate human capital. Backed by business-friendly policies, along with existing templates for accelerated growth, these cities are poised to emerge as a powerhouse in India. Economic and employment growth will in turn create demand for housing and other allied support sectors, it said.
The survey also claims that TN has the lowest stock of vacant housing in India indicating consumption led demand, based on the economic survey 2018.
While RERA and GST are moving the market towards consolidation, transparency and efficiency, certain new sectors are showing green shoots of development and offering investment opportunities for developers. Among these are student housing, senior living and healthcare, all of which have their drivers in Chennai and several Tier 2 cities in Tamil Nadu.
