Chennai: With Chennaiites revelling about their beloved city, finding a top place among cheapest city in the world, experts in the field opined other ways.
“The exodus of major industries from Tamil Nadu owing to a political turmoil that the state has been facing for over a year is a major reason for the decline of demands. When demands go down, it will pull down the costs,” said N. Chandramouli, CEO of TRA research.
Chandramouli also added that when more outside populous settle in a city, the rents and other costs would increase. “Chennai has failed to attract new talents from outside,” he said.
Meanwhile, Chandramouli opined that the Chennai's culture of saving and the mindset of opting for low-cost products are also behind winning the tag. “When consumers opting value for money, the products and services have to cater to it. This brings the costs down,” he said.
Commenting on Singapore's tag of 'the most expensive city' in the world, Chandramouli said that the cities like Singapore would naturally feature in the list. “Singapore is a unique city and acts as a bridge between east and west, and attracting more investments. The higher amount of investments will increase the demands for products and services. Subsequently, costs will also rise,”he said.
