Chennai is a southern luminary in real estate and economy, apart from Bangalore and Hyderabad. Though the city (Chennai) was wrecked by the tsunami in December 2004, the stoic as the human spirit is in India has put the memory on the back burner and marched on. Chennai's service segment was customarily conquered by finance and banking principally since numerous multinational banks had their headquarters or IT systems supported out of Chennai. Ever since the late 1990s, software development and BPO have developed into awfully vital and Chennai is now an essential hub for Software and IT groups. Big names like Infosys, Wipro, TCS, CTS, Covansys, Saksoft, Thinksoft and several other IT firms are situated in Chennai.

The software boom and the arrival of expats have augmented real estate prices in a foremost manner. The government is advancing the area between Tidel Park and Kelambakkam as a software corridor. The IT Corridor is in the southeast of the city. Numerous technology parks have been put up in the locale, the most important is Tidel Park, fabricated by TIDCO as a Government enterprise. Quite a lot of businesses have established their software development and BPO centres in Chennai.

The water projects announced in the Budget will make Chennai an attractive destination. Resultantly, property prices to the south of the city have begun to crawl upwards by 5 to 10 per cent. Even the coastal suburbs are said to be recording a slow and steady upward march in property prices.

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