Recently a big realtor made big news by buying out 43 acres of land in urban Chennai by investing a whopping 35. Million dollars (about Rs.150 crore). Such huge real estate investments were normally seen only in the advanced countries, mostly involving realtors with operations in different parts of the globe.
This deal is considered to be one of the largest land acquisitions in recent times. It also marks the entry of one of the largest Indian property developers into South India. Most Real Estate Developers in India now churn out office and apartments spaces located in up market areas of cities at prices that are unbelievable in the developed world.
The leading real estate developers after being in the business for a long time are so confident that they have now started bidding for developing Information Technology (IT) parks that are in much demand with Multinational Corporations (MNCs) who are on the look out for domestic talent to boost their overseas operations.
Most real estate developers take just 2-3 weeks to finalize a project and start work on it. Due to the phenomenal IT boom in India, newer urban centers are sprouting in the hitherto rural areas of the city