Chennai
The hospitality sector has grown by leaps and bounds in the city. From a city with a booming IT industry, Chennai is fast emerging as a centre for hospitality, with as many as five luxury upscale hotels having come up in the last few months and many more on the anvil. These new hotels will compete with the existing names like The ITC Grand Chola, The Leela and The Westin by Starwood Properties.
The Chennai hospitality market seems to have suddenly exploded with many new entrants across all brands and segments, with even international brands making their foray into India for the first time. Joining the homegrown players are a host of foreign chains, who view Bangalore and Chennai as a great opportunity, thanks to its ‘IT hub’ status.
The retail sector in the city is showing strong signs of a comeback after a difficult patch following the economic slowdown in 2008-09. “Grand Chola on Velachery Main Road, Leela Palace in MRC Nagar and Westin Starwood at Velachery, are some of the new properties that promise unmatched service and hospitality. However, infrastructural developments connecting these localities have to improve multifold. New roads have to be laid and traffic management systems have to be improved,” says Stanton Morrais, Director of Vindhya Homes Pvt Ltd.
Chennai has grown tremendously since the IT boom. Now, thanks to the metro rail network, the city is poised for further growth in the coming years. Now, with the arrival of highend hotels, suburban areas are witnessing unprecedented growth. The city is also considered the gateway to the South, as it is also the entry point for tourists looking to explore Tamil Nadu.
Though places like MRC Nagar and Ashok Nagar will be connected by the metro rail and MRTS services, a lot of infrastructural hurdles remain. The pitiable condition of the roads, for instance, is a cause for concern. Wilson Mathews, Director, Marketing, True Value Homes, says, “There is no doubt that the recent development in the hospitality industry has made Chennai very proud; besides, the city is listed amongst the most sought-after metros by global business travellers. The landscape and architecture of Chennai has evolved quite a lot. The newly renovated Chennai international airport will further attract more investments. However, there is still a long way to go, as far as sprucing up the city’s infrastructure is concerned. Work needs to pick up speed though.”
Leela Business Palace will be shortly launching its new venture in MRC Nagar. With a well-rounded mix of commercial and residential projects, MRC Nagar today has emerged as a premium residential location. The locality is easily accessible and well-connected with Adyar and OMR, and has other facilities like schools, restaurants, banks, and so on.
N Hariharan, Director, Cushman and Wakefield, Chennai, says, “Undoubtedly, hospitality in Chennai is booming. However, a few metros including Chennai are lagging behind in terms of infrastructure. But there is the metro rail project coming up and MRTS services will be extended upto St Thomas Mount early next year, which is a postive sign. With the Park Hyatt, Westinn and the Grand Chola in the Guindy-Velachery belt, property prices will definitely escalate. At the same time, better infrastructural developments should take place in the near future.” The city’s hospitality landscape has metamorphosed over the years, and with infrastructure work gathering momentum, the sector is set to grow, and pave the way for further residential and commercial growth.
Source: Times Property, The Times of India, Chennai
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