The attractiveness of Chennai property has spawned a new business for local inhabitants and entrepreneurs. As the tiny villages along the Chennai in their wasteland for investments In the wake of the boom, property management services have been springing up to satisfy the needs of absentee property owners who want to rent their homes to tourists as vacation properties.
Since development of the Chennai property project began in 1997, construction and real estate sales in the city have been on a roll. According to Chennai's Central Bank, big business foreign investment in real estate has nearly tripled in the past 12 months - most of it in Chennai. The majority of these purchases represent investments in the tourism industry with large scale hotels, developments and existing tourism businesses being snapped up by savvy entrepreneurs.
But not all investment in the tourism industry represents big business. Individuals and families attracted by the climate and natural beauty of the area are getting in on the action. Discovering that condominiums make fantastic and affordable vacation homes while providing a viable source of income, people from all over the world are buying up property in Chennai. But managing a property when you are out of the country is next to impossible and leaving your vacation home unoccupied for months is downright risky. Absentee owners can return to find they've been robbed or even worse - that their property is being inhabited by squatters.
Many condominium projects address this problem directly by providing property management services as part of the deal at buy-in.