In India, Chennai is a growing metropolis with a well-recognized and more significant industrial hub. That’s because the city’s port infrastructure is well developed and more attractive for businesses to choose this designation, creating a demand for industrial land for sale in Chennai. To know more about it, let’s discuss how Chennai’s port development creates a demand for industrial plots for developing various new projects and initiatives.
The reason behind Chennai’s Port
When we look into Chennai, there are two major ports: Chennai Port and Ennore Port, both of which contribute both domestic and international logistics and trade. Port is located on the Bay of Bengal and provides smooth import and export activities for many global markets, making it more approachable for many businesses. More than the movement of goods, it optimizes the supply chain, making it a suitable place for businesses to shine.
Ongoing Infrastructure Projects
New developments in a city boost the global investment in that locality. That’s why Chennai currently undergoes many infrastructure projects, which multiplies the capability of Chennai’s port and demand for industrial lands:
Expansion of Chennai and Ennore Ports
The Chennai Port Trust is investing heavily in expanding the capacity of both Chennai and Ennore ports. This expansion includes developing additional terminal facilities and improved cargo handling capabilities. The aim is to accommodate larger vessels and increase the overall efficiency of port operations. As these ports enhance their capacity, they will attract more businesses, leading to a higher demand for industrial land around these areas.
Chennai-Kolkata Industrial Corridor (CKIC)
One of the significant initiatives close to Chennai Port is CKIC, aimed at increasing industrial activities in this locality. This corridor will support the movement of goods between Chennai and Kolkata industries and also connect with other states, making it an attractive locality for new businesses and improving existing ones. So demand for industrial plots in Chennai along the corridor will increase and make it a suitable space for businesses.
Madras Export Processing Zone (MEPZ) and SIPCOT
Both Madras Export Processing Zone and State Industries Promotion Corporation of Tamil Nadu (SIPCOT) are the two largest industrial parks in Chennai. So the government shows interest in upgrading these zones towards international standards to attract more investors. As the park matures and grows, the area around these zones will experience a demand for industrial land, which increases business activities.
Chennai Greenfield Airport Project
In Parandur, the Government has proposed a greenfield airport to improve both domestic and international connectivity. For the movements of personnel and goods, a well-improved air transport link will be the best choice, making it a region of high industrial activity. Businesses seek transport like airports for their logistics, so land in Chennai and its surroundings has a high demand, which is still increasing.
Government Initiatives and Policy Support
When it comes to boosting industrial growth, the Tamil Nadu government has implemented many policies that enhance industrial growth, making it an attractive choice for many businesses. These include:
- Streamlining Approval Processes: Simplifying the approval process for new business proposals encourages investment and development in industrial zones.
- Tax Incentives: The government offers few tax benefits and incentives to businesses, which attracts more companies towards Chennai and also increases the land demand for industrial setups.
- Development of Skilled Workforce: Initiatives by the Tamil Nadu government towards the workforce are aimed at providing skilled and readily available talents, which attracts many companies to this region.
For Chennai, Port is a major contributor that attracts investment to run successful businesses, driving the demand for industrial lands. Due to the upcoming expansions of ports, projects, and other supportive government policies, industrial land for sale in Chennai creates the best environment for industrial growth. As Chennai continues to grow as both a logistics and industrial hub, demand for industrial lands will be there, making it an attractive point for different niches of businesses.
