Consequence of Boom in IT industry in ChennaiAs a result of globalization and the policy adapted by the Indian government for the past one decade, many developments have come into the life style of every Indian. The rate of developments is incredibly high. Because the telecommunication advancement in India, it has become possible to communicate with any part of the world without any problem at any point of time. This has attracted the attention of many foreign institutions to invest in India. The investments are in the form of BOPs, IT service providers, share investments, and so on. Execution of all these are possible only with the involvement of manpower with proper infrastructure. This infrastructure includes established offices, skilled labors in the respective field, and adequate support from the government. Extreme care was taken by the Indian Government to make sure that all the essential criterions and complete safety were provided to the foreigners’ investment in India. As a result, unbelievable boon in the IT sector was accomplished. In Chennai, as a consequence of all these facilities, many MNCs have come forward to begin their companies here. It’s not only just because of the policies adapted by the government but also because of the available educated manpower in and around this area. Also it seems that most of the companies have difficulty in finding a suitable building to establish their concern here in Chennai. This has prompted them to procure their own land in Chennai, and construct and erect structures according to their taste and requirement. Consequently, many real estate concerns existing already in the locality benefited to the maximal extent possible. These people manipulated the market very badly in such a way the end price of the constructed living space or commercial space skyrocketed. Apart from the construction of big companies, people working for such companies require accommodation to stay in the place they work. When they face problem in paying rent to the house owners or in spite of the rent they pay if they were denied to get the essential requirements, these people opt to go for own house. Part of the blame should also be summoned to the IT professionals working in the locality, because as they draw a hefty salary from their concerns, they were not able to judge the value of the money.
They do not follow any proper procedure to purchase any immovable property. Without looking at the basic requirements, they are ready to offer any sum of money demanded by the landowner.Government has fixed a guideline value for all the properties such as agricultural, residential, or commercial all over the country. We can see a great deal of difference between the market price and guideline value fixed by the government. This difference was raised by these so-called real estate manipulators. They are available in many names like promoter, builder, construction specialists, and so on. What makes me to wonder is that these people are ready to invest huge sum of money in the real estate. In spite of their investment, do they get all they should be given as a basic requirement for the corporation side? Are they really happy after the purchase of such kind lavish houses?All these are million dollar question to be answered. It is not good either for the government or for the people living in metropolitan cities to have improperly planned constructions. This is creating lot of traffic congestion in the peak hours. This creates difficulty for the staffs to reach office on time, students to struggle to attend the classes in time, goods to deliver in the required time for the business people, drivers to commit many accidents putting public life into threat, and so many other similar types of discomfort to the society. At least by now, the state government and central government should take necessary initiative to regularize the construction procedure, reduce the traffic congestion by making the roads in the metropolitan city like Chennai broad thereby bringing about more development possible for the state and country. Ultimately, this will make people to live and serve in the country happily.