The only segment of luxury that seems to be lagging is real estate, which is curiously positioned.
"The high-end property segment in Chennai is very different. Here, location is the only luxury," says Badal Yagnik, managing director-Chennai of real estate consultancy Jones Lang La Salle.
The costliest apartments in the city thus don't cost more than Rs 15 crore, with location and not amenities like designer kitchens driving up the price.
The most coveted addresses are in the vicinity of Boat Club in Kotturpuram and Poes Garden (where you would have Chief Minister J Jayalalithaa as your neighbour) - apartments here, typically four to five storeys because of the small land parcels, would sell for Rs 25000-Rs 30000 per square foot.
But the trend of providing only basic features is gradually changing, says Yagnik.
"In the next one year, there will be several launches of luxury properties," he says.
Local developer Akshaya Properties, for instance, has just launched a property near the IT corridor on Old Mahabalipuram Road in which each of the 31 apartments occupies an entire floor and has its own pool.
Image: The Madras Boat Club logo. The road it lends its name to is one of the poshest addresses in Chennai>
Image Courtesy: Wikimedia Commons