Economy
Several IT/ITES companies have set up their offices in Velachery. Some major ones include Tata Consultancy Services (TCS), ZOHO Corp, AllSec Technologies Ltd., TeleData and Sutherland Global Services. IT & working-class people prefer to settle in Velachery as more IT parks emerge on the Old Mahabalipuram road and its proximity to the Central Business Districts of Chennai. This part of Chennai was considered to be socio-economically backwards a decade ago, but the area has changed rapidly after a string of key residential projects. The standard of living in and around Velachery has increased considerably.
Nuts 'N' Spices, Lawrence and Mayo, Green Trends, Shetala Cameras, Titan Eye, REX Fashions, Europa, Levi's, Peter England, Sony, United Colors of Benetton, Naidu Hall, Mega Mart, Metro Shoes and Roshini have their exclusive showrooms here.
Some upcoming shopping malls in the locality include Phoenix market City, Chennai (said to be the biggest in the city) and PS Srijan Grand Mall.
Indian bank, LIC of India, State Bank of India(SBI), Axis bank, ICICI bank, HDFC Bank, Indian Overseas Bank, Bank of India, Karur Vysya Bank, Bank of Baroda and Canara Bank have branches in Velachery.
Read more about this topic: Velachery
Famous quotes containing the word economy:
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)