A slew of infrastructure projects and the growing IT sector have led to a strong residential market
The industrial growth of the area has led to large-scale residential activity in this region.
The micro market is now one of the prominent IT-ITeS and industrial hubs of Chennai. With around 3,000 units launched since 2013, the micro market is witnessing a significant traction in ₹40-80 lakh budget segment. Average property prices range between ₹4,000-4,400 per sq.ft.
Located along NH 4, Oragadam is one of the attractive suburbs of Chennai due to the presence of various Fortune 500 companies in the city’s largest Oragadam-Sriperumbudur industrial belt. Around 4,000 units hit the residential market during the past 5 years and the current quoted average capital values are around ₹3,300 to 3,600 per sq.ft. New launches were predominantly in the mid-segment.
The 45 km Old Mahabalipuram Road (OMR) stretch, termed as the IT corridor, is witnessing heightened real estate activity in the ₹40-80 lakh price bracket due to the establishment of various IT business parks and dedicated SEZs in this region.
OMR Road continues to thrive among home buyer’s attention with around 35,000 units launched over the past 5 years. The average capital values of OMR are between ₹3,500-5,900 per sq.ft.
It’s one of the promising affordable residential hotspots of Chennai. Presence of IT parks and industrial parks coupled with excellent connectivity and well-established infrastructure drives the residential growth.
Over 4,500 residential units have been launched since 2013 and the current prices are around ₹3,200 and 3,600 per sq.ft.
It lies very close to the IT/ITeS and industrial clusters of the city. The merging of the micro market under the Corporation of Chennai offers good scope for residential developments and infrastructure facilities. Around 3,300 units were launched since 2013 and the current property prices range between ₹4,500 and 4,900 per sq.ft.
Chennai has grown significantly in the last few years. Education prospects and employment opportunities, along with a decent lifestyle, are the key drivers that attract people to the city. With increasing population, the city’s real estate landscape has also grown and is now spread across various zones.
While realty development in Chennai paused momentarily due to massive floods of 2015, the fundamental demand drivers remain intact and the city is likely to continue on its growth trajectory in the future periods, reinforced by:
Diversified economic base: It’s anchored by the automobile, software services, hardware manufacturing, healthcare and financial services industries. This diverse economic base is ably supported by the Chennai port, which is the second largest in India and a key facilitator for import-export of goods. Presence of a vibrant economy creates ample job opportunities and leads to massive real estate development in the city.
Thrust on infrastructure: Its expansion across various regions, was ably supported by the growth of physical infrastructure with major initiatives such as Outer Ring Road (ORR), Inner Ring Road (IRR), East Coast Road (ECR) and the development of MRTS. The government’s focus on infrastructure development is evident with major projects such as Chennai-Bengaluru Industrial Corridor, ORR Phase II, metro and monorail corridors being planned to improve connectivity and accessibility to various parts of the city. With improved connectivity, any region’s real estate development obviously picks up pace.
Expanding zones: The city is restricted only on one side by the Bay of Bengal whilst the city is free for development on all other sides. This provides a latent advantage for widespread development of new zones and in-turn drives realty growth.
Reputed developers: The segment has transformed from the dominance of local players a few years ago to the entry of large reputed developers such as Godrej Properties, Purvankara, Mahindra Lifespaces, Pacifica, PBEL, among others.
Source: The Hindu