Monday, 3 December 2012

Chennai developers begin construction at Tambaram


Even as a battle rages between the residents of Sadanandapuram and the Tamil Nadu government over the proposed Tambaram Eastern Bypass Road, real estate developers have begun construction of apartments.

The project, which has been in the pipeline close to 10 years but with the announcement of a floor space index of 2.5, is a jackpot for real estate developers. Floor space index is the ratio of the built up area to the size of the plot. An FSI of 2.5 means builders can go up to 12 floors high, depending on the size of the plot. Construction of high-end schools and apartment complexes are underway, in the hope that the bypass road becomes a reality. The going rate for plots in the area is around Rs 2,900 per sq ft.

Tambaram, mooted as Chennai’s satellite town, is set to expand as the proposed Tambaram Eastern Bypass Road has attracted several real estate developers. “Real estate developers jump at any state proposal on building roads as most building development rules depend on the width of the road. We don’t mind waiting for the project to take shape,” said CEO and chairman of Akshaya Private Limited T Chitty Babu.

The road will bypass Tambaram and be used by commuters from Velachery, Thiruvanmiyur and Perungalathur to join the NH45. The first fourkm stretch will be formed by widening the existing Camp Road. The second phase will be a completely new road. Though the road has not taken any shape on the ground, developers say it is worth investing in the area. “Government projects rarely get dropped. Even if a project gets delayed, the property is bound to give returns,” said Babu.

He said that Tambaram will be the next Velachery in about five years, given the rate of development. “Tambaram will become like Velachery that if public utilities like storm water drains, transport and electricity keep up with the demand,” he said.

Source: The Times of India, Chennai

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