Chennai
The 18-km stretch from the IT corridor in Kelambakkam to the Grand Southern Trunk (GST) road junction at Vandalur was lying low for quite some time due to the hectic real estate development activity on either side of the corridor. With the soaring land prices and acute scarcity of land for housing development, the perpendicular road that connects both the corridors is bristling with activity, thanks to the improved connectivity levels and willingness on the part of Chennaiites to shift from city areas.
There is another reason for the sudden shift in trend. With the availability of large land parcels, property developers could plan large projects with a comprehensive range of amenities that will convince the people that it is time to live in a gated community development for varied reasons.
Over 15 developers have ongoing residential projects on either side of the Vandalur-Kelambakkam road. These range from affordable housing, plotted development, luxury apartments to villas. Among the developers who have ongoing projects, specific mention must be made about Puravankara Projects, Sobha Developers, Unitech, Real Value Promoters, Vijayshanthi Builders, Artha, Isha Homes, SSPDL, Emaar MGF, DABC, Provident Housing Development, among others. A number of affordable housing projects are likely to change the skyline of the area in the coming years, according to industry sources. Apartment prices for ongoing projects range from Rs 2,500 to 3,900 per sq ft whereas row houses are quoted at Rs 3,500 per sq ft. Developed plots in areas like Vengambakkam are quoted at Rs 1,000 per sq ft.
The presence of Chettinad Hospital, VIT University and engineering colleges have pushed the demand for housing and nudged others to shift to suburbs. A few schools are due to come up in the corridor. As the GST corridor is bustling with activity due to lack of infrastructure and soaring land prices, Vandalur-Kelambakkam road came in handy for developers to look at housing development due to availability of large land parcels and willingness on the part of land owners to opt for joint venture development. This has enabled a number of property developers to make a beeline in search of suitable land parcels for development. As the connectivity levels have improved and housing prices are competitive, those working in the IT corridor would be keen to invest in the coming years as prices are yet to touch the IT corridor level.
Though social infrastructure is lacking, Vandalur junction is poised for a major turnaround in development. Aerens Gold Souk is under construction near Vandalur on GST road. With improved connectivity levels to Oragadam via Tambaram-Mudichur road the area offers good transport connectivity for blue-collared workers to invest in housing as social infrastructure is gradually improving in the vicinity. The road widening work on GST road is long overdue and will go a long way in improving housing development in and around the area.
V Nagarajan, Property Consultant
Source: http://content.magicbricks.com/spurt-in-housing-development-on-vandalur-kelambakkam-road
