Oragadam gets a facelift

Chennai

From a docile suburb to an industrial hub of Chennai, this is how Oragadam has been transformed in a brief span of five years. With the state government signing MoU for setting up auto majors’ expansion plans, Oragadam has been driving the attention of both ancillary industries and real estate developers to change the skyline of the city.

The city appropriately called as the Detroit of South Asia has six global car manufacturing companies. A few years ago the entire country produced less than a million cars. Today, six car manufacturing plants in the corridor alone account for 1.28 million cars to make Chennai as one of the top 10 global car manufacturing centres.

A number of MoUs have recently been signed by the state government with the auto majors. Ashok Leyland-Nissan joint venture will invest Rs 4,150 crore to set up a commercial vehicle manufacturing plant in Tamil Nadu and most of the investment would be for the greenfield plant in Oragadam. Daimler India which has a plant in Oragadam will double its investment in the state to Rs 4,000 crore. Allotment of 50 acre of land has been made in Oragadam by the government to set up a two wheelers factory by Royal Enfield, a unit of Eicher Motors at an investment of Rs 350 crore creating 300 new jobs. The proposed new investments would create 3,000 new job opportunities and additional 20,000 indirect jobs.

An estimated 120,000 people are currently employee in the Oragadam-Irungattukotai-Sriperumbudur corridor. This is expected to go up to 200,000 as more and more ancillary companies become operational in the coming months.

There are not many housing projects to cater to the mid-segment and lower mid-segment in the area. Arun Excello has launched affordable housing project in Oragadam.

Whereas Hirco has undertaken development of over 369 acres in the area. More developers like Prince Foundations, Inno geo city, KGS, True Value Homes, ETA Properties, Vijayshanthi Builders, and Tata Housing are developing residential projects. The state highways en route to Padappai will witness a number of residential projects in the coming months. Land values are inching high due to surge in demand.

A number of state highways from GST road and Sriperumbudur are now leading to the Oragadam junction and with the expansion of roads, connectivity levels will further improve. However, retail and entertainment centres, schools and hospitals are the need of the hour to encourage more people to shift to suburbs.

V Nagarajan, Property Consultant

Source: http://content.magicbricks.com/oragadam-gets-a-facelift