A rise in plotted development projects in and around Chennai

Chennai

Industrial growth, better connectivity and infrastructure development have led to a spurt in the number of plotted development projects in and around the city. While there is a constant demand for apartments, villas and other housing projects, over the years, there has been a rise in the demand for plots as well. S Ramaswamy, Assistant director, RECS Group, says, “GST Road, Sriperumbudur-Oragadam belt and ECR are the top three growth corridors that have seen a surge in the demand for organised plots. There is a good demand for plots in and around Chennai due to factors such as good road connectivity and the horizontal industrial development in the suburbs. The availability of transportation facilities plays a major role in the organised plot development market, especially on the outskirts of Chennai.” S Mohan, MD, Wisdom Properties, says, “Individual plot development in and around Chennai is on the rise.”

Mohan says, “The primary areas include the Southern Suburbs comprising Chengalpattu, GST Road, Oragadam till Kanchipuram and the Eastern Suburbs – areas till Mahabalipuram. Development in the Central suburbs that include prominent localities such as MRC Nagar, Triplicane, Teynampet, Nungambakkam and T Nagar will gradually pick up over the years.”

He adds that with the number of software and manufacturing industries foraying into the city, the demand for plots in peripheral and suburban areas of Chennai has increased manifold. “There are a number of employment opportunities in the city, and people migrate not only from other states but countries as well. This has further increased the demand for plots,” he adds.

Highlights of the three primary growth corridors

GST Road

- Proximity to already developed areas such as Tambaram and Guduvanchery

- Connectivity by rail and road to localities such as Oragadam and areas along OMR

- The presence of a number of industries such as the Maraimalai Nagar Industrial Estate, for instance

- A viable investment for future developments, thanks to the kind of residential and industrial development along this belt

Sriperumbudur-Oragadam

- Hub of industrial development in the city – An affordable alternative to investing in apartments

ECR

- Good connectivity and proximity to the city centre – Proximity to OMR and prominent IT establishments – Scenic beachway with good social infrastructure

Source: The Times of India, Chennai