Industrial development fuels residential, commercial demand in Oragadam

Chennai

Oragadam, a town located at the outskirts of Chennai is flushed with demand for residential and commercial units, triggered by overseas automobile and IT investments. The demand has translated into a surge in real estate prices. The proposed international airport near Oragadam has also complemented the area’s realty growth.

“With rapid growth of the automobile industry and IT sector, requirement for residential and commercial properties has increased. The market has also seen investments from foreign countries like Japan, Korea and Singapore. The consequent employment opportunity is increasing the need for housing, both own and rented,” explains Suresh Jain, Managing Director, Vijayshanti Group.

Residential scenario

Several renowned builders like Inno Group, Arun Excello and MARG ProperTies have launched projects in the locality. As per the Magicbricks.com data, the average sale price of multi-storey apartment is Rs 3,080 – 3,551 per sq-ft T Chitty Babu, CMD, Akshaya Pvt Ltd, says, “Compared to rest of the country, Chennai property prices are moving in tune with cost escalation. The market is readily absorbing launch of new projects and this has positively impacted the growth.”

A range of housing options are coming up in the region. Inno GeoCity is offering 4,000 houses spread across 131-acre Township with all social amenities. Rich India Cityscapes is coming up with row houses and semi Independent villa project called ‘VILLAGIO’. Another real estate major MARG ProperTies is coming up with a community housing project ‘Brindavan’ having 1,848 apartments with superior amenities. Arun Excello has recently announced a 100-acre gated community project ‘Temple Green Heights’ to offer 2,600 houses. Other new projects like Hirco Palace Gardens, Tata Housing, Temple Green, Raga Properties etc are also coming up in the locality.

Commercial scenario

The area is a manufacturing base for leading auto and auto component manufacturers, FMCG companies, logistics and warehouse service providers, IT and ITES firms, etc. The Oragadam SIPCOT (State Industries Promotion Corporation of Tamil Nadu) area is home to wide array of industries like engineering, bio-tech, IT and electronics units. Renault-Nissan, Daimler, Johnson Lifts and others have fuelled real estate growth in the locality.

Royal Enfield Motors is establishing a greenfield production facility. The unit is expected to commence production shortly.

Divya of MARG ProperTies says, “Anticipating the potential, many new industries are also exploring prospects in the area. Oragadam and Sriperumpudhur region is likely to offer employment opportunities for 300,000 people in 2013 and this would certainly have a positive impact on the residential market”.

Neha Nagpla, MagicBricks.com Bureau