Chennai
Sriperumbudur, an industrial hub strategically located along the Chennai-Bangalore highway, is witnessing a huge demand for residential plots. As per the data on MagicBricks.com there exists a demand of nearly 75 per cent for residential plots in the locality. Affordable prices as compared to other parts of the city and good connectivity are driving demand. The locality connects Tambaram, Tiruvallur, Oragadam and Poonamalle.
Availability of space at less per sq ft value in comparison to the Central Business District (CBD) areas has prompted many developers and buyers to start real estate activities in this area. “Plot rates are comparatively affordable here than other areas closer to city. Investors and speculators have invested more in plots. More demand is seen for plots having a size of 600 to 3000 sq.ft,” says A M Haree, vice president, marketing, V G N Developers. “Moreover,” he continues, “the demand is largely limited to a budget range Rs 18-25 lakh.” Residential plots are available for a price of Rs 400-1000 per sq ft.
The hype around the upcoming Green Field international airport has also enhanced buyer interest in the locality giving an added edge to the property segment. The industrial development in the locality is a known fact. Sriperumbudur houses various software and manufacturing industries such as Nokia, Saint Gobain, Ashok Leyland, Hyundai, Nissan, Renault, BMW, Godrej, Motorola etc. Professionals working in these organisations have been driving the residential demand in the locality. However, investors have also entered the market with plots offering an appreciation of 20-30 per cent, informs Haree.
Apart from investors, end users are also eyeing plots here to build their own homes. Apart from the industrial developments with several automobile and electronic companies offering job opportunities, several educational institutes are also in place here. Thus the prospect of having an independent house at affordable prices in a locality with reasonably well developed infrastructure is set to drive demand for plots here.
Source: MagicBricks.com Bureau
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