Chennai
Western suburban areas of Chennai along the outer ring road (ORR) are witness to immense real estate activities these days. After the state government approval and land acquisition, the ORR between Nazarathpet and Nemilicherry has attracted many national and international industrial players to set up industries, and promote satellite townships.
According to Sabir Ahmed, a city-based property dealer of Mangal Estates, “The construction of the ORR stretch has enhanced connectivity to the western suburban areas by manifolds.” This has certainly led to an increase in the demand and supply of new realty projects in both the commercial and residential segments.
Localities such as Tondiarpet, George Town, Thiyagaraya Nagar, Perambur, Pallavaram and Chromepet are witnessing a surge in the realty market. But the oversupply in the market and lower volume of transactions has resulted in slow appreciation. The property values either remained stable or noted a marginal escalation of 5-8 per cent,” says Ahmed. The residential properties available in areas such as Pallavaram, Chromepet and Tondiarpet are available in the price range of Rs 3,000-5,000 per sq ft.
Commercial Market
“The commercial sector is slowly picking up and is expected to grow once any major multinational will commence its operations from here,” says Sree Kumar of Sree Group of Properties. There is commercial office space available in the localities such as Pallavaram, Mount Road, Alwarpet, Perungudi, GST Road fetching Rs 5,000-10,000 per sq ft which is very reasonable. The rental values of these spaces vary from Rs 30-60 per sq ft per month. “Good connectivity and accessibility with the city centre, other suburbs and neighbourhood cities are the additional facilities driving the commercial market,” he added.
The ORR also aims to include new commercial belt and few new areas are being planned to accommodate commercial developments. Apart from residential and commercial development the ORR also includes other transport links such as monorail which is in the pipeline and rail networks. Upcoming western corridors will certainly have potential to develop into secondary business district of the city and with more inflow of capital, the market will witness appreciation.
Nidhi Vashisth, MagicBricks.com Bureau
