Showing posts with label Sriperumbadur. Show all posts
Showing posts with label Sriperumbadur. Show all posts

Monday, 4 February 2013

Schools move south for more space

CHENNAI: When Irudaya Gandhi's husband left for Dubai last year, she had two options - continue to live with her children in their apartment in Royapettah or move closer to her parents' house in Chitalapakkam. For the 37-year-old the choice was obvious and she moved.

"Three years ago, the choice may not have been so easy because I have the children's education to think about. I realised there are many schools in the suburbs and decided to move," said Gandhi, whose children study at N S N Matriculation Higher Secondary School.

Five to seven years ago it was not uncommon to find families moving out of the suburbs in search of good schools in the city. Over the last couple of years, with the development in the suburbs, urban experts have been noticing a trend of reverse migration where families are moving back to the suburbs.

"While education is among the driving forces for this trend of reverse migration, there are other factors such as congestion in the city, pollution and skyrocketing real estate prices that are driving people to the suburbs," said Raj Cherubal, founder of Chennai City Connect, an NGO that works on infrastructure issues.

The lack of space and soaring real estate prices within the city have pushed people wishing to start schools outside the city limits. "To start a new school within the city is close to impossible. The management has to deal with outdated and unnecessary regulations regarding the size of the buildings and space, among others. The process is relatively hassle-free while setting up a school in the suburbs," he said.

Many schools have mushroomed in the southern suburbs such as Chromepet, Chitalapakkam, East Tambaram, Palavanthangal and Madipakkam. "When we set up our school in Nanganallur, there were hardly any educational institutions here. Within a decade, at least 10 recognised schools have come up," said K Vasudevan, principal of Prince Matriculation Higher Secondary School, which has more than 2,700 students.

With the development of the suburbs, connectivity to the city has also improved, drawing more students from the city. Although education is the driving force, families who have moved say staying in a suburb has other advantages. "Water is available in plenty. It is relatively less noisy, congested and polluted," says K Jeevan who moved to Indira Nagar two years ago after renting out his house in Vadapalani.

"Today, only a few banks are headquartered on Anna Salai. A large number of companies and factories are in Sriperambudur or on OMR, which were very different places 15 years ago. Residential clusters have started coming up here. With different types of schools coming up, people have no reason not to set up base here," said P Vishnucharan, correspondent of Shree Niketan Group of Schools in Tiruvallur.

Real estate prices have gone up by close to 40%, say builders. "The prices have touched Rs 3,200 to 3,500 per sq.ft. Despite the rise, the demand is high as the cost is less than the city," says Prakash Challa, national vice-president of real estate body CREDAI.

For the original post visit: http://timesofindia.indiatimes.com/city/chennai/Schools-move-south-for-more-space/articleshow/18327309.cms

Friday, 12 October 2012

Residential rental and capital values expected to grow in Chennai

Chennai

The demand for residential units in and around Chennai has remained stable in the third quarter, with around 5,600 units absorbed in the quarter when compared to some 5,550 units in April-June 2012 quarter, according to Jones Lang LaSalle. The growth corridors like OMR and GST along with its link road and neighbourhoods continued to remain the most demanded areas in the city with healthy absorption levels. However, strong demand for housing was also witnessed in emerging locations like Porur, Ambattur and their neighbourhood areas. Rentals and capital values across the sub-markets are also expected grow.

With IT SEZ’s and easy access to emerging locations such as Orgadam and Sriperumbadur, demand for housing continues to improve in the western suburbs sub-market. In addition, attractive office rentals and quality office space in Ambattur has been attracting IT/ITES occupiers, which in turn has triggered housing demand around this location, situated in the western suburbs.

Supply

Chennai’s developers continued to bet on the demand potentials of the city residential market as they supplied 10,165 units in July-September 2012 quarter compared to 8,570 units in April-June 2012 quarter. More than 33,000 residential units were supplied during the first nine months of the year in comparison to around 18,000 units supplied during the same period last year.

The supply level in the southern suburbs continued to dominate this quarter, however, increasing housing demand in western suburbs continued to attract developers to launch more units in this sub-market. Around 44 per cent of the residential units launched during the third quarter were launched in western suburb sub-market and 35 per cent of the total launches in the first nine months were witnessed in this sub-market.

With increasing demand for villa projects, developers supplied 1332 villa units this quarter. This represents around 13 per cent of the total launches during the third quarter.

With housing options within the city getting costlier, suburbs sub-markets offering relatively affordable housing options, continued to witness faster capital value growth. Strong housing demand along with investor interest in the western and southern suburbs sub-market have increased the rental and capital values. Moreover, on-going and upcoming infrastructural activity within the city continued to support the capital value growth across all the sub-markets.

However, the rate of growth in rentals, residential and capital values will highly depend on the implementation and completion of the upcoming and on-going major projects such as the Monorail, the Metrorail, the Outer Ring Road, and the Greenfield airport.

V Nagarajan, Property Consultant

Source: http://content.magicbricks.com/residential-rental-and-capital-values-expected-to-grow-in-chennai