Trichy gains popularity as a realty destination

Neighbouring areas around Chennai like Coimbatore, Trichy and Madurai are gradually gaining momentum in the real estate space. Factors driving growth here are the peaceful and pollution-free environment coupled with affordable residential values that these Tier II cities offer. In recent times, Trichy has gained popularity as a realty destination for middle income buyers who want to invest in a calm and quiet place.

Market sources revealed that the employees of Bharath Heavy Electricals Ltd (BHEL) and the people working at the reputed educational institutes like National Institute of Technology (NIT), Bharathidasan Institute of Management (BIM) and Sastra University, Indian Institute of Management (IIM) are increasingly investing in Trichy’s residential space.

Noor Mohamed, Proprietor, Bharat Construction said that although this market has been seeing good demand in the past 1 year, but the ‘current’ position is dull. “The main incentives for Chennai buyers are the low budget 2BHK flats available here in the range of Rs 25 to 35 lakh. As for the rental market, demand has been maximum for 3BHK apartments with rental values between Rs 15,000 to 20,000 per month,” Mohamed added.

When speaking about the portfolio of buyers, Mohamed said that BHEL employees, bank officials and local businessmen are investing here apart from Chennai-based businessmen with a long-term investment viewpoint.

Mohd Rila of Crescent Residency said that people are getting attracted to this location, primarily because of ‘good quality’ in townships and gated communities that have come up in the last few months.

Rila said that due to developers launching projects here, market values of land have also seen a rise in recent past. Residential plots are the most active category in Trichy. MagicBricks.com statistics show that over 50% of the listings are in the plots category. Of the rest, builder floors and multi-storey apartments are seeing maximum supply. According to MagicBricks.com, of the total listings on the real estate portal, 56% properties are residential plots, 19% are builder floors, 12% are multi-storey apartments, 8% are residential houses and 5% are villas.

Usha Kumar, Managing Director (MD), Visranthi Builders said that residential values in Trichy have been rising for the past few months as more investment is being made from locals as well as Chennai residents. “In the past six months, capital values have increased by 20% in Trichy,” Kumar added.

The maximum demand has been in the Rs 30 to 35 lakh budget in localities like Thillai Nagar, Annamalai Nagar and Vayalur Road, Kumar said. Education and industries are the primary sectors because of which demand is taking place. “The growth of industries like BHEL, GK Industrial Park is propelling developers to set up projects and buyers to invest in these projects. Trichy could also evolve as an IT destination if MNCs in Chennai set up branches in and around this area,” Kumar added.

RP Builders & Property Developers Ltd, Sebco Property Developers, JK Promoters, Rohini Housing, Vignesh Flat Promoter, Manghalam Estates, Ganesh Builders are the established players in Trichy. Other groups entering this market are Pelican Gorup and RP Builders & Property Developers Ltd.

Road infrastructure too is witnessing a breakthrough with Reliance Infrastructure having completed two key road projects in Trichy. One is the Trichy – Karur Road, covering a length of 80 kms. The project is operational since October 2011 and the estimated cost of the project is Rs 7.3 billion. Secondly, Trichy – Dindigul Road covers a length of 88 kms and has been operational since September 2011.

Trichy is also a famous tourist destination with places such as Jambukeswara temple, Srirangam, Rockfort temple, among others. Apart from having a strong education and industrial base, Trichy also has many healthcare companies like Vasan Health Care, Kaveri Medical Hospital (KMC), Cethar Vessels, and Visranthi Mental Healthcare, among others.

Neha Kashyap, MagicBricks.com Bureau

Source: http://content.magicbricks.com/trichy-gains-popularity-as-a-realty-destination

Old TNHB flats to make way for highrises in Chennai

Chennai

The Tamil Nadu Housing Board is gearing up for a massive redevelopment plan in which 2,238 old rental apartments will be razed at 17 different locations in Chennai. Most of these apartments are located at Nandanam, Saidapet, Foreshore Estate and Kilpauk.

The board will develop 4,691 highrise apartment complexes at these locations at a cost of 680 crore, said housing and urban development minister R Vaithilingam in the assembly on Tuesday. They will be rented out to government servants and public as per TNHB guidelines.

TNHB will also construct 400 rental apartments at Anna Nagar West Extension and Thiruvanmiyur at 60 crore for government servants and general public. The board will also carry out repairs of its old rental apartments at 10 crore.

The minister announced a list of projects to be taken up by the board this year. The board will construct 3,662 multistoreyed residential units in two phases at 812 crore at Sholinganallur. Similar projects will be taken up at Kancheepuram, Thanjavur, Trichy, Madurai and Tirunelveli districts at 43 crore during the current financial year.

The Slum Clearance Board will construct 2,882 tenements at 145 crore at Srirangam, Trichy, Vandavasi, Tuticorin, Ramanathapuram, Orathanadu and Chennai. Under the Rajiv Awas Yojana, 1,404 tenements will be constructed at Athipattu and Ambattur at 108 crore.

Source: The Times of India, Chennai

Trichy witnesses increased interest from home buyers

Chennai/Trichy

It is aptly called the heart of Tamil Nadu, and located in a manner that a trip to either the southernmost tip of Tamil Nadu, Kanyakumari or the capital, Chennai is approximately a six-hour drive.

In many ways, the simple life that the city professes – has inspired many from different parts of the State, to invest in the city and its charms. Their dream home, after all, needs to be located in a land of peace. And Trichy is the ideal destination for more reasons than one.

TRANSPORT

It is one of the most accessible cities, connected by a vast network of roads, railways and air routes. It is also home to the South Indian Railway Company, established during British rule. Frequent train services to all parts of South India begin here and domestic flights fly in and out of the city regularly.

INDUSTRIES

Trichy is home to industrial giants like Bharath Heavy Electricals Limited (BHEL), Indian Ordnance Factory, Trichy (OFT) and Cethar Vessels, have helped the city grow in providing employment and better living standards. “Trichy has grown massively in the industrial sector and many companies are looking at invest in the city today,” says S Senguttavan, CEO, G K Industrial Park, “Currently, there are eight companies from Malaysia, Chennai and Coimbatore that operate in the park and we planning to open more in the future.” Such industries and parks help in the improvement of the city’s outskirts.

CENTRE OF LEARNING

One of the most important features of the city is its many educational institutions. It is said that even during the British era, these institutes were recognised as renowned centres of learning. Colleges like Bishop Heber and St Joseph’s were established during this period. Nationally renowned institutes like Indian Institute of Management (IIM), National Institute of Technology (NIT), Bharathidasan Institute of Management (BIM) and Sastra University are all located in the city and provide many opportunities to the student community. “As an institution, NIT has grown over the years and ensured quality education to students who come here from different parts of the country,” says Dr S Sundarrajan, Director, NIT.

HEALTHCARE

Trichy is well and truly a healthcare hub. Leading medical stalwarts like Vasan Health Care, Kaveri Medical Hospital (KMC) and the recent foray of Cethar Vessels into the scheme of things, has made the city an ideal destination for the healthcare industry. Dr S Chandra Kumar, Managing Director, KMC, believes that the city has grown at a significant rate in its health standards over the last five years. “We have performed over 100 renal transplants, 500 open heart surgeries and a joint replacement surgery too,” he says, “We also offer health services for rural people at subsidised rates and have plans to promote better health standards in general.”

A RETIREE’S RETREAT

Trichy is highly regarded as a retirement paradise and many elderly folk have settled down here, enamoured by its peace and quiet. People like investing in small houses or flats and thus get some rest in this city, which is still a small town at heart. P Arunachalam who has recently launched with a retirement gated community – Ponni Delta in the city believes that factors like low congestion and less pollution make Trichy a preferred retirement destination. “Trichy is a Tier Two city that guarantees a peaceful retired life at an affordable price,” he says, “We thus came up with the concept of providing high-end facilities like security, housekeeping and health services apart from other factors that promote peaceful lifestyle to senior citizens.”

A HUB OF INVESTMENT

Given all these favourable qualities, Trichy has now become a major destination for real estate players to set up base. Many gated communities, high-rise apartments and villas are now being constructed. “The construction of large-scale gated communities has led to the growth of the city and has increased its land and market value,” says B Senthil Kumar, Secretary, CREDAI Trichy who feels that the most important reason behind big investments is the fact that the city is one of the safest regions in the State. “The government should now develop water and transportation facilities to ensure that uniform development takes place,” he signs off.

Source: Times Property in The Times of India, Chennai