Chengalpettu are ideal for
land investments
Report by IndiaPropetry.com
Chennai residential micro
markets have been stable with moderate price appreciation of 8 – 10% in the
past one year. (From Septemer 2013)
There is a shift in buyer
focus from the usual OMR, ECR to the WEST and NORTH of
Chennai. Porur, Medavakkam, Perambur, Madhavaram,
Pallikarnai, Kolathur are a few
such developing markets.
Owing to the success of Velachery in the past few years, its neighbouring
markets namely Medavakkam
and Pallikarnai are also
seeing high real estate demand.
The localities along GST Road
namely Pallavaram, Chrompet, Tambaram
lie in close
proximity to the city,
airport and still have lower pricing. Localities beyond Vandalur till
Chengalpettu are ideal for
land investments. The proposed monorail will further improve the connectivity
of GST Road with the other parts of the city.
There is hesitation seen
amongst buyers due to slow pace of infrastructure development in
developing areas especially
the OMR belt. Infrastructure development would play a vital role in making
localities in OMR and other suburban areas liveable. Poor
access, lack of proper water and drainage system top the list of grievances
among Chennai suburb residents.
Focus on improvement of
public modes of transport has been one of the major
highlights in Chennai. This
is evident from the expansion of the existing highways, work on
Chennai Metro and the Outer Ring
Road. With in progress infrastructure projects taking shape, the demand and
capital values are expected to rise across all
sectors.
Going forward, growth in
Chennai would not solely be determined by the IT / ITES sector, but also by the
transport corridors of the above mentioned
infrastructure projects. Chennai market is looking forward to the MRTS and BRTS
projects to give the city a new face in 2014-15.
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