When people look out for property in Chennai, the
stretch along Rajiv Gandhi Salai on Old Mahabalipu ram Road (OMR) has become
much sought after by the new generation buyers.
However, in recent years, investors have begun
focusing on the developments in Pallavaram and its arterial lifeline
the Pallavaram-Thoraipakkam 200-feet radial road.
The link road connects the IT corridor to GST
road and hence immediately connects the two prime areas of Chennai. Property
developers have lapped up the land parcels across this stretch and there are
already several swanky residential complexes springing up in this area.
Many reputed companies have apartment complexes
coming up in this area, all of which boast of stylish layouts and many other
add-on facilities.
Mr. Mohit Sood, an IT employee, considers
properties in Pallavaram as prime investments.
“I considered investing in a house along the OMR
last year but my wife and I put it off because property prices were quite
expensive in the areas that we were interested in. This was the case even with
residential complexes that were located far away from my workplace. We finally
bought a flat in Pallavaram and the amenities available here are far beyond
anything I could afford in the city.“
Mr. Sandeep Mehta, Managing Director, Jain
Housing agrees. “The plots of land
prices in this area are low and that's why property developers are able to give
house owners value for money. A good property here costs anywhere between Rs.
50 lakhs to Rs. 60 lakhs, a fraction of what it would cost in many other parts
of the city. Besides, Pallavaram is only 7 kilometres from the airport and
about 12 kilometres from the Chennai city. It's not a remote location anymore.“
In terms of social infrastructure Chenani,
Pallavaram is as good as it can get. Situated close to companies, schools,
colleges and commercial establishments, it is ideal, especially for people
working in the IT industry who prefer to be situated close to their area of
work while at the same time wish to reside away from the congestion and
commotion that come along with the centrally located areas in the city.
People working in a company such as CTS might not
even spend thirty minutes travelling to and fro their workplace. Pallavaram is
also a good bet for people working in the auto industry.
GST road is the hub of Chennai's automobile
industry and the Pallavaram-Thoraipakkam 200-feet radial road is located just a
stone's throw away from leading auto companies.
Mr. Adarsh Surana, Managing Director, Amarprakash
is optimistic about the prospects in Pallavaram.
“It is one
of the oldest residential settlements in Chennai.The OMR and the airport are
closeby. It is surrounded by industrial areas. There is honestly no downside to
the area at all.“
Coming to social infrastructure, Pallavaram has
developed a lot over the years. Many good educational institutions are all
located close by.
In terms of transportation, while there are
relatively fewer buses plying through Pallavaram, their frequency has increased
over the years. The road is also strategically located.
Bus Traffic is not an issue on the road as there
is hardly any congestion. Nikhil Viswanathan, a student who regularly uses the
Pallavaram-Thoraipakkam road, says that it is far better maintained than many
roads he has seen in Chennai.
“It does not have any potholes or uneven
surfaces. Even during the storms, when the city's infrastructure took a beating
in the rain, there was little waterlogging along the road here.“
Even from an investment standpoint, this place
provides a great investment opportunity.
A 2012 report by Frank Knight, the global
property consultant estimated that properties in this area will grow by a
whopping 93% in the period between 2012 and 2017.
In essence that means that investors can expect
to see a return of almost Rs. 2 for every Rs. 1 they have invested.
Src: Karthik Shankar, TOI
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