Chennai’s outskirts gain real estate importance
Real estate sector has developed manifold in Chennai in the past decade. Chennai has been recognised as one of the twelve ideal spots for real estate investment in the world. The local government has paid serious attention towards improving real estate scenario for the city. The administration has been focusing on developing Oragadam or Sriperumbudur as the next financial city which would generate over 30,000 jobs.
The new employment opportunities are expected to boost the real estate value of these micro markets and the surrounding ones. This gives these micro markets a huge real estate potential and makes them ideal for many other future investments. Further all these localities have been proposed with infrastructural development like Green field airport.
Adding to these, the localities already have several IT industries, special economic zones with automobile industries and numerous electronic industries. The port in vicinity is an added advantage. More than 90% of the plots near the industrial zones have already been sold. This conveys both localities have a huge demand already.
The micro markets have well established schools, colleges, hospitals and social interaction hotspots. Well established connectivity with NH – 4 and Tambaram Mudichur road has been advantageous for the locality. Commercial zones, educational institutes and various other day to day useful infrastructural features.
Land rates are affordable in the outskirts of the city. The plots in these micro market could be fetched with a mere price of Rs. 5 lakhs. The plots vary between the size ranges of 600 sq.ft. – 2700 sq.ft. Apartments of various segmentation are also available from a starting price of Rs. 18 lakhs. A 3 BHK unit of size 1300 sq.ft. can be bought for a price of Rs. 30 lakhs. 20 – 30% price appreciation can be expected in the coming years.
