CMDA sells plots in Maraimalai nagar
Maraimalai nagar is a suburb of Chennai located to the south side of the City. The area around this locality is usually referred as New Chennai by the media. It is located 10-12 km away from Tambaram. Being a satellite town developed by the CMDA it’s an industrial hub for many car companies. It gets its name from Maraimalai Adigalar, A tamil poet of this modern age.
Application for the plots:
Recently CMDA put on a sale in this locality for residential plots. A deadline for applying for these plots were fixed at January 6. Over 66,000 application of the 77,000 were applied for the 102 plots and the rest were mostly for the new manali town. Real estate in this region is a real attraction to any investors. Residential plots are available for sale which is considered to be the profitable investment in real estate market. More conveniently these plots are really cheap compared to the land in other parts of Chennai. The area became a realty hub after the Mahindra world city, Infosys and Ford were set up. The well established connectivity to the centre of Chennai by both bus and train routes also attracts more people to this area.
Reason for the demand:
Even though it is a satellite town it has well developed infrastructure. The micro market has colleges, post offices, police station, schools, telephone exchange, primary health centres and hospitals. SRM has its main campus in potheri, another region in this micro market. IT companies and several other car companies including BMW and Ford companies are located here. Various institutes including Valliammai Engineering College, SRM School of Management, SRM Medical College, SRM Hospital, Valliammai Polytechnic, SRM Polytechnic, SRM Institute of Hotel Management, SRM Arts and Science, SRM Pharmacy of SRM group is also located here.
Price trends:
The plot sizes in this locality usually range from 600 sq.ft to 4000 sq.ft. Rate per sq. ft is around 850 rupees. But this rate is for the plots which are located 6km away from the GST road. As the distance from the road shortens the price increases also. The plots enlisted by CMDA were from 300 to 3,000 sq.ft. and is sold at the rate of around 1.25 lakhs to 25 lakhs which are mostly for residential purpose.
