Pallavaram – Thoraipakkam road shows future potential for realty
Next to OMR and the GST corridor the Pallavaram – Thoraipakkam road corridor is attracting huge realty demand. This road which connects both OMR and GST. The corridor is emerging as another major hotspot for investment. The road is an alternative gateway to the IT hub in proximity to the OMR. The GST which is attracting demand for residential houses and Velachery which has unaffordable prices also promote the demand along this corridor. Regions likes Pallikaranai, Kovilambakkam, Alandur, Kilkattalai along the corridor has an appreciating demand along the stretch.
Factors compelling demand:
The 200 ft. road and the good connectivity to all parts of the city are the demand attractors in this corridor combined with affordable prices. Many developers are coming forward for residential projects along the corridor. The price of the properties around the area revolves around 5,500 – 6,000 per sq.ft. Some residential lands are quoted for about 12 crores an acre and the transactions are about to be made soon.
Potential for real estate:
The corridor has good connectivity to workplaces and well developed social infrastructure like schools, colleges, hospitals, restaurants, banks, ATMs. The affordable prices at present and the potential the area has for very vast improvement in future makes this corridor one of the best spots for real estate investment. Rankings for localities were made by the RECS group based on the important factors like road and rail connectivity and other social amenities like educational institutions and commercial places like restaurants and shopping malls, hospitals etc. along with the demand and supply scenario. The ranking does suggest that the corridor is one of the top spots for investment.
The slack in sales during the last few months drove the developers in Chennai to slow down the pace of any new launches in areas with future potential. Most of the areas, mostly the suburbs enjoy stable market prices. The market is mostly driven by the end users.
