With the first 30 km stretch of Outer Ring Road (ORR) connecting Vandalur and Nemilicheri becoming operational recently, commuters are enjoying swift connectivity from South Chennai. Phase II, currently under-construction, will connect Nemilicheri to the northern suburbs.
This improved connectivity of the Arakkonam section to the Northern suburbs has significantly impacted the residents on the entire stretch.
“Not only can one avoid traffic snarls and congestion on the Chennai bypass road, but it is also decongesting roads within the localities. Thus, also impacting the real estate sector along and across the road,” says Shirish Reddy, owner, SRA Real Estate Solutions.
Vandalur, the closest point to the Oragadam-Sriperumbudur Industrial belt, opens into the ORR, has witnessed ample development. The demand was ensured by the commercial development along the manufacturing belt which reported a boost with automobile and IT companies coming up on the road from Oragadam to Vandalur.
Other areas along the ORR such as Mudichur, Perangathlur and Dharkast previously faced slow realty development. With the ORR fully operational experts believe will unlock the potential here.
Nazarathpeth will be an important junction along the road in future, as it connects destinations along the National Highway-4, (going towards Bangalore) to the ORR. This plays a crucial role in transforming the realty as off-shore investors from Bangalore will be able to travel without entering the main city areas.
Poonamallee, is already buzzing with real estate development. Property options available here are in the budget range of Rs 35-40 lakh, while plots are available for a price tag of Rs 10-20 lakh. Another factor working in its favor is its direct connectivity to commercial offices in the Mahindra World City. Previously, it took up to two hours to reach but now takes just 40-45 minutes through the ORR.
“Avadi and Nemilicheri are also anticipated to show growth in real estate in future. Nemilicheri has ample land banks for new projects, while Avadi is already witnessing the coming up of new projects,” says Reddy.
Lower property prices compared to Anna Nagar and Ambattur and proximity to the Ambattur Industrial Area attracts home buyers here. As per Magicbricks data, a 2BHK builder-floor apartment is priced between Rs 20-30 lakh, with areas varying from 700-850 sq ft. Property prices have increased by approximately 12 per cent in the last one year.
The real estate fraternity also predicts commercial development on the stretch. “The 50 m land along the ORR rests with Chennai Metropolitan Development Authority which will soon be open for public use,” says Rajesh Dave, president, Chennai Real Estate Agents Association.
As the construction of ORR Phase II has gone beyond Nemilicheri, property markets of Attanthangal, Pattabiram, Cholavaram and Minjur are also expected to improve.
Once the entire stretch gets operational, swift connectivity from the southern suburbs to other parts of the city will push up real estate prices in all these regions in the future. This will lessen the vehicular movement in localities such as Anna Nagar West, Koyambedu, Vadapalani, Guindy and Alandur.
The Chennai real estate market is clearly anticipating a revival, with smooth inter and intra city connectivity attracting investors from in and around the city.
Source: Times Property, Chennai/MagicBricks.com Bureau