Are you looking to invest in Chennai? An Integrated Township may well be a good option
If you are one of those buyers who keeps an eye open for new supply of housing options in Chennai, Integrated Townships in the outskirts could well be a good option to look into.
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Chennai has witnessed a spurt in the stock of Integrated Townships in its outskirts in the last six months and the prices being quoted here are far more affordable than the ones being quoted within the city. According to Magicbricks data, this segment has witnessed the announcement of about 10 new projects in the Oct-Dec 2014 quarter alone. This is in addition to several ongoing ventures.
Present primarily in the newer areas of OMR, GST and along the Chennai-Bengaluru corridor, these offerings are large well integrated townships with about 800 and above units per project. Most of these projects are offering possession by end 2016 to 2017.
Pricing and connectivity
The trend for large projects is driven mainly by the availability of large tracts of affordable land in these areas. “The city has witnessed a marked increase in land prices in the last few years. Land prices within the city’s municipal corporation limits have been the worst affected as even a single plot of land (about 2,400 sq ft) is priced around Rs 6-12 crore in some areas,” says S Priyadarshini of Global Consultants, a property advisory company in Chennai. “Thus, developers find it economically viable to acquire land in the outskirts thereby able to offer prices which are far more attractive.”
The existing manufacturing hubs in the GST and the Chennai-Bengaluru corridor and the ever growing IT professionals migrating to the city in the OMR seem to have triggered the need for these projects.
Self-sustenance
Almost all the projects seem to be offering facilities such as rain water harvesting, sewage treatment plants and waste management plants, in addition to green open spaces and spacious units.
“Being in the outskirts these projects need to be integrated townships, offering self-sustaining infrastructure including provision for schools, shopping areas and even entertainment for the residents,” says N Veeramani, a freelance property consultant and former employee of Dream Castle Consultants. “We also need to understand that a number of families are open to moving to these areas in the future even if they are in the extension areas of ECR, Sholinganallur and Kelambakkam, something the local population might not be open to.”
Offerings
Catering to a broader demography one can get a 1BHK (600-640 sq ft), a 2BHK unit (1200-1350 sq ft) to 3-4BHK units (1700-2200 sq ft) and even villas (2500-3500 sq ft) in this area.
Broadly the prices for these offerings are in the range of Rs 4,200-4,800 per sq ft, depending on the location and the amenities provided.
Source Times of India Chennai Kanchana Dwarakanath