Highways charts out route for vital OMR-ECR road link in Chennai


The highways department has finalised the alignment of the new link road between East Coast Road (ECR) and Old Mahabalipuram Road (OMR). The final decision was made by a steering committee with top officials from the highways, Chennai Metropolitan Development Authority (CMDA), Chennai Corporation and police.

The new road will begin at Neelankarai on ECR, cross Buckingham Canal and join OMR opposite the Pallavaram-Thoraipakkam Road junction.

Though the alignment was part of the Chennai Metropolitan Transport Authority’s master plan in 2008, a private consultant was appointed to study the feasibility of the project. The consultant carried out traffic studies and found that there is an urgent need for a road at this junction.

There are no roads connecting OMR and ECR apart from Kalaignar Karunanidhi Road in Sholinganallur and West Avenue Road in Thiruvanmiyur. These two roads are 10km apart.

“Earlier there was a small bridge that we used to cross the canal. But it was closed a few months ago. Now we have to go all the way to Sholinganallur and then come back,” said V Srinivasan, a bank manager who lives in Thoraipakkam. “Not only is this a 10km detour but it takes half an hour just to cross the Sholinganallur signal.”

Unchecked real estate growth has been rampant in this area and may delay land acquisition process, say officials. At least 100 houses built illegally have to be demolished. Of the two options available — to go by the master plan or chart a new course through vacant land — the government has chosen the tougher one. This will give them legal leeway when it comes to land acquisition.

The highways department estimates land acquisition to cost around 100 crore for an estimated 42,000sqm that it will have to acquire. Around 30,000sqm of this land is owned by private individuals with legal deeds.

“Though most land owners have pattas, buildings on the eastern side of the canal do not have approval,” a highways official said. “People constructed buildings in violation of the master plan.”

The western side of the canal is mostly vacant and should the highways department should not have any problems with land acquisition along the stretch.

“Once the plots are identified, land acquisition will begin. Unlike earlier projects, construction will begin only when land acquisition is completed,” the official said. Officials expect the land acquisition process to last at least two years and say laying the road will take a year to complete.

Source:gharabari

 

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‘GST Road, OMR – fastest growing residential sectors’


What do you think sells best in the city?

Apartments are the most popular property type in Chennai. The main reason behind this is that owners find apartments easier to maintain due to the support of the association. In addition, apartments give a feeling of security to its inhabitants.

What is the current scenario of re-development in Chennai?

Chennai is gradually moving towards re-development. The corporation is extending its limits around Chennai and is planning to give facilities in these extended limits.

Which locations are being redeveloped in Chennai?

Localities such as East Coast Road (ECR), Old Mahabalipuram Road (OMR), Grand Southern Trunk (GST) Road, Oragadam and Sriperumbudur are a few localities which are witnessing rapid redevelopment.

Which are the future growth corridors of the city and what factors affect their growth?

GST Road and OMR are the fastest growing residential sectors in Chennai. There has been rapid development of IT/ITeS industry in the areas around GST, OMR and ECR. This has facilitated growth of the residential sector in these areas. Oragadam and Sriperumpudur are the major industrial zones of the city. Since there is substantial industrial growth in Chennai, residential development is also taking place in these locations.

Can you define affordability and luxury in Chennai?

Affordability and luxury vary as per the location in the city. For instance, in prime locations of South and Central Chennai, lower end properties are available within Rs 15,000-20,000 per sq ft. Luxury depends on the facilities offered in the projects. It usually starts at Rs 20,000 per sq ft.

Similarly, in developing locations like OMR, GST Road, areas near Maraimalar Nagar, Chengalpattu, Sriperumpudur and Oragadam, lower end properties are available in values ranging between Rs 2,800 to Rs 4,800 per sq ft and luxury apartments start at Rs 6,000 per sq ft and go up to Rs 10, 000 per sq ft.

World class Engineering SEZ at MARG Swarnabhoomi


Engineering SEZ
An ideal destination to set up your manufacturing facilities

Welcome to a world class Engineering SEZ, designed to pursue business excellence on a land of new thinking. Spread over 311 acres of land with over 156 acres of processing area, the meticulously designed Engineering SEZ intelligently caters to every minute need of the engineering industry, making it an ideal destination to start up your operations.

SEZ in Chennai at MARG Swarnabhoomi

SEZ in Chennai at MARG Swarnabhoomi

Engineering SEZ is set in the mega township of MARG Swarnabhoomi. The project has created a business-friendly ecosystem by utilising smart economy, smart governance, smart environment, smart people (social and human capital), smart mobility (ICT), and smart living.

Set on the strategic ECR stretch, “the growth corridor” of the future and being close to Chennai, Engineering SEZ has access to world class academia. It is also well connected via road, rail & airport and unlike other industrial clusters, it has all the facilities to foster business. Away from common din of the cities, located at scenic backwaters of ECR, the city is planned in such a way that it harmonizes with nature and offers scenic tranquillity and peacefulness to uplift human mind and soul.

VALUE PROPOSITION

World Class Infrastructure: The amount of effort and investment required to benchmark India in a global scale is only possible with involvement and expertise of private players in such projects. Engineering SEZ project is one of a kind, with a vision to provide world-class infrastructural amenities. Besides basic amenities like power, water and communication, it also has 24-7 security, technologically advanced medium for water treatment and recycling, etc. Companies in Engineering SEZ make use of better infrastructure and facilities, to enhance their production capabilities.

Holistic Ecosystem: Inspired by major R&D and innovation centers from across the globe, Engineering SEZ aims to develop a region with holistic ecosystem by providing an environment which nurtures innovation in the engineering sector.

In sync with Environment: Unlike other industrial clusters, Engineering SEZ not only has all the facilities to foster businesses but is also connected with nature. Away from common din of the cities, located at scenic backwaters of ECR, the entire city is planned in such a way that it harmonizes with nature and offers scenic tranquility and peacefulness to uplift the human mind and soul.

SEZ BENEFITS

Enjoy the host of benefits of setting up an operation in an SEZ:

  • Duty-free import / domestic procurement of goods for development, operation, and maintenance of units
  • External commercial borrowing by SEZ units up to US$ 500 million in a year, without any maturity restriction, through recognized banking channels
  • Exemption from central sales tax and service tax
  • Single window clearance for central and state-level approvals
  • Exemption from state sales tax and other levies

INFRASTRUCTURE SOLUTIONS

  • The infrastructure offerings of the Engineering SEZ provide design flexibility and space scalability to help companies get established and grow
  • Choice of convenient factory facilities to match your needs
    • Plug & play infrastructure: Floor plate flexibility (10,000 sq.ft. onwards)
    • Built-to-suit format
    • Incubation centre
    • Developed land parcels: Spaces ranging from 1 acre to 20 acres

LOCATION ADVANTAGES

  • Easy access to the sea of business opportunities
  • Proximity to Electronic Hub
  • Close to two major ports, a minor port and a domestic and international airport
  • Engineering SEZ will have business access to cities in India and abroad  and they will enjoy ease of operation and save heavy cost on logistics
  • Located on scenic East Coast Road (ECR), mid-way between Chennai and Puducherry

Capital Values Well Appreciated In ECR Corridor


Of all the sub-markets in Chennai, East Coast Road (ECR) is seeing good appreciation in the property prices. Expansion of IT/ ITeS sector, renewed demand for luxury villas and launch of many such projects are playing a vital role in the increase in prices here, which is going over Rs. 11,000 sq.ft in all the prime locations, especially near the beaches.

There are consistent demands for affordable homes across peripheral locations of the city. In the past six months, a hike of about 10-15% was observed for luxury villas and premium apartments. The enquiry rates also showed a visible increase up to 25% in the same period. Good price appreciation in the ECR corridor can be attributed to the fact that Chennai market is completely end-user driven.

The stretch from Palavakkam to Mamallapuram is witnessing exceptional growth in the residential sector, catering to premium categories such as HNIs, NRI’s with prices for independent villas/ bungalows going over Rs. 2 crore. Not withstanding, the rental segment is also flourishing well with a significant price rise of 30%  in the recent past. A fully furnished 4-5 BHK Villa in ECR is priced between Rs. 60,000 to 90,000 per month based on its vicinity to the beach.

The major USP of the ECR region is its close proximity to the IT corridor. A major contribution to this upward trend is spurred by the continuous demands from HNIs and others who visit the city for professional reasons. Depending on the connectivity and location, the capital values in this area range from Rs. 2,000 to 6,000 per sq.ft. Following the luxury villas, residential lands are also transacted for good rates in ECR.

Good connectivity options, excellent infrastructural designs that are on par with international standards have raised the expectations of the upcoming projects in ECR. Viewing the demand and supply ratio here, the market is expected to continue to prosper, says the real estate experts.

Property values appreciate in ECR in Chennai


The property values of East Coast Road (ECR) have crossed the mark of Rs 11,000 per sq ft at prime locations near beach and are still appreciating making it a top residential locality of Chennai. Visible expansion of IT/ITeS sector acting as the catalyst in the real estate growth. Revival of demand for luxury villas, increase in property prices and launch of new projects, all this has returned and bucking the Chennai’s submarket.

“Chennai is noting a continuous demand for luxury housing from quite some time now, primarily towards the peripheral locations of the city where premium homes are available at affordable values”. The capital values of premium apartments and luxury villas have noted a hike of 10-15 per cent in past six months. The number of enquiries also showed an upward trend, seeing a hike of up to 25 per cent during the same period. The appreciation in property values can be attributed to the fact that it is primarily end-user driven rather than investors, he added.

The stretch from Palavakkam to Mamallapuram is the key hub seeing exponential demand and supply in the residential sector. These locations house projects in the premium category catering to HNIs, NRI’s and have demand for individual bungalows/villas priced at more than Rs 2 crore.

Rental sector is too flourishing and have noted a significant appreciation of more than 30 per cent in recent past. The rental values of a fully furnished 4-5 BHK villas/independent houses varies from Rs 60,000-90,000 per month depending on its location and proximity to neighbourhood beach.

ECR strategic situation near to the IT corridor is the major USP of the area. Enhanced demand from expats and HNI’s visiting to city for professional reasons are the major contributor in the upward rental and capital sector. On an average, the capital values at ECR vary from Rs 2,000-6,000 per sq ft depending upon location and connectivity. Residential land is also the next most transacted category after luxury villas.

Improved connectivity level, transportation and other infrastructural activities have created spurt in the upcoming housing projects in the suburban areas such as ECR. Looking at the prevailing demand and supply ratio, it is expected that the submarket will continue to witness positive trend in values.

Source :magicbricks

Capital Values Well Appreciated In ECR Corridor


Of all the sub-markets in Chennai, East Coast Road (ECR) is seeing good appreciation in the property prices. Expansion of IT/ ITeS sector, renewed demand for luxury villas and launch of many such projects are playing a vital role in the increase in prices here, which is going over Rs. 11,000 sq.ft in all the prime locations, especially near the beaches. There are consistent demands for affordable premium homes across peripheral locations of the city. In the past six months, a hike of about 10-15% was observed for luxury villas and premium apartments. The enquiry rates also showed a visible increase up to 25% in the same period. Good price appreciation in the ECR corridor can be attributed to the fact that Chennai market is completely end-user driven. The stretch from Palavakkam to Mamallapuram is witnessing exceptional growth in the residential sector, catering to premium categories such as HNIs, NRI’s with prices for independent villas/ bungalows going over Rs. 2 crore. Not withstanding, the rental segment is also flourishing well with a significant price rise of 30%  in the recent past. A fully furnished 4-5 BHK Villa in ECR is priced between Rs. 60,000 to 90,000 per month based on its vicinity to the beach. The major USP of the ECR region is its close proximity to the IT corridor. A major contribution to this upward trend is spurred by the continuous demands from HNIs and others who visit the city for professional reasons. Depending on the connectivity and location, the capital values in this area range from Rs. 2,000 to 6,000 per sq.ft. Following the luxury villas, residential lands are also transacted for good rates in ECR.

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    • Shared facilities of MARG Swarnabhoomi
    • Proposed Southern Railway station in the future
  • Starting from just Rs 4.99 Lakhs per ground

Visit:http://www.swarnabhoomicityscapes.com

———————————————————————————————————————————————————————-   Good connectivity options, excellent infrastructural designs that are on par with international standards have raised the expectations of the upcoming projects in ECR. Viewing the demand and supply ratio here, the market is expected to continue to prosper, says the real estate experts.

Property values appreciate in ECR in Chennai


The property values of East Coast Road (ECR) have crossed the mark of Rs 11,000 per sq ft at prime locations near beach and are still appreciating making it a top residential locality of Chennai. Visible expansion of IT/ITeS sector acting as the catalyst in the real estate growth. Revival of demand for luxury villas, increase in property prices and launch of new projects, all this has returned and bucking the Chennai’s submarket.

“Chennai is noting a continuous demand for luxury housing from quite some time now, primarily towards the peripheral locations of the city where premium homes are available at affordable values,”. The capital values of premium apartments and luxury villas have noted a hike of 10-15 per cent in past six months. The number of enquiries also showed an upward trend, seeing a hike of up to 25 per cent during the same period. The appreciation in property values can be attributed to the fact that it is primarily end-user driven rather than investors, he added.

The stretch from Palavakkam to Mamallapuram is the key hub seeing exponential demand and supply in the residential sector. These locations house projects in the premium category catering to HNIs, NRI’s and have demand for individual bungalows/villas priced at more than Rs 2 crore.

“Rental sector is too flourishing and have noted a significant appreciation of more than 30 per cent in recent past.” The rental values of a fully furnished 4-5 BHK villas/independent houses varies from Rs 60,000-90,000 per month depending on its location and proximity to neighbourhood beach.

ECR strategic situation near to the IT corridor is the major USP of the area. Enhanced demand from expats and HNI’s visiting to city for professional reasons are the major contributor in the upward rental and capital sector. On an average, the capital values at ECR vary from Rs 2,000-6,000 per sq ft depending upon location and connectivity. Residential land is also the next most transacted category after luxury villas, sums up Kumar.

Improved connectivity level, transportation and other infrastructural activities have created spurt in the upcoming housing projects in the suburban areas such as ECR. Looking at the prevailing demand and supply ratio, it is expected that the submarket will continue to witness positive trend in values.