|Three stretches on the city’s outskirts are on the way to becoming real estate hotspots, reports Prince Frederick
Kelambakkam-Vandalur; Vandalur-Oragadam-Walajahbad; Sriperumbudur-Singaperumal Koil.
These three stretches are hot topics in Chennai’s realty circles. They are spoken of as roads of the future. It is easy to see why. There is a flurry of business activity and infrastructural development along these roads and in their vicinities; moreover, they directly feed into big corridors of development.
All three connect to GST Road; in addition, Kelambakkam-Vandalur Road leads into Old Mahabalipuram Road and Sriperum budur-Singaperumal Koil Road into the Bangalore Highway.
“The GST Road is like a spinal column and these feeder roads, like vertebrae. What Mount Road does for Nungambakkam High Road, Cathedral Road, Venkatanarayana Road and a few others, GST Road does for these three roads. If you look at it, GST Road is but an extension of Mount Road,” says R.V. Shekar of Lancor Holdings.
Urban planning and the lack of space for expansion in the city’s north have fuelled the development of these areas. As they are linked to arterial roads, they figure prominently in the plans of town planners. In keeping with the larger goal of decongesting the city, these three roads are being widened.
According to official sources from the State Highways, four-laning of these three roads is underway (a 12-km stretch on the Sriperumbudur-Singaperumal Koil road is in fact getting a six-lane). At the Oragadam junction where the Sriperumbudur-Singaperumal Koil road and the Vandalur-Walajahbad road meet, a grade separator is coming up.
Close to OMR
Above all, the speedy growth of OMR as an IT hub has generated interest in the Kelambakkam-Vandalur stretch.
The road has also benefited from the development of social infrastructure facilities such as colleges, schools and hospitals. Access to similar facilities in nearby OMR and GST road is another attractive factor. Industry watchers feel that the completion of the Outer Ring Road will provide a further developmental fillip.
As for the other two roads, industrial activity in Sriperumbudur and Oragadam is the primary factor for the real estate boom. Renault-Nissan has installed a huge plant in Oragadam with an annual target of 4 lakh cars; Daimler India Commercial Vehicles (DICV) has built a test track at a 400-acre site in Oragadam; Sriperumbudur and its vicinity, which enjoyed the first wave of development that swept through the region, has Saint-Gobain, Hyundai, Nokia, Samsung, Flextronics (provider of electronics manufacturing services), Foxconn (computer and electronics manufacturer) and Dell.
Naturally, rapid development has pushed land prices in all the three roads.
“While land near the Sriperumbudur end of the Sriperumbudur-Singaperumal Koil Road could be bought at Rs. 300 to Rs. 350 a sq.ft. three years ago, now you can’t hope to get anything for less than Rs. 600 to Rs. 700 a sq.ft,” says Abinesh Yuvaraj of Baashyaam Constructions. Likewise, land on the Padappai, Oragadam and Walajahbad sections is available at similar prices and attracts investment buyers.
Tracts of land on either side of the Kelambakkam-Vandalur Road cost relatively more given their proximity to the OMR. At Kandigai, one major project offers developed plots at Rs. 26 lakh for a 2,400 sq.ft piece.
For many years, realty talk has centred around the OMR. Those in the business now believe that the buzz in the future will be around these three roads.
What builders say
Fifteen years ago, an ant would not go down the Kelambakkam-Vandalur road. It is now buzzing with activity.
R.V. Shekar, Lancor Holdings
A majority of those who buy from us are end users.
J. Ravikanth, Unitech Group
It is a road that will come to support a mammoth group of people who work on OMR and GST road.
Devadoss Sundaram, CeeDeeYes
Increasing connectivity by way of minor roads between the Sholinganallur-Medavakkam stretch and the Kelambakkam-Vandalur stretch encourage people to look for housing in this area.
Sandeep Mehta, Jain Housing.
Sriperumbudur-Singaperumal Koil Road & Vandalur-Walajahbad Road
Blue collar workers constitute at least 80 per cent of the working population in these areas. It is a young workforce with modest salaries.
P.B. Krishna Prasad,
Sriperumbudur is definitely on the way up. But we still have to cater significantly to a highly budget-conscious market.