Sholinganallur in Chennai attracts investors and end users

OMR Tidel Park junctionA suburban locality of Chennai, Sholinganallur, has witnessed a rapid growth due to the developing IT corridor. Located in the Southern zone of the city, the real estate market here has witnessed a boom both in the residential as well as the commercial sphere. The developing IT business parks and the Special Economic Zones (SEZs) have fueled growth not only in Sholinganallur but also the neighbouring suburbs such as Perungudi, Taramani and Siruseri.

The residential offerings in Sholinganallur include multi-storey apartments, single floor apartments, residential house and villas. Residential plots are also available to consumers who plan to invest in the locality. The value of these residential properties is within Rs 35 lakh to over Rs 1 crore. The commercial property market consists of commercial office space, commercial land and industrial land. The value of commercial properties is within Rs 9 crore to Rs 60 crore. Madhu S, Owner of a commercial space in Sholinganallur says “Sholinganallur is an upcoming locality in Chennai, placed along the OMR Highway, which is the home to technology companies. The increasing monetary appreciation of land, residential and commercial holdings due to its location advantage has benefitted us tremendously.”

The social and civic infrastructure of Sholinganallur is well developed. Schools, colleges, hospitals and hotels are present in abundance. It is well connected by the OMR Road and the East Coast road to other parts of the city. Metropolitan Transport Corporation (Chennai) Ltd buses and autorickshaws are modes of public transport for the residents. Velachery MRTS Railway Station is the nearest railway station.

The major demand drivers in this locality are its close proximity to the IT hubs and availability of apartments in the economically weaker section (EWS) category as mandated by the Chennai Metropolitan Development Authority (CMDA).

Sholinganallur is an important locality of south Chennai. The demand for both residential and commercial properties has risen significantly in the last couple of years. Several factors such as easy connectivity, employment opportunities and close proximity to holiday destinations such as ECR beach have attributed towards its growth in demand.

Unauthorised plots in Chennai bought till 2007 may get approval

imagesThere’s relief on the way for people who have bought plots in unapproved residential layouts. If the state government has its way, all residential plots registered before July 1, 2007 will be given approval after levying a penalty, as has been done in the case of illegal buildings.

Following a proposal from the Chennai Metropolitan Development Authority (CMDA), the government is contemplating relaxing norms for approval of unauthorized layouts that have proliferated over the last few years in the Chennai Metropolitan Area (CMA) and in areas under the jurisdiction of the Directorate of Town and Country Planning (DTCP).

The suggestion was made at a meeting of the CMDA’s top decision-making body. As of now, only residential plots registered before December 31, 1989 are approved under the regularization scheme in operation in CMA limits. However, on receipt of the CMDA proposal, the government has taken a view that instead of limiting the exercise to CMA, it should look for a comprehensive solution to all unapproved residential layouts that have sprung up across the state. In this regard, the state housing department has chosen to work in coordination with municipal administration and rural development departments.

A senior official said, “Since municipalities that fall under the municipal administration department and village panchayats under the rural development department have been delegated some powers to approve plots, any solution without taking them on board will remain a piecemeal effort. We also need to involve the land registration department also to ensure that registration of unapproved plots do not take place in future. Otherwise, once we regularise old violations, there will be new violations. The chief secretary will soon convene a meeting to finalise the action plan”.

A CMDA official said the problem of unauthorised plots was not a major one in CMDA limits, where the regulatory body has done zoning of all land, determining their use. But in DTCP limits, very few cities and towns have prepared development master plans.

A DTCP official said, “Unapproved residential layouts continue to spring up across the state. Many promoters who are stuck with large areas of agricultural wetlands are converting them into residential layouts and selling them with the connivance of village panchayat presidents and ward members. Despite the government clarifying time and again that approvals from village panchayats have no legal sanctity and buyers cannot avail bank loans on such plots, people continue to buy them”.

The problem became acute after the state imposed restrictions on conversion of agricultural wetlands into residential plots in January 2011. “The government should ban firms selling unapproved layouts from real estate activity and take strict action against panchayat presidents and ward members who approve unauthorised layouts,” a realtor said.

Source: The Times of India, Chennai

Why to invest in Swarnabhoomi Cityscapes?

Swarnabhoomi Cityscapes is an ambitious venture of MARG Swarnabhoomi to fulfill the dreams of people to own a plot. Swarnabhoomi Cityscapes proudly launches a wide range of highly appreciable villa plots on scenic ECR. There are number of reasons why you should choose Swarnabhoomi Cityscapes

  • From the house of MARG, one of the fastest growing Infrastructure Company in India with over 3000 crores worth of projects in progress
  • All the villa plots are flavored by MARG’s trust and transparency
  • These villa plots are located around MARG Swarnabhoomi, a 1000 acre aspiration city – Huge scope for high appreciations
  • Part of MARG Swarnabhoomi’s vision of 10,000 acre regional development
  • The region attracted other investments like proposed NTCP power plant, BGR Energy plant, TTDC sports complex and theme park
  • Access to shared facilities at MARG Swarnabhoomi
  • Strategically located to address work-life balance

Bay View villa plot which is located at just 1 km from the beach on ECR and close to Cheyyur Lake start from Rs.9.99 lakhs* onwards per ground. Bay View comes with a 571 premium sea view plots which is located on the entertainment corridor, just 2kms from TTDC Boat House (Mudaliarkuppam) and proposed water sports & Theme Park.

Surrounded by nature’s freshness and lush greenery, Lake View Garden  plots are premium pieces of land which comes with a price range starting from Rs. 7.57 Lakhs* onwards per ground. Lake View Garden offers 517 garden plots which are located on ECR in close proximity to Koovathur hospital and near proposed BGR Energy Plant.

Royal Orchard  villa plot inspires by the serene power of nature and its beauty is located next to Tapovan Ultra Luxury Villas by MARG ProperTies in tranquil environment comes with a price range starting from Rs 4.99 Lakhs* per ground. Royal Orchard offers 397 garden plots off ECR which are located just 18km from Maduranthagm Railway station.