Nearly 15 townships with a focus on residential zones are coming up on GST road. The erstwhile agricultural lands are fast yielding space to the booming construction industry, and very soon, these areas may transform into concrete jungles, with several real estate companies setting up projects here.. Lancor Holdings, Malles, Mahindra Lifespaces, Pan 360, etc, are just some of the more popular ventures that have already come up here. Connecting roads have been laid in a few townships, while huge water tanks and spending arches have been constructed to attract investors.
“The same scenario may soon extend up to Chenglepet which is less than 25 kilometres from our current project at Kattankulathur. Properties on GST road are more affordable than the ones on OMR and this, in turn, attracts people to invest here. Improved road connectivity from GST to the rest of the city is one of the main reasons for this development. The four-lane highway road is a hassle-free drive till Chenglepet and Singaperumal Koil and to the Meenambakkam Airport on the other side. Besides, the Monorail connectivity project from Velachery to Perunagalathur in the near future followed by road connectivity to Maduravoyal has also contributed to the development of the stretch,” says R V Shekar, Managing Director of Lancor Holdings.
The upcoming suburbs along GST Road – localities like Perungalathur and Paranur – are among the areas on this stretch that have recorded maximum real estate activity in recent times. All these suburbs have their own advantages, making life easier and convenient. Initially, these localities were nothing more than small towns with minimal facilities in terms of infrastructure and recreation. However, now these suburbs are have grown to become residential localities with support infrastructure and good connectivity, coupled with quality education institutions and medical facilities.
Both commercial and residential properties along the corridor will find more takers competing for spaces located strategically. Any property located within walking distance of a station is a premium property. The stretch has played host to some quality hotels and entertainment zones and the monorail is sure to boost this segment as well, thanks to the fact that parking issues may be partly resolved due to better connectivity through public transport, the monorail, that is.
“There will definitely be a hike in property prices with this development in connectivity. Many people who were holding back plans to sell their properties are selling them now. There are many enquiries for spaces (that had been vacant while the construction was going on) from my friends and colleagues,” says J Rajeshkumar, a resident of Paranur working at Mahindra Renault. Rentals of commercial properties too are slated to go up along the corridor.
“Everyone wants to be on OMR, and now with the monorail plan which is expected to be completed by the end of 2013, rentals will go up too,” says S Ananthakrishnan, former President, Bangalore Trades Association.
The special economic zone (SEZ) in Paranur and Maraimalai Nagar also offers plenty of options for people looking to invest or stay. “Going by the hectic construction activity here, land prices have escalated in the locality. For middle-class families, it is an ideal place to invest. Land prices could increase further following the move to introduce monorail services up to Perungalathur,” explains Sundararajan, CEO of Pan 360. Some developers have also started purchasing lands in Guduvanchery.
The monorail and other such connectivity projects in the suburbs are sure to promote more real esatte activity in the coming years in these areas.
Source- TOI
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