Way Forward For Chennai Real Estate
The Tamil Nadu Housing Board TNHB has clarified that the upcoming satellite towns around Chennai would be selfdependent and schools healthcare centres parks and shopping complexes will be constructed all around with erection of basic infrastructure like roads electricity and drinking water. The developmental projects at these satellite townships would cost about Rs 500 crore and cover some 1500 acre of land sources from the TNHB informed.
These satellite towns around Outer Ring Road ORR Old Mahabalipuram and Poonamalli High Road would comprise of residential commercial and industrial real estate. And keeping in mind the availability of vast tracts of unutilized land in these towns there is a tremendous room for construction of new projects. This will also help in meeting future needs of housing commercial and industrial real estate in Chennai and also result in the development of road and rail transport.
Chennai Properties around the southwest part of the city are likely to enjoy a northward rally in the next couple of years. The business opportunities created by the modernization of airport would boost the property values in the areas around the facility.
Property investors might also be interested in locking properties around Inner Ring Road in expectation of earning handsome gains. The road connects the central city localities like Kodambakkam and Mambalam with the airport.
The market observers say that the capital values and rentals have already corrected by about 1020 per cent in the past 812 months and market is apt for investment purposes. As per the reports of MagicBricks reports the capital value for a residential apartment in Vela Chery hovers between Rs 2500 and Rs 3000 per sq. ft at present. Furthermore the residential land value of Chennai’s IT corridor ranges from 20100 ground. Places like Anna Nagar in Chennai which was about Rs. 70 lakhs per ground in 2002 are now quoting Rs. 1.53.0 crore per ground.
About the writer: George Gonigal provides you the best and latest information on Chennai Real Estate Developers if you want to Buy Apartments in Chennai. he suggest you log on to magicbricks.com
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