Chennai Residents Influence Planning For Smart City Project

Chennai has been making headlines in almost all India real estate reports and studies, mostly due to the proposed smart city project slated to be commenced here by the Central Government. As part of the Central Government's plan to develop 100 smart cities, Chennai will be one of the forerunners in this regard. In what is being heralded as a landmark development, citizens in Chennai are now directly influencing planning of infrastructural and civic projects for this smart city project. The smart city project will anyway boost the demand for property Chennai in the next few years. The real estate Chennai market has benefited immensely from the Central Government's announcement. Demand for properties in India will be influenced largely by the creation of these smart cities in the future according to experts and Chennai’s future looks really bright in this context. The Chennai Corporation has asked for suggestions from citizens through its website that has been launched by the Union government for making sure that citizens participate in the project. Suggestions and inputs are pouring in by the day and should touch a gargantuan number soon. According to corporation officials, the authorities are targeting a place in the top 20 among the 100 smart cities. These public suggestions will facilitate the implementation of Smart City solutions in the first phase of the project. According to sources, areas like RK Nagar and commercial hub T Nagar will be hotbeds for much of these new infrastructural projects.

This should definitely be a boost for the Chennai real estate market, as demand will definitely spiral in locations like these. The corporation is already mulling several projects in T Nagar including multilevel car parking facilities and the integration of the Usman Road flyovers for creating a grade separator linking Mahalingapuram and Anna Salai. With increased importance being given to citizen suggestions and collaboration with leading planners and Central Government agencies, this project will go a long way towards improving overall transport facilities and infrastructures in Chennai according to market experts. Water bodies are also set to be restored if suggestions are keenly implemented. Residents can also expect health and hygiene improvements in the near future.

Velachery Is One Of Chennai's Best Places To Live In

The real estate Chennai market has been witnessing steady growth in recent times and there are several localities which have witnessed huge development over the years. Demand for Chennai real estate has also been concentrated in several specific localities and pockets. As per real estate in India reports and studies, Velachery is one of Chennai’s most coveted residential destinations. Velachery is a premium South Chennai locality and has rapidly grown in tandem with the flourishing IT sector in the South Chennai belt. The locality is a hub which links the fast growing IT corridor or OMR, Central Business Districts and GST Road to each other. Velachery is a major commercial and residential hub and there are several connectivity advantages that it offers to residents. The demand for real estate in Chennai has been driven by the Velachery market. Guindy is well connected to the locality and the Velachery main road is the major connectivity avenue here. Mount Road is also accessible from the locality while the 100 ft bypass road is also a connectivity lifeline here along with the Taramani link Road on the north eastern flank which runs up to the Rajiv Gandhi Salai in OMR. The Jawaharlal Nehru Salai or the 100 ft road also enables great connectivity to the GST Road and airport. The Taramani Link Road connects the locality to MGR Salai. There are several retail hubs and premium shopping centres located in close proximity to the area as well.

According to property India studies, Velachery is well connected to Adambakkam, IIT Madras, Pallikaranai Marshland and several other areas like Madipakkam, Guindy, Thiruvanmiyur, Adyar, Perungudi and Tharamani. The locality is predominantly residential while the Chennai International Airport lies around 8-10.5 kilometres away from it near Meenambakkam. The airport can be accessed comfortably from the area as mentioned earlier and the Inner Ring Road also helps majorly in this regard while the GST-Anna Salai route is the more conventional one and runs through Guindy. Volvo bus connectivity is also available in the neighborhood. Velachery is the perfect mix of connectivity, infrastructural development, entertainment and recreation and commercial progress.

Demand for Chennai real estate grows manifold

In the recent years, there is a rise in the demand of the properties in Chennai with the coming up of several luxury residential projects and IT companies setting up operations here. Reports say that real estate Chennai market is expected to remain stable in the year 2013 and also property registration in Chennai seems to be clawing back after the financial slump.

 
Even with the rise of demand and prices of properties in Chennai the retail real estate segment has remained upbeat. This positive impression has attracted major developers like Purva, Pacifica, Unitech and Sai Harini to develop residential units to meet the growing demand of housing. The developers are offering attractive offers and schemes to woo home buyers and boost the sales. Among the various schemes, offering easy finance and house insurance are some of the popular offers that developers have for home buyers.

What drive the demand of Chennai real estate? Unlike many cities, Chennai is not dependent on a specific industry. The city has a range of industries such as logistic, IT/ITES, manufacturing, automobile and more with specific to region. So, the demand and prices of each location varies with specific to the industry and infrastructure. Moreover, certain locations with good connectivity and infrastructure development have become the highly desirable property for owning a house. And the names of a few areas are Muggapair, Perambur and Old Mahaballipuram.

Finding potential Chennai properties as investment option is not a hard nut to crack. Just take the help of popular realty sites that offer information on all major cities. Property websites www.makaan.com provide home buyers or sellers with information so that they can take well informed decisions while buying or selling a property. With the help of realty portals it becomes lot easier to find properties meant for sale/rent/lease according to budget categories and location specific.

Compared to other locations in Chennai, the northern regions of the city have seen the maximum appreciation in residential prices. The prices of many properties in these areas have even increased manifold. The city has also witnessed the growth of price in terms of per sqft over the years.
The growth of Chennai real estate is impressive in comparison with other cities and it is expected to remain firm in the coming years. Moreover, with the setting up of more industries and creating employment opportunities investors are desperately willing to invest in real estate.