The real estate
sector is going through a dull phase with people hesitating to invest on
apartments (Flats) or / land on the outskirts of the city, but some areas
abutting the Outer Ring Road (ORR) have seen good appreciation in recent times.
Property prices on
ORR have seen more than 200 % appreciation in the Last 3 years, say real estate
consultants.
An acre of land on
ORR used to cost Rs. 75 lakh to Rs. 1 crore in 2010, when the road project was
in its initial stages. It has more than tripled now. that is Rs. 3 crore
Even adjoining areas
such as Perungalathur, Mannivakkam, Padappai, Mudichur & Kundrathur have
reaped the benefits of this world class road, the first phase of which connects
Vandalur & Nazrethpet. This stretch is nearing completion at a cost of Rs.
1,081 crore.
A contractor was
recently selected to carry out work on the second phase at a cost of Rs. 985 crore. Real estate along the stretch
may see further appreciation with the government announcing a 65-acre bus
terminus between the GST Road & the ORR at Vandalur.
A realtor at Mudichur
near Chennai said, "A lot of enquiries are coming from builders /
promoters and property investors in the Vandalur - Mudichur stretch after the
state government announced the bus stand project in April, 2013".
The rate of
appreciation on ORR has been highe than on Old Mahabalipuram Road (OMR), East
Coast Road (ECR)and the Bangalore highway, which have better social infrastructure,
said Mr.Jayant Hemdev, Business Director, Hemdev's, a realty consultant.
Mr..Jayant Hemdev
said, "In the past 3years, prices on the Maduravoyal Bypass appreciated by
almost 100 per cent. But, on the ORR, the appreciation was more than 200 %. The
high growth on the ORR can be attributed to a low base it started off
with".
Meanwhile, the
Chennai Metropolitan Development Authority (CMDA), the owner of the ORR, has
selected L & T Ramboll as consultant to advise it on how to utilise nearly
50 metres of buffer zone retained by the CMDA on the eastern side of the ORR.
Though the CMDA had
acquired a 122 metre wide stretch for the 62 km long ORR, it handed over only a
72 metre wide stretch for the road.
The CMDA had retained
the buffer zone to provide space for wayside amenities, commercial
establishments and, if needed, space for future expansion of the road, said an
official.
As of now, there is
no social infrastructure on the ORR. The contract will be signed by the two
entities on recenty. L & T is expected to complete the study in 6 months.
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