Living in Chennai, you don't have to be a rocket scientist to notice how the city is redefining its confines. And buying a house has never been so exciting. Earlier in the decade, the buzz was about the swanky townships and housing colonies cropping up at OMR, after which the GST road got added on to the list. Today all eyes are on Sriperumbudur.
It was not long ago that Hyundai set up shop there, and now it is being called the new manufacturing hub. And what's more? Property developers, both big and small are making a foray into this developing stretch. Though Sriperumbudur might still seem like a distant neighbourhood to most, there are examples like OMR which almost seamlessly got included into the city. So what sets it apart from its predecessors?
From OMR to Sriperumbudur
The answer lies in how it all started. OMR got a facelift at breakneck speed back then, owing to the IT boom. There was a flurry of economic activity on the stretch when realtors capitalised on the entry of the major software giants there. Since the IT Industry naturally became the benchmark in that area, housing rates sky-rocketed.
Even after the economic crisis, and the plummeting of many of the software giants, property rates still continue to be on the higher side. The GST Road on the other hand has been witness to a haphazard pattern of development. Though there have been companies like Ford which came up there, infrastructure did not follow. “Sriperumbudur is developing in a very organised way. It is for those who are looking for affordable housing with long-term development,” says Kishore Kumar of True Value Homes.
He says that the manufacturing sector has always been very strong in the state. And with the Government participating in developing Sriperumbudur as a manufacturing hub, it has one of the best prospects of development . He estimates the rate of appreciation to be 20 to 25 percent as of today.
The Best Bet
If you are someone who is looking to lease out property , Sriperumbudur might be your best bet. There is an enormous demand for houses on rent from the industrial workers who most often have to travel from the city or nearby towns.
Also there are several engineering colleges and institutes, in the vicinity, who only add to the demand. Mr Ravi who has bought two apartments there hopes to cash in on this trend. “It is not an area that can be considered residential in the way we understand the term.
It has a floating population that comes in from different places like Tamilnadu, Andhra Pradesh and Karnataka and even Delhi, and they are in lookout for good residences that are available on rent That is the potential of that area now- it can fetch you satisfactory rents,” he says.
Meeting New Demands
The demand now in Sriperambudur is at the moment one dimensional, with small houses that can be easily paid for being the most preferred choice. It will be sometime before premium and luxury apartments become part of the real estate offering in this area, according to professionals in the field. “A study of the local demand shows that 800 to1085 sq.ft. homes fit the requirement and affordability criteria of the market here,” saysKishore. Our latest project in Sriperambudur, TVH Svaya meets this demand perfectly, he added. Builders in this area are also offering “Gated Communities”, where plots with basic infrastructure like electricity, water, roads, and security are available. “Buyers can build their own houses on these plots and the idea seems most popular amidst the NRIs and North Indians,” says Jeyaram, the CEO of Propshell.
Existing Infrastructure
When a particular area gets earmarked by the government for its industrial development, basic infrastructure like roads, electricity and water assumes primacy over the social infrastructure like schools, colleges, hospitals and markets.
In Sriperumbudur too, this has been the case so far with development percolating gradually into the social framework. With a huge number of companies still in the process of beginning their operations from here, the potential for development cannot be over-emphasised.
Being away from the crowd of the core city, the groundwater table levels in Sriperumbudur have escaped the pressures of an ever-thirsty population. The presence of a lake in the vicinity and few agricultural lands, has kept water scarcity at bay for residents of this suburb.
Though being far away from the city seems to have helped, it can also be a burden if the place is not connected properly with well maintained approach roads in place.
Raising Connectivity
Presently, Sriperumbudur is connected to Chennai and neighbouring cities like Bangalore only through roads. But, with plans to transform the area into a logistics hub on the anvil, the entry of other modes of transport won't take too long, according to realtors in the area.
Already on the cards are a railway link that connects Chennai, Sriperumbudur and Kanchipuram and the elevated expressway that goes right up to Ennore and the Madras Port. With all these projects, the area will soon be easier on the commuter.
There are several reasons why one should invest in Sriperambudur and the simple fact that land is cheaper here than other parts of the metropolis is among the most important.
This advantage coupled with the growing demand of the industrial population in the area for decent living can make Sriperumbudur the goldmine you were looking for.
Throw in a few multiplexes and a shopping mall, and who knows maybe you would want to move in there yourself!
Source: The Hindu
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