So called property guru’s and realty market pundits, usually the ones you encounter at local events and expositions, often paint rosy pictures and wax eloquent about the real estate scenarios dominating the city, making sweeping remarks about how the best in realty is yet to come and how as an investor you should be the early bird and so on. More often than not, though they may not be completely off the mark, they end up confusing and adding to the melee of hapless investors who is possibly looking at making a wise decision based on solid truths rather than shaky facts with no real basis.

As an investor it’s only understandable that you’d like to ensure you’re putting your money to good work and that it’ll reap healthy returns in the long run. This is why it’s advisable to keep ears to the ground and stay attuned to snippets of valuable advice that’s based on concrete facts and figures.

Healthy Investing

If one is to talk about investing in real estate in Chennai, a major chunk of investors are of the opinion that its advisable and relatively safer to place bets on any of the IT corridor areas, for they are the ones that will do best in the future too. Nonetheless, there are an inverse proportion of people who believe that these areas, while undoubtedly prospective, have seen their peak phase and may gradually begin to see a stabilisation that holds little promise for long term wealth generation.

As the case maybe, particularly in Chennai’s realty scenario, the focus has now undoubtedly shifted to other clusters and industrial belts that may or may not be purely IT centred but rather diversified and holding within its ambit a wide-range of industries that attract a larger and more varied talent pool.

If numbers and statistics are anything to go by, this notion has indeed held true and one will find that steady realty growth has been seen not merely in city centric areas but in localities that fall on the periphery of city limits.
Let’s take a look at some of the shifts that have been observed over the last couple of years-

– The rise of West Chennai

While it wouldn’t be wrong to say that Chennai city has witnessed a considerable growth rate and has clocked in good numbers in terms of sold/ ready possession inventories, the West of Chennai has seen a significant increment in the development of transportation and infrastructural upgradations on account of the industrialisation and the consequent shift of workforce to the peripheral areas.

Areas such as Porur, Manapakkam and Poonamallee have already begun to witness a spurt in real estate on account of their immediacy to the Guindy IT/ industrial parks besides which these areas distance proximity to industrial hubs, especially those in Oragadam and Sriperumbudur, have worked in their favour and much realty expansion can be seen.
– Impetus for industries such as rail-auto hubs and aerospace parks
Much of South West Chennai, especially areas such as Oragadam have been in the news on account of the establishment of the proposed Aerospace Park or the Chennai Aero Park, an aerospace industrial park developed by the Tamil Nadu Industrial Development Corporation Limited (Tidco). A 300 acre campus, the park has already received its due environmental ‘go-ahead’ from the State Level Environment Impact Assessment Authority. Additionally, catering exclusively to the aerospace technology, R&D, upkeep and manufacturing for avionics, there is much expectation with regards to the generation of jobs and the proliferation of this area for residential purposes.

Furthermore, with the setting up of India’s first rail-auto hub in Oragadam, it is believed that the delivery and transport efficiency of the automobile manufacturers based in Oragadam, Sriperumbudur and Singaperumal Kovil will be significantly improved and will augur well for ‘Chennai’s industrial growth corridor’ and the ‘biggest automobile hub of South Asia’—Oragadam.
What’s more, backed by Oragadam’s intrinsic plus point of superior connectivity, its basis as a key electronic hub and its strategic location between the 2 State National Highways, there is optimism that this area should perform exceptionally well for residential investors.

On a parting note

Its wise to consider all options before zeroing down on any property or location in particular, though one must consider a few factors beforehand, namely, the present price versus the appreciation expected, the possibility of expansions and growth, the infrastructure and the development of it, veracity of the builder, the proximity to work place and last but not the least, the basic needs fulfilment of the family and the convenience factor for everyone.

If you find yourself putting a tick next to all these checkboxes, it is a good idea to consider investing in Chennai’s real estate and heralding a future of prosperity and wealth based on a timely and well planned decision.