With north Chennai struggling to break out of its unglamorous reputation and south Chennai fighting to fulfil the hype, west Chennai has emerged from the shadows to make a strong case for itself as an investment destination. Here are three localities you cannot ignore if you would like to invest in property here.
AMBATTUR
Advantage :
Proximity to Anna Nagar,
road connectivity
Drawback :
Civic issues and lack
of public amenities
A locality that is already considered to be developed, Ambattur, home to many IT companies like TCS and HCL, owes much of its attention to its proximity to the unaffordable Anna Nagar.
As Sandeep Jain, Managing Director of Jain Housing, says, “Prices in Anna Nagar are around Rs. 10,000 per sq ft. Ambattur’s are not even one-third.” Yesterday, Jain Housing launched its 250-unit project in Ambattur called ‘Advitya’.
The new project is a mix of two and three bedroom apartments that sell from Rs. 25 lakhs.
Ambattur also enjoys another advantage.
“It was brought under the ambit of Chennai’s municipality three years ago and enjoys better governance than areas under the panchayat,” says N. Nandakumar, president, CREDAI – Tamil Nadu. Its connectivity by road is another feature that makes it attractive.
“There are quite a few ways to reach Ambattur,” says Sandeep. “You can use the Avadi-Ambattur road, the 100 ft flyover (NH 205), or the Poonamallee flyover to reach it without getting caught in traffic.”
According to a report by real estate website www.indiaproperties.com, despite coming under the purview of the Chennai Corporation, ‘Ambattur lacks development in terms of civic issues like drainage and waste management’. The report also points out that the famous lakes here — Ambattur Eri, Chithu Oragadam Lake, and Puzhal reservoir — suffer from pollution because of improper garbage disposal.
PORUR
Advantage :
Development
caused by IT parks
Drawback :
Traffic
Porur’s connectivity works in its favour. Close to the Chennai-Bengaluru highway, the locality is also connected to Koyambedu and Tambaram through the Chennai Bypass Road and GST Road, respectively. Arcot Road connects it to the central parts of the city. At a distance of only 10 km from the airport, it is as close to the city as you can get, without digging deep into your wallet.
VGN Developers has just completed work on Phase 1 of Krona, its project spread across 12.44 acres. With a total of 492 units (88 units in Phase 2), Krona has both two bedroom and three bedroom apartments that are being sold at Rs. 4,300 per sq ft. Vijay Ambalavanan, GM-Marketing, admits that the project mainly targets residents of Porur.
“For those who work in IT parks in Porur, it is a great option,” he says, and agrees that traffic congestion is a deterrent for those who work elsewhere.
A report by real estate consultancy Jones Lang LaSalle predicts that Phase 1 of the proposed monorail project along the St. Thomas Mount-Poonamallee Road will help ease some of the congestion.
ORAGADAM
Advantage :
Industrial development
Drawback :
Lack of support
infrastructure and excessive
supply of projects
Oragadam was promoted as a dream destination a few years ago; one that would bring rich dividends for your investment in a short time. To put it simply, it hasn’t quite turned out that way. As Nandakumar explains, “There is too much supply. Small projects, especially, are not viable here at all. Townships may prove to be more cost-effective for developers.” The future is not all that bleak though, despite recent setbacks.
Danfoss India, a company whose focus is on climate and energy-efficient solutions, is one of several MNCs with a factory in Oragadam. The factory, built at a price of Rs. 500 crore, is sprawled across 50 acres and employs 1,200 people.
Ravichandran Purushothaman, president, Danfoss India, calls Oragadam ‘the new Chennai’, but believes it needs work to make it more appealing. “A lot needs to be done to build the ecosystem necessary to reduce the need for transportation. Development of hospitals and malls is also yet to take shape,” he says.
Jones Lang LaSalle’s report says that prices have become static due to the large supply of units and the limited infrastructure. However, with the government presently working on road widening and grade separators, the situation could change. As Nandakumar puts it, “With better planning and more integrated development, the locality will thrive.”
