What will be the game changers for Chennai with the Chennai Metro (CMRL), smart cities, and the Outer and Inner Ring Roads coming up?
The Metro might take another year to make a difference to the city. Smart cities are still at the inception stage and so are a long way off. So, at present, the Outer Ring Road will be the game changer. Big parcels of land along the stretch are available to promote townships.
What are the major challenges for developers in the city? Regulations are getting tougher by the day. There are unnecessary approvals and NOCs that make us run from pillar to post. We at CREDAI are working towards doing away with this red tape so that approvals can be hastened and money saved for the end user. Clearer and more transparent policies are the need of the hour.
High-rises have become popular, with several 30-storey buildings coming up. What’s your take on this?
Within the city, vertical development is the best answer. High-rises with all amenities have to be constructed as per law in and around the 30 per cent of land proposed for development. The remaining area has to be left open to include greenery, recreational and parking spaces. This will be the trend like any other developed city around the world.
Where would you advise an individual to buy a home in the city?
Today, the prices are stable and projects are happening everywhere. The best investment would be to buy it from a reputed developer. Individual choices, though, have to be worked around one’s place of work, school and other social amenities.
OMR or ECR: Which is your pick and why?
OMR is a dedicated IT hub coupled with social infrastructure that has experienced fast track realty development in recent years. It is best if your purchase is budget-driven. ECR is posh and pricey. But the quality of life is better. So my personal choice is ECR.
