Infrastructure development and better connectivity will help supply affordable housing in the suburbs, said Sandeep Mehta, president, Tamil Nadu chapter of the Confederation of Real Estate Developers Association of India.
In an interaction after inaugurating an exhibition, ‘Construction, Architecture and Interiors 2013’, he said the suburbs to the south, particularly along Old Mahabalipuram Road, up to Siruseri, – over 25 km from Adyar, continue to be in demand.
Similarly, along GST Road, NH 45, transactions continue to take place, despite the slow market conditions in general.
The critical factor is connectivity. If road and rail links are provided to the suburbs, affordable housing can come up in new areas. For instance, in cities like Bangalore, improved connectivity is opening up areas up to 40-45 km from the city. That is not feasible in Chennai’s peripheries.
Though there is an oversupply in parts of the suburbs, prices continue to run high because of high costs. There has been an all-round increase in land costs, construction material costs and labour costs, Mr. Mehta said.
The exhibition an event for all segments of consumers, said Mr. Mehta. The exhibition is on up to August 18.
With stalls exhibiting a range of products and services, – for the residential sector and individual home needs, the event will benefit both customers and businesses.
On the second day, leading industry representatives will speak about a range of emerging concepts and trends including green buildings, , steel, kitchen and bathroom designing, new materials like uPVC and odourless paints.
Balaji K. Moorthy, president, Madras Cements, a Ramco Group company, the principal sponsor of the event, said it would help consumers understand the range of products and services available in the market. The construction industry is evolving continuously with new technology, products and services, he said.