Nearly 72 builders take part in ‘The Hindu Property Plus Living Spaces 2011'
Mohideen Shariff, a resident of T. Nagar, is clear why he is in search of a property on Rajiv Gandhi Salai. “I want to move away from the hustle and bustle of city life. I've heard that the East Coast Road is quite noisy and is very touristy. So I'm opting for a residential area,” he said.
There is an array of options for those considering buying a home, such as Mr. Shariff, at ‘The Hindu Property Plus Living Spaces 2011', which opened at the Chennai Trade Centre here on Friday.
With properties available as far away as Calicut and as near as Kilpauk, nearly 72 builders are participating in the expo, showcasing their projects, which include townships, villas, apartments and plots. A total of 10 banks and financial institutions are also at the expo. B.S. Ravindran, Chief Planner, Chennai Metropolitan Development Authority, inaugurated the expo.
T. Chitty Babu, president, CREDAI-TN, said the expo provides a good choice for home buyers. “Everything is under one roof for customers to choose a home,” he said.
With the city's limits extending till Sholinganallur and IT companies lining the stretch, property along the OMR is most sought after, say developers. Every developer has a unique feature to attract buyers to their property. For instance, the CeeDeeYes Infrastructure Development has strategically chosen land between OMR and GST to build its integrated township. “People are interested in this property because they can beat the traffic whenever they have to travel anywhere. Besides, there are shuttle buses operating from the township to places such as the Siruseri IT Park and the Madhya Kailash signal,” said Harika Narayan, marketing-head.
“Out of 40 acres in our property, only 18 per cent will be used for construction and the rest will be maintained as green spaces” said assistant manager sales C.S. Jaganathan of Phoenix Hodu Developers, which sells villas and apartments along the OMR. SPR & RG Constructions are building a property in Porur with 42 gardens. “The main feature is the sky bridges that connect all 10 blocks, which have gardens lining it,” said Amit Kumar Rit, marketing executive.
Some developers claim that the OMR has reached its saturation point. However, R. Purushothaman, chief manager, Indian Overseas Bank's retail loan processing centre, said: “It will take three to four years for OMR to reach its saturation point. There are a lot of built-up houses and flats still available.” Owing to high rates of interest, developers are offering fully furnished properties as a means of compensation for the high costs, he added.
The expo has an entry fee of Rs.20 and is till on October 3, from 10 a.m. to 8.30 p.m.