‘Oragadam, city’s next hotspot’

<span class="ng_byline_name">Nidhi Adlakha </span>in conversation with Niranjan Hiranandani, CMD, Hiranandani Communities, on his plans for Chennai

October 14, 2016 01:18 pm | Updated 01:19 pm IST

What is the vision of Hiranandani Communities?

We do not restrict our projects to the residential segment alone, and as part of this new initiative, our focus is on creating residential, commercial, and mix-use townships.

Our townships in Mumbai include Hiranandani Gardens, Powai, Hiranandani Estate, Thane. Our latest project is located at Panvel, with Navi Mumbai, Ahmedabad, and Alibaug on the cards.

Status of your first project in Chennai?

Our project, Hiranandani Parks, is a 400 acre mixed-use, integrated township at Oragadam. The project offers high rise residential towers with a mix of luxury and affordable housing, and plotted land developments as well. It houses an international school, healthcare facilities, retail outlets, and restaurants. 3BHK apartments (1,859 sq.ft.) are priced at Rs. 75 lakh, and plots (1,200-3,000 sq.ft.) are priced at Rs. 22 lakh onwards .

Why Oragadam?

The area is developing at a fast pace and turning into a global automobile and industrial centre.

Over 100+ global conglomerates are located in Oragadam and they offer close to 3 lakh jobs. In addition, there is an estimated FDI of 16 billion USD in the auto hub.

Expected to have over 1 lakh residents over the next three years, we believe Oragadam is on its way to becoming the next real estate hotspot in Chennai’s suburban areas. The development plans of this suburb include the new international airport and an advanced road and railway network.

Upcoming infrastructure projects the area include: Rail connectivity from Avadi to Sriperumbudur, dedicated freight corridor from Chennai to Bengaluru, a six-lane Chennai Peripheral Road from Sriperumbudur to Ennore port, and a 350-acre aerospace and logistics park in Sriperumbudur.

What steps have been taken to mitigate the impact of natural disasters at this project?

We have a proper and well-connected drainage system and this is one of the reasons why the site was not impacted during the floods that hit the city last year.

We have created an efficient network of infrastructure that matches the contours of the surrounding natural landscape.

How will the Real Estate Regulatory Act (RERA) impact the industry?

The introduction of RERA will definitely bring in much needed transparency to the sector. It will bring in numerous benefits for the buyer and do away with fraudulent developers. Despite its many benefits, it will, however, dry up liquidity in the sector.

Buyer profile of Hiranandani Parks?

Over 40-50 per cent of the buyers are residents, and the remaining are investors.

The buyer profile has a mix, with 40-45 per cent buyers from Chennai, and the remaining 50-55 per cent comprises buyers from other States and a few overseas investors too.

How do you foresee the Chennai realty market?

I believe the realty market in the city has great potential for growth.

The knowledge base of the people here is huge, and this is a major factor that will encourage investments.

Today, there is far too much focus on OMR, and I believe this will gradually shift to Oragadam.

The city must develop alternative centres like Bengaluru, and this will strengthen the sector. Our next project will also be in Oragadam.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.