5 Localities Along Chennai Peripheral Road That Are Good For Investment
Like many infrastructure projects in India, the Chennai Peripheral Road project, announced in 2012 by Tamil Nadu Chief Minister J Jayalalithaa to ease traffic congestion in the state capital, also met its own set of hurdles. A prolonged land acquisition process increased the cost, so the state in 2015 decided to reduce the width of the 162-km long road that would on completion connect Ennore Port with Mahabalipuram.
According to the Japan International Cooperation Agency, the body that will help Tamil Nadu in construction, the project will contribute to “mitigating traffic congestion and promoting regional economic development”.
Meanwhile, real estate along the road is also likely to see a boom. So, if you are looking to invest in a Chennai property for great returns, the Chennai Peripheral Road may help you roll at a faster speed. MakaanIQ lists five localities along the road that might see great price appreciation in future:
If the long list of developers present in the area — the likes of Mahindra Lifespaces and Fortune Abodes — is any indication, the locality is already popular among property seekers. Since Avadi is 23 km from the city centre and the connectivity has so far been provided only by a railway network, the property prices here have not increased much in recent years. So, the Chennai Peripheral Road is seen giving the area a better connectivity and pushing property prices up. The average price of a property for sale in Avadi stood at Rs 3,200-3,250 per square foot (sq ft) in May 2016.
A few years ago, Singaperumal Koil's claim to fame was the Narsimha Temple here. Things have, however, changed in the recent past, with information technology and automobile majors setting up shops in the locality. Physical infrastructure has improved and property prices have seen a rise. While average price of property in Singaperumal Koil stood at Rs 3,800-3,850 per sq ft in May 2016, it is expected to see a significant jump in the near future.
Low property prices in Sriperumbudur, 40 km from the city centre, attracted many companies to come together and turn this locality into a special economic zone. With Chennai Peripheral Road, better connectivity will further boost the property market in the area. The average price of real estate in Sriperumbudur stood at Rs 2,900-2,950 per sq ft in May 2016.
The road from Chennai city centre to Tiruporur, 65 km away, is quite long. But that did not stop major players in the city to develop projects here. Among those who have projects in Tiruporur include Sare Homes, Properties, Nahar Foundations, Anmol Shrusti, Foundations, Divya Sree, Green City Builders, Builders and R S Global. However, better connectivity could prove a boon for real estate here. In May 2016, average property prices in Tiruporur stood at Rs 3,050-3,100 per sq ft.
Situated 42 km northwest of Chennai on the banks of the river Cooum, Tiruvallur is known to be a fairly pleasant place. And, despite the fact that several companies have set up offices here and development around the area has been remarkable, property prices here remain comparatively low. Property prices in Tiruvallur stood at Rs 2,700-2,750 per sq ft in May 2016. The Chennai Peripheral Road project would provide better connectivity to this locality and certainly help it grow better in terms of price appreciation.