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 the then 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 road that would on completion connect Pooncheri near Mamallapuram with Kattupalli in Tiruvallur. The project, to be built at an estimated cost of Rs 12,500 crore (part of this will be funded by the Japan International Cooperation Agency), recently overcame a key hurdle when it received an environmental clearance. Work on the project might start in 2020.
Apart from “mitigating traffic congestion and promoting regional economic development”, the road will also be a boon for Chennai real estate, considering it would be connecting key commercial hubs in the area. If you are looking to invest in a Chennai property for great returns, the Chennai Peripheral Road could prove to be a promising bet.
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. Currently, the average price of a property for sale in Avadi is Rs 3,200-3,250 per square foot (sq ft).
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 currently stands at Rs 3,800-3,850 per sqft, 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 stands at Rs 2,850 per sqft.
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. Average property prices in Tiruporur stands at Rs 3,050-3,100 per sqft.
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 stand at Rs 2,700-2,750 per sqft currently. The Chennai Peripheral Road project would provide better connectivity to this locality and certainly help it grow better in terms of price appreciation.
Price source: PropTiger.com