Chennai Real Estate: Suburban Real Estate Leads

By: George Gonigal

Chennai is experiencing frantic developments on the real estate front. While the Central Business District (CBD) witnesses short fall in availability of commercial office space, the city is expanding to the sub-urban and peripheral areas to feed the demand. The continuing interest from IT/ITeS sectors and the corporate resulted in sub urban real estate development to ensure quality space in market.

Sub urban areas of Chennai has registered significant real estate development in past few years viz. completion of TIDEL Park, the old Mahabalipuram Road being designated as the IT corridor and establishment of campuses by the corporate majors such as TCS , Polaris, American Mega Trends, CTS and Xansa.

TIDEL Park is the largest Software Technology Park in India leasing more than 1,30,000 sq. ft of area in Standard Towers, Velacherry, Scientific Atlanta, Intelenet, HCL, FCI Technologies, Revit Systems and Karur Vysys Bank.

Large number of townships and condominium projects will be coming to the sub urban areas to create a new city with all the amenities and facilities for the residents.

Property consultants in Chennai expect that in the coming years most of the people would like to reside in sub urban areas and the demand for residential properties will increase by 30 per cent.

The capital and rental values are moving up and down with these developments and real estate sector has grown by 10-20 per cent in last quarter. This will further increase in coming years with the completion of upcoming railway project, said Kumar Ravi from Kumar enterprise.

New Development

Suburban railway projects have received substantial allocation in the railway budget 2008. For the extension of the Mass Rapid Transit System from Velachery to St. Thomas Mount, Rs. 20 crore have been sanctioned.

Another allocation of Rs.1 crore each has been made for a new line from Chennai to Cuddalore via Mamallapuram and from Atipattu to Puttur.

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