With a view to ease out the congesting city, the Chennai Metropolitan Development Authority (CMDA) has come up with an idea of developing satellite towns around the city, in its draft for second Master Plan. Nevertheless, Chennai real estate market is eagerly looking to these initiatives.
These satellite towns around Outer Ring Road (ORR), Old Mahabalipuram and Poonamalli High Road, would comprise of residential, commercial and industrial real estate. And keeping in mind the availability of vast tracts of unutilized land in these towns, there is a tremendous room for construction of new projects.
This will also help in meeting future needs of housing, commercial, and industrial real estate in Chennai and also result in the development of road and rail transport.
“Establishment of satellite towns always helps decongesting a city’s property markets. But, the intensity of investor and buyer interest depends upon the state of infrastructure like roads, water, electricity etc. in those particular areas,” said a Chennai based property dealer.
The Tamil Nadu Housing Board (TNHB), at the other end, clarifies that the upcoming satellite towns would be self-dependent and schools, healthcare centres, parks and shopping complexes will be constructed all around with erection of basic infrastructure like roads, electricity, and drinking water.
“The developmental projects at these satellite townships would cost about Rs 500 crore, and cover some 1,500 acre of land,” sources from the TNHB told MagicBricks.com, India’s leading real estate portal.
Meanwhile, the real estate developers are all the way positive about these townships and feel that this is where the real potential for growth exists. Property brokers in Chennai also feel that new developments will revive investor interest in the city and the buying activities will catch up owing to the low price levels these townships would offer.
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