The Tamil Nadu Housing Board (TNHB) has clarified that the upcoming satellite towns around Chennai 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 informed.
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.
Chennai Properties around the south-west part of the city are likely to enjoy a northward rally in the next couple of years. The business opportunities created by the modernization of airport would boost the property values in the areas around the facility.
Property investors might also be interested in locking properties around Inner Ring Road, in expectation of earning handsome gains. The road connects the central city localities like Kodambakkam and Mambalam with the airport.
The market observers say that the capital values and rentals have already corrected by about 10-20 per cent in the past 8-12 months and market is apt for investment purposes. As per the reports of MagicBricks reports, the capital value for a residential apartment in Vela Chery hovers between Rs 2,500 and Rs 3,000 per sq. ft, at present. Furthermore, the residential land value of Chennai's IT corridor ranges from 20-100 ground. Places like Anna Nagar in Chennai, which was about Rs. 70 lakhs per ground in 2002, are now quoting Rs. 1.5-3.0 crore per ground.
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