Tuesday, January 29, 2008

GST in chennai is the new destination

Hot property: Property developers are focussing on the area adjoining GST Road as infrastructure is much better and connectivity to the city by road and rail is of good quality.

The population influx towards GST Road is set to touch several lakhs, property developers predict.

The new residential projects follow on the heels of announcements of several Special Economic Zones (SEZs) in the area.

Among the new Special Economic Zones are one proposed for Information Technology companies and one for renewable energy generation equipment.
Despite complaints that infrastructure within the Maraimalai Nagar township, proposed as a satellite city to the metropolis, is not up to the mark, property continues to be bought and sold in and around the area.

Annai Builders, dealing with property in Maraimalai Nagar, had bought 50 acres in the township. Some 560 plots have been sold, representatives of the company said.
Another 560 plots would be coming up in the area. Most of these would be residential, while some land could be put to commercial use, they speculated.

Property development in the area is significantly on the increase. Land prices are currently Rs. 200 per square foot and are set to increase, they add. Information Technology companies are also moving to the locations around GST Road since it possesses excellent connectivity and more affordable housing and office space, builders say.

The new Information Technology Special Economic Zone coming up at Madurantakam, for instance, would bring in at least 30,000 new people, believes P. Suresh, Managing Director, L&T Arun Excello Realty. The Mahindra World City already houses several Information Technology companies including Infosys and Accenture, points out Hari Nagaswaran, Executive Vice Chairman, Hallmark Infrastructure.

They have also launched an integrated township project at Vallanchery with housing units priced upwards of Rs. 55 lakh.
There are about 650 apartments in the first phase and more than half have been booked, Mr. Suresh says.
The integrated township would be offering several facilities, including a Vidya Mandir School that would prioritise admission of residents in the township.
“We were initially unsure what the response to an integrated township would be,” he recalls, adding the response has been very good with people expressing a preference for easy access to all facilities at walking distance.
The township would include hotels, landscaping, a water body and green surroundings, he promises.
There is plenty of room for more players in the area, Mr. Suresh believes. The Special Economic Zones are likely to act as an engine of growth in the area, bringing in more infrastructure and housing projects. The Old Mahabalipuram Road boom is over, says Mr. Nagaswaran confidently.
The region is too crowded and property prices are dropping. A lot of office space in the corridor is vacant, he finds. While government officials believe that the Old Mahabalipuram Road would see a lot of activity once the remaining phases of work are completed, property developers with special interests in the GST Road feel otherwise.
There is an increasing focus on GST Road area as infrastructure is much better and connectivity to the city through road and rail of good quality, he believes. Mr. Suresh echoes the belief. Suburban trains ensure that commuters can reach, say, Parry’s Corner in 50 minutes, while the same journey by road would take up to two hours, he says. This makes the location ideal for those with a spouse who might have to commute into the city, while their place of work is nearby
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