Friday, 23 June 2006

Areas in Chennai Which Makes for a Smart Investment!

If you are looking for a property in Chennai, chances are that you would've considered the regular go to localities like Tambaram and the OMR stretch. There is nothing wrong with investing in these localities but more often than not, the easily over-looked localities are the ones where you would get the best deals for the cheapest price.

Cheap necessarily need not mean lesser ROI (Return on Investment). It largely depends on the scope for development in the future and one area of Chennai where the real estate has loads of scope for expansion is North Chennai.

Gone are the days when North Chennai meant bad roads, poor infrastructure and unrefined population! Things have changed for the better and now the outlook about this area is slowly unraveling and property builders are aware of the potential that it creates.

The presence of the Outer Ring Road and the upcoming Metro Rail makes it an interesting proposition! Also under the spotlight is the Ponneri Smart City which has turned a lot more heads than anticipated. The state government too seems to be interested in making the port into a much larger business prospect that it already is. This has led to a number of small scale industries and assembly plants springing up in the locality making way for a lot of job opportunities.

High-rise buildings and gated community are also finding their way into the property map of North Chennai making it easy for prospective buyers to invest their money in the area. Land values are seeing a rise after being stagnant for some time now which is a clear indication about the opportunities that North Chennai offers.

The proposed expansion of the Ennore Port will only further accelerate the process. The 'Chennai Port Trust' is putting everything into upgrading the Chennai Port into a better facility. The increased commercial activity has also forced the state government to come up with a plan to free up the route to the port from the city outskirts. At present, heavy vehicles with trailers are not allowed into the city limits during the day to avoid accidents and help clear congestion on the arterial Ponnamalee High Road. The road runs along the heart of the city from the outskirts and is connected to two National Highways while ending up in the port. The 18 km long stretch is a big hurdle and causes lots of delays for freighters. An elevated highway has been proposed and is under construction. Once complete, the prices of Chennai real estate will shoot up over night!

Thiruvottiyur is a wonderful spot for property investment in North Chennai. A number of industries in the area and the upcoming residential projects surrounded by schools and hospitals make it an obvious choice. Manali, Tondiarpet and Kallathipet are other smart options for investment in North Chennai. Tollgate is another spot, with the bus terminus nearby, that will make it easy for people who work in other localities of Chennai.


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