From the Hindu
India’s residential real estate market is on a revival mode. With the aim of improving consumer confidence — and achieving the goal of ‘Housing For All by 2022’ — the Government has been making concerted efforts to provide incentives and has announced reforms to encourage the development of housing across the country. A key thrust has been given to the affordable housing segment in the 2017-18 Union Budget. With this segment having the largest end-user catchment, developers across the country are evaluating entering this segment.
With cost being a primary factor for affordable housing, the suburban areas of large cities in towns, where land is available at cheaper rates, are emerging as preferred locations to develop such projects. One such location is Oragadam, located on the outskirts of Chennai.
Being highlighted as the city’s largest industrial belt, and with it emerging as an extension of the main city, the entire Sriperumbudur–Oragadam belt has seen tremendous industrial growth in recent years. With several Fortune 500 companies having a presence here, including leading automobile giants, coupled with good road and rail connectivity, there is an increasing migration of workforce to the area. This growing workforce will have a positive impact on the demand for other real estate segments including housing.
The State government too has recognized the potential of the region and is investing in the further development of the area. With a view to fulfilling its Vision 2023 document which focuses on giving a thrust to infrastructure development, the Tamil Nadu Road Infrastructure Development Corporation (TNRIDC), with funding through the State Highways Department is investing ₹300 crore into the Oragadam Industrial Corridor Road. The project is said to provide a further thrust to industrial activity in the Oragadam-Sriperumbudur cluster and improve connectivity between the Grand Southern Trunk Road and Grand Western Trunk Road.
The area already has a good infrastructure support system with several educational institutes like the Doveton Correy Boys Higher Secondary School, Don Bosco Matriculation Higher Secondary School, Chennai Corporation Higher Secondary School, hospitals like Amrit Hospital, Abhijay Hospital, Stanley Hospital, and several retail establishments such as the Fountain Plaza, Abhirami Mega Mall and the Spectrum Mall.
The micro-market enjoys good connectivity to several key points in the city including the Koyembedu bus stand, the Chennai Central, and Chennai Egmore railway stations, and the Tambaram and Chromepet bus stands lie in the vicinity. Chennai’s international airport is also just an hour away. As the entire region matures and the current infrastructure initiatives in the pipeline get completed, the overall liveability quotient of the city will improve.
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