A couple of years back, Oragadam was recognized as an emerging industrial growth locality, where a lot of manufacturers, some from even all over the world, set up their factories. It has since gradually evolved tremendously into an emerging real estate market.
All roads lead to Oragadam
The Factories Existent
Oragadam houses a lot of popular manufacturing outlets pertinent to the Information Technology and automobile companies such as Renault, Nissan, Apollo Tires, Ashok Leyland, Toyota, TVS, and many more. Since a lot of people work in each and every one of these factories, it is only natural that real estate projects come up within the locality itself.
What are the Advantages Associated With This?
Living closer to the company you work for, especially in a locality like Oragadam makes it easier to travel to and from work. And since Oragadam is a locality in Chennai which has expansive spaces, it gives Real Estate Developers the freedom to construct very big properties, so that people have the space to move around, and just relax after a long day’s or a long week’s work.
What can You Expect?
Oragadam is very closely located to the newly proposed Greenfield Airport, so living in Oragadam will be easier for passengers to go to the airport to catch a quick flight. The NH-45, and the NH-4 (National Highway) Chennai-Bangalore highway gives people excellent connectivity to the centre of the city, like Chennai, Kanchipuram and many other districts. As a result of this, Oragadam has proven to be an excellent place to situate Real Estate Projects in.
Real Estate
Over the last eight years, real estate prices have more than doubled and hence, there has been a tremendous demand for real estate units in the locality. Overall, there are more than twenty-thousand residential units, and in 2015, there was a solid sixty-five percent absorption rate. A large increase in the amount of jobs in the locality has increased the demand for residential projects. And, when you can obtain apartments at the price which starts from eighteen lakh rupees, to an upwards of sixty lakh rupees, people who cannot afford to live such magnificent lifestyles in the city, can move out here. It doesn’t mean that people only resort to Oragadam as a second resort. Oragadam is a place that is constantly booming, and improving, and as a result, there would be a tremendous appreciation rate in the coming years. In 2015, there was an appreciation rate of thirty-one percent, which is one of the highest appreciation rates for any locality in Chennai, in recent times.
Additionally, even the companies situated in and around the locality encourage their employees to invest closer to the locality as a result of convenience, and to cut transportation costs. It doesn’t make sense if you’re an employee who is working in the locality, and have to travel all the way to the heart of the city every single day, and repeat the process the next day. The market can be classified into middle and lower income segment, who are the key people who can afford these properties.
A recent blow to the locality has been the closure of the Nokia-Siemens plant, and that has led to a lot of people having to relocate. This has led to a decline in growth, but the change has not been massive, as a lot of new plants are coming up who are setting up their manufacturing units there.
Upcoming Projects for Connectivity
The Avadi-Sriperumbudur railway connectivity, a dedicated freight corridor from Chennai to Bangalore on the NH-4 highway, a six-lane Chennai Outlying Road connecting the Sriperumbudur-Ennore port, the widening of the SH-57 highway (State Highway) to six lanes, a three hundred fifty acre aerospace and logistics park at Sriperumbudur are just a few of the upcoming infrastructure projects in the area.
The connectivity will improve once the work on these projects get completed. There is definitely going to be a rise in the amount of residential projects in the area, due to these two factors of a lot of manufacturing units being set up and an increase in the amount of employees, these connectivity projects have been kickstarted, to cater to these people.
Residential Projects in the Area
Even though there are projects like the Casa Grande Arena, the Arun Excello Temple Greens, one of the most prominent and widely popular projects in the locality is the Hiranandani Parks. In the Hiranandani Parks, you get a chance to buy exclusive plots in Oragadam, which range from sizes of six-hundred to five-thousand square feet. If that is not your forte, then you have a choice of also buying any one of the high rise apartments, (they have three high rise buildings full of them) or exclusive and premium villas, which the Hiranandani Group of Constructions is not usually known for.
What you get along with the purchase of properties in this mega-township is the access to tremendously great amenities, like a nine-hole golf range, full size cricket ground, an amazing squash court, and the access to many other excellent sporting facilities. There are also two themed Chinese and Japanese restaurants which serve excellent food, and has been constructed having two of the most prominent types of expats that are existent in that locality: the Chinese, and Japanese.
We hope you got a good insight into the locality of Oragadam. Do let us know your thoughts in the comments section down below, and stay tuned for more articles!