Chennai’s southern suburbs are one of the top 10 emerging investment hotspots across India, according to a report by Jones Lang LaSalle, a global real estate services firm.
The report states that the Tamil Nadu government’s plan to extend the six-lane project from Siruseri to Mahabalipuram will boost the growth on Old Mahabalipuram Road.
The report states that besides suburbs of south Chennai, Noida and Greater Noida — National Capital Region (NCR), Thane — Mumbai Metropolitan Region (MMR), Navi Mumbai — Mumbai Metropolitan Region ( MMR), Whitefield – Bangalore, Viman Nagar and Nagar Road – Pune, Gachibowli – Hyderabad and Rajarhat – Kolkata are the other emerging hotspots for investment.
The report also states that existing physical and social infrastructure along the GST Road, coupled with ongoing and proposed infrastructure projects, are likely to drive up property values in GST Road.
The report says that areas located around the IT corridor like Keelkattalai, Pallikaranai, Medavakkam, Chitlapakkam and Selaiyur are expected to witness rapid capital appreciation in the coming years.
The southern suburb of Chennai covers major corridors along the Grand Southern Trunk (GST) Road, Old Mahabalipuram Road (OMR) and the East Coast Road (ECR). These areas have been witnessing fast development over the recent years. The growth in IT/ITES sector has paved the way for overall development of these precincts as it witnessed development of largescale residential townships from both national and local developers.
OMR is the IT corridor of Chennai, while GST is the special economic zone corridor. These two key roads drive the overall economic activity of the precinct.
There are many IT establishments along the OMR. Although parts of OMR close to Adyar such as Taramani are established IT precincts, new precincts are emerging along the road towards the south in locations such as Sholinganallur and Siruseri, extending up to Kelambakkam and further, the study added.