26 January 2008
Real Estate Trend In Ambattur
Chennai is the unchallenged premier city. It is highly congenial to the flourishment of any trade or business activity. Many real estate developers have invested crores of rupees in realty projects in Chennai to launch multi product projects on ECR, OMR, and Ambattur vicinities. Many rich people have hoarded a vast acres of land in the name of “land banks” or “land reserves”. Because of rise in property values, many companies have started selling their excessive lands to real estate promoters. A 36 ground land in Velachery has been sold out to 57 crores of rupees by one leading manufacturing company of Velachery. Another concern has sold out 4.4 acres of land to 58 crores of rupees in Pallikaranai. Many IT companies are coming there and the reason for the boost in real estate value is the MRTS which started commencing a few months back.
In certain countries, land has no legally recognized owners. For instance, two-thirds of Maxico City’s residents have no proper deeds. In certain countries, getting a deed use to require hundreds of bureaucratic steps divided among scores of government offices and usually take a lot of months. All registration offices in Chennai have been implemented with bio-metric system and hologram as having been introduced in Mumbai and Bangalore. CMDA has implemented e-Governence, an attractive web-site enabling applicants to seek permission, know the status of building plan submitted for approval and reason for delay if any. It is said that it would ensure transparency and cut down on the processing time considerably. While seeing uncertainty prevailing in those countries in getting documentations, aren’t we luckier?
Unlike the scenario a decade ago, Ambattur witnesses rapid development since most of the software firms have set up their base in Ambattur and its surroundings. Real estate developers have to be tuned to workplace dynamics to create buildings for corporates. Companies are measuring their return on real estate investment in terms of the volume of business generated. Unlike in the past, people today are first thinking of where they will live and then where they would want to work. In such a case, business would have to move to locations where talent resides. For real estate developers, it has become imperative to understand thee human resource dynamics and pitch for projects in such locations.
Ambattur is located essentially on the most accessible strategic location with connecting roads fairly benefited from the bounties of most industries due to its excellent resource position and also to its long tradition of those industries such as TI Cycles, Avadi Tank Factory, TVS Group of Companies, and many educational institutions. Many IT industries are blossoming in Ambattur now-a-days. Rs 950/- per sq.ft of flat is being sold to Rs 2500/- today. In certain areas, it costs about Rs 3000/- per sq.ft. Certain promoters look after the maintenance works for one year after the sale of buildings. People working in TVS Lucas, Sundaram Clayton, Brakes India, TI Cycles were only seeking thus far flats for Rs 6 to 7 lakhs of single bed room. Now the trend has changed ; They have become ready to bear Rs 10-12 lakhs double bed room flats. With the boost of IT industries in Ambattur Industrial Estate, people are ready to buy a flat of Rs 30 to 35 lakhs but a condition is they require car parking facility. Township is also coming round in Ambattur with swimming pool, walking / jacking track, tennis court and other amenities.