Ravi Padmanabhan (padmania@gmail.com)
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As city property prices are becoming exorbidant and way beyond the reach of middle income groups affordability. Hence the prices in the suburbs are soaring fast as the city expands in its leaps and bounds.
City properties are overheated,this meant those who cannot afford in the city had to move to the outskirts.
Chennai city is exploding at its seam by expanding through its lenght,breath and in all directions. Growth in East of Chennai is next to impossible (Unless you plan to live on sea) pollution in the North Chennai makes living difficult. South has already extended upto Chingleput which is 20kms from City.
Properties in the outskirts are high to an extent in OMR,Sriperumbudur.With STPI (Software Technology Park Scheme) coming to an end in 2010 lot of IT Majors are moving to SEZ's (Special Economic Zones) for Tax benefits.The GST Road is a fast becoming a new IT Corridor with 3 SEZ's.
SEZ's like Mahindra City near Singaperumal Koil(http://www.mahindraworldcity.com/chennai/ )hosts many companieslike I.T. companies like Infosys,WIPRO,Mindtree,Capgemini,Mastek,IFlex and other MNC's like Shell ,Nissan, BMW, Ford and Colleges like SRM Group of Colleges, Cresent Engineering are very close to Mahendra city.Appolo Hospitals too have opened here.
With close to 300,000 people getting employment in the next few years this would be a safe good option to invest.
Earlier when properties were developing by leaps and bounds during peaks of IT Boom, Chennai was expanding fast from Vellachery and reached beyond. Later on as the car factories and major IT and its Allied industries started to come in at a jet rush, the need for more space and easy access for its employees was the prime need. Hence the reach is now in this stretch.
Happy Investing
Padmanabhan
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