Chennai real estate market driven by end users: S. Ramakrishnan

Chennai real estate market continues to be driven by end users and has shown good progress in terms of sales in the last 3-6 months. With the mega plan to expand the city, it will be one of the most lucrative markets in the years to come. This was the viewpoint of industry stalwart, S. Ramakrishnan of MARG ProperTies when he answered online consumer queries on Gurutalk chat forum of MagicBricks.com.

S. Ramakrishnan, CEO, MARG ProperTies answered over 40 Chennai property-related queries posed by prospective buyers from across the country on April 3. The queries ranged from IT corridors worth investing, home options in a specific budget, infrastructure projects planned in the city, investment potential in stretches like Old Mahabalipuram Road (OMR), Oragadam, East Coast Road (ECR) and Sriperumbudur, among others.

According to Ramakrishnan, the growth in the city is moving towards south; from Adyar and Velachery and now Tidel Park to Shollinganallur. For plot investment, emerging corridors like East Coast Road (ECR) and Sriperumbudur are good to invest.

Addressing user concerns about civic infrastructure along OMR stretch, he pointed out that power and water will always remain a constraint as they are in short supply. However, government is making huge investments as committed in recent Budget to expedite all power plants and put water sewerage connections all through OMR.

According to him, the next big stretch for investment will be Shollinganallur till Tiruporur.

For a buyer looking at investing along IT corridors in the city within a budget of Rs 30 to 40 lakh, Ramakrishnan advised residential projects from Sholinganallur to Kelambakkam.

Commenting on the growth in Sriperumbudur, Ramakrishnan said that presently, Sriperumbudur is one of the best bets with large multi-nationals expanding their foot print there. “With the airport planned there, it will be a good bet in the future. Though, social infrastructure still needs to be improved a lot in the next 3-4 years,” he added.

Speaking about the budget home segment in Chennai, he pointed out that affordable home category has opened up in Chennai in about last one year. “It has huge potential in the years to come with government announcing additional floor space index (FSI) for development of affordable homes,” he said.