C Shivakumar
Chennai:
As Chennai Metropolitan Development Authority is planning a grid of
roads along Outer Ring Road to develop it as a potential area to
absorb the future growth of the city, real estate developers are
cautious to put in their money in the development projects across the
stretch.
The 62.3 km long outer ring road, which connects NH 45 (GST Road) at
Vandalur, NH 4 (GWT Road) at Nazarathpet, NH 205 (CTH Road) at
Nemilicherry(Thiruninravur), NH 5 (GNT Road) at Nallur and TPP road at
Minjur, has already attracted the eyes of realtors after the first
phase of the 27km stretch was opened by Chief Minister J Jayalalithaa
last week.
N Nandakumar, president of Tamil Nadu chapter of Confederation of Real
Estate Developers' Association of India (CREDAI) told Express that
there could be a spurt in the real estate along the stretch but one
has to look out how holistic the development may be.
“One has to look at how many places the road branches out and gets
into the neighbourhood which could be the driving force behind anybody
to reside. The other issue would be to find out about the basic and
social infrastructure. This requires lot of planning,” he said.
The Outer Ring Road was evolved as part of the recommendations of
first master plan for Chennai Metropolitan Area to relieve the traffic
congestion in the city by connecting the national highway in Chennai
Metropolitan Area. Even, the Second Master Plan has identified areas
along ORR as potential areas to absorb the future growth.
CMDA has already accorded permission for developments along the
Mudichur and Palanthandalam villages. The plan to have grid of roads
along the Outer Ring Road is being taken as a pilot project, a CMDA
source said.
Action has been initiated to work out the grid of roads for the area
adjoining ORR in the stretch between Vandalur and Palanthandalam. CMDA
sources said that the proposed road network suggested for Mudichur and
Palanthandalam has already been approved.
Interestingly, developers warn that the realty price along stretch
should not be speculative as it will affect the lower income and
middle income group. “This will surely appreciate the development
projects,” says Nandakumar.
CMDA sources said that the local bodies in the two villages have been
given the sanction to accord planning permission to the development
projects in Mudichur and Planthandalam villages.
But then developers are not too keen to invest due to volatility in
the realty sector. A city builder said that it is too early to
speculate but then he added the prices in the stretch would appreciate
moderately.
Chennai:
As Chennai Metropolitan Development Authority is planning a grid of
roads along Outer Ring Road to develop it as a potential area to
absorb the future growth of the city, real estate developers are
cautious to put in their money in the development projects across the
stretch.
The 62.3 km long outer ring road, which connects NH 45 (GST Road) at
Vandalur, NH 4 (GWT Road) at Nazarathpet, NH 205 (CTH Road) at
Nemilicherry(Thiruninravur), NH 5 (GNT Road) at Nallur and TPP road at
Minjur, has already attracted the eyes of realtors after the first
phase of the 27km stretch was opened by Chief Minister J Jayalalithaa
last week.
N Nandakumar, president of Tamil Nadu chapter of Confederation of Real
Estate Developers' Association of India (CREDAI) told Express that
there could be a spurt in the real estate along the stretch but one
has to look out how holistic the development may be.
“One has to look at how many places the road branches out and gets
into the neighbourhood which could be the driving force behind anybody
to reside. The other issue would be to find out about the basic and
social infrastructure. This requires lot of planning,” he said.
The Outer Ring Road was evolved as part of the recommendations of
first master plan for Chennai Metropolitan Area to relieve the traffic
congestion in the city by connecting the national highway in Chennai
Metropolitan Area. Even, the Second Master Plan has identified areas
along ORR as potential areas to absorb the future growth.
CMDA has already accorded permission for developments along the
Mudichur and Palanthandalam villages. The plan to have grid of roads
along the Outer Ring Road is being taken as a pilot project, a CMDA
source said.
Action has been initiated to work out the grid of roads for the area
adjoining ORR in the stretch between Vandalur and Palanthandalam. CMDA
sources said that the proposed road network suggested for Mudichur and
Palanthandalam has already been approved.
Interestingly, developers warn that the realty price along stretch
should not be speculative as it will affect the lower income and
middle income group. “This will surely appreciate the development
projects,” says Nandakumar.
CMDA sources said that the local bodies in the two villages have been
given the sanction to accord planning permission to the development
projects in Mudichur and Planthandalam villages.
But then developers are not too keen to invest due to volatility in
the realty sector. A city builder said that it is too early to
speculate but then he added the prices in the stretch would appreciate
moderately.
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