What Makes Chennai's Sriperumbudur, Oragadam Rank High On An Investor's List?
Within a short period of time, peripheral areas in Chennai have gained a lot of popularity, thanks to the businesses which moved there. Availability of space and low rentals were the prime reasons that resulted into the commercial development of these areas. Subsequently, the demand for residential spaces in these areas also increased.
Two of the prominent localities that can be named as the best example showcasing this growth are Sriperumbudur and Oragadam. Here is all you need to know about these localities.
Both the localities have benefitted because of the influx of migrant workforce that is now looking forward to transport conveniences. As a result of this, companies such as Uber have expanded their presence across the city, including Sriperumbudur and Oragadam. Besides, to cope with high demand for electricity, companies are looking at bettering transmission facilities. It speaks volumes about the kind of housing and office demand that the region is witnessing. The Tamil Nadu Transmission Corporation, also called Tantransco, is looking at installing electricity cables between Sriperumbudur and Taramani at a cost of nearly Rs 300 crore.
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Meanwhile, Dell EMC is looking at strengthening its base in the country by investing in Pune and working on giving a facelift to its existing base at Sriperumbudur. The importance of this manufacturing base is clear as the company claims to have shipped its 10 millionth product from this base. Hence, the location benefit is clear.
The future of the location looks promising. Despite the land acquisition issues in Sriperumbudur, the greenfield airport that is set to come in the future makes the region worth your money. The aviation industry, too, is set for a boost as TIDCO is all set to set up an aerospace park in the region in 260 acres of land.
On the other hand, over three lakh jobs call workforce to live and invest at Oragadam. In the times to come, the Oragadam-Sriperumbudur belt would soon see an automobile hub, bringing in a foreign direct investment of $16 billion.
Industry insiders believe that all the focus on the Old Mahabalipuram Road (OMR) would shift to Oragadam in near future.
Coming soon: upcoming infrastructureThere are several plans in various stages that would change the two localities in future. Some of them include:
To boost livability, the Department of Housing and Urban Development directed local bodies to create a database of unapproved plots before working on their regularisation. As per the survey, 1,400 plotted developments were found to be unauthorised at Sriperumbudur alone. This means the regulations for mandatory space provisions for public amenities would go for a toss. Hence, the administration seeks to correct this flouting before it affects the livability in the area. Once regularised, plotted developments would see more takers.
Category | Sriperumbudur | Oragadam |
Price per sq ft | Rs 2,875 | Rs 3,306 |
Price of 1BHK | Over Rs 25 lakh | Rs 14- 35 lakh |
Price of 2BHK | Rs 17- 35 lakh | Rs 13-70 lakh |
Price of 3BHK | Rs 30- 45 lakh | Rs 25- 95 lakh |
Rentals per month | Rs 5,000- 20,000 | Rs 5,000- 30,000 |