Find out why Oragadam is one of the most sought realty destination in Chennai |
Posted: March 31, 2015 |
For a a very long time, Chennai has blinking high on the realty radar thanks to the developments documenting on the industrial front. And with the city now expanding its horizons and including various peripheries, the city has carved a niche for itself for becoming an ideal realty destination. But amongst all the other suburbs, one periphery that has caught the attention of many is Oragadam. Evolved from a tiny village into an automobile hub, the vicinity has become a self sufficient micro market. Luring many potential property seekers and home buyers, the area has become a sought after residential catchment area. While various high rise apartments in Chennai are mushrooming, both local and national real estate developers are announcing many multistorey projects in Oragadam. The availability of land in large parcels is fuelling both residential and commercial demand. While developers are purchasing tracts of land to build extraordinary capital ventures, some are also building state of the art Apartments in oragadam. Seamless connectivity too has played a pivotal role in flourishing the locality’s realty sector. Its strategic location and good networking have attracted many to invest here. Oragadam’s proximity to important connectors like National Highway 4 and National Highway 45 are cited to be major drivers. The neighbourhoods nearness to the International Airport and the port has roped in a lot of foreign investment. The existence of many small scale industries and automobile manufacturing units and ware houses too have caught the attention of many investors. Barren plots have now been converted into swanky commercial spaces in Oragadam. The insurgence of many MNCs (Multi National Companies) too have paved way for further realty development. Local reputed property developers are coming up with various residential projects that are offering homes at affordable prices. Keeping in mind the wants and needs of the MIGs (Middle Income Group Individuals), developers are luring working professionals by providing modern day amenities at modest prices. According to current market trends, apartments in Chennai especially in a suburb like Oragadam are cited to hover over a price bracket of Rs 2,600 and Rs 3,400 per square feet. The economical prices have ensured the robust rental market here remains strong. Locals living abroad and second time home buyers are now purchasing various inventories here only to earn a handsome income. Proximity to nearby IT hubs too has pushed the rental demand further. White collared professionals working in the nearby IT hubs are now showing a keen interest in residing closer to their office spaces. So home buyers are investing in proprieties only to let them out on rent later. A home that costs Rs 32 lakhs on an average is capable of generating rental yields anywhere between Rs 10,200 and Rs 15,000 per month. The prices are likely to vary depending if the homes are semi or fully furnished. The developing commercial belt too has pushed property prices to soar. Warehouses and godowns for rents are estimated to hover over an average of Rs 20 per square per month.
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