Old Mahabalipuram Road favours home owners most because of moderate property prices and high rental values. While Tambaram and Medavakkam have low property prices and rental values, Porur and Kolathur make a strong case for renting because of low rental values. Chetpet is the least affordable locality with high property prices and rental values. OMR and Tambaram offer a better lifestyle because of larger residential spaces.
At 6.85 sq. ft per Rs. 1 lakh, Chetpet is the costliest locality while OMR is the cheapest at 28.9 sq. ft per Rs. 1 lakh. These are some of the findings of a new report on Chennai’s real estate market conducted by ArthaYantra.com, an integrated personal financial services company.
Based on average property prices, a professional needs to save for four years to afford the down payment for a house in Medavakkam, Tambaram or OMR, compared to seven years for a house in Ashok Nagar, eight for T. Nagar, 10 for Anna Nagar or Adyar, and 10 years for Chetpet.
Other key findings include Chennai’s rise of 209 per cent in index value from 2007, with Kolathur scoring the highest rise, followed by Chetpet and Ashok Nagar.
The report attempts to provide a quantitative and merit-based answer to the question of buying vs. renting a home, says a press release, and analyses the costs of both options across 13 locations ranging from Adyar and OMR to Anna Nagar, Chetpet, T. Nagar and Tambaram. The research considered three important factors: rental value, property price and gross income.
CHENNAI: To facilitate a smooth ride for thousands of people hitting the IT corridor everyday, the Tamil Nadu government has announced an elevated corridor along the 45km Old Mahabalipuram Road. It would be the country’s longest such corridor, much longer than the Hyderabad airport-city link which is 11.6km.
Chief minister J Jayalalithaa said the government would soon prepare a detailed project report. The announcement comes at a time when the 19km Chennai Port-Maduravoyal elevated corridor, being built by NHAI, is stalled because of the objections raised by the state government.
Jayalalithaa made a slew of announcements in the assembly on road infrastructure development, including on multi-level vehicle parking at Siruseri, rail over- bridges and road widening projects estimated to cost 2,000 crore.
The elevated corridor would be built in two phases, from Taramani to Siruseri and Siruseri to Mammallapuram. “This is to decongest the chaotic traffic emanating from the large number of IT firms, multi-storied buildings and educational institutions along this road. 5 crore will be allocated for the detailed project report,” she said. The IT corridor was initiated by Jayalalithaa during her earlier tenure.
The 45km long stretch starts at Madhya Kailash Temple junction on Sardar Patel Road and ends on East Coast Road, parallel to the Old Mahabalipuram Road. The prestigious TIDEL park is also located on this road.
An useful article in Times of India which we wanted to share
CHENNAI: Share autorickshaws , which once ruled Old Mahabalipuram Road, are now being given a run for their money — by the Metropolitan Transport Corporation.
In an attempt to bring in more passengers, MTC introduced a new route, M19B, on the 14km Sholinganallur-Kelambakkam stretch four months ago. Now, with eight buses, each making 20 trips a day, or one every 10 minutes, many commuters prefer MTC buses. The 6km stretch between Sholinganallur and Siruseri has the most patronage.
“Earlier there was no dedicated bus route on OMR, and people, especially employees of companies along the stretch, were dependent on share autos . Only buses on routes such as 19B from T Nagar to Kelambakkam and 21H from Broadway to Kelambakkam served commuters here,” said an MTC official. The frequency has improved on the new route, he said.
The corporation, he said, simply identified the stretch where the demand is highest and tailored the route to cash in. And the results are showing . “We collect between 9,000 and 11,000 per day per bus,” said Dhanasu, a conductor. Share auto drivers are complaining . “We used to make at least 1,000 a day. Now, after MTC changed its operations, we hardly make 500,” said M Rafeeq, a share auto driver from Sholinganallur. Many preferred buses as drivers did not have to wait for an adequate number of passengers, he said.
MTC now plans to introduce a route from Sholinganallur to Tambaram and modify routes like T21 and T51. Earlier, MTC simply used its ‘clout’ by urging regional transport officials to deny permits to share autos claiming that they were eating into its revenue. And the authorities obliged. “The government stopped giving permits to share autos in 1996 to protect MTC’s revenue,” said a RTO official. MTC is planning anew terminus at Siruseri.
“We are in talks with Sipcot to allot one or two acres of land for the facility. This will streamline buses and increase frequency and may benefit about one lakh people,” said K Purushothaman, regional director of Nasscom, a representative of IT companies.
OMR region is going to get a facelift beyond Siruseri. The state government has sanctioned Rs 260 Crore for widening the road from Siruseri to Poonjeri. Now the road is going to have six lanes. Called as OMR phase -II, it will help to decongest the traffic which has grown on a fast rate beyond Siruseri.
Phase-I of OMR stretches from Madya Kailash to Siruseri. This road has seen rush of traffic growth over a period of time. The IT industries in OMR have been a good driving force for real estate market. But the fact is that OMR phase-I is not fully complete. Still there are some pending works, making life hard for commuters and pedestrians. The government officials have said that the pending works will be completed by September, but it seems that it will take some more time.
Another problem is that during rainy season, the road is stagnated with water and there is no scope for draining the water from the road to avoid traffic congestion. It is better that government finish the phase I completely and then move on to Phase-II of the project.
The 28.6 Km stretch of OMR phase-II from Siruseri to Ponjeri joins the East Coast Road. Project will be under taken by the state high department on the public- private joint venture. This action by the government is going to boost the residential and commercial real estate business beyond the siruseri.
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“Earlier there was no dedicated bus route on OMR, and people, especially employees of companies along the stretch, were dependent on share autos . Only buses on routes such as 19B from T Nagar to Kelambakkam and 21H from Broadway to Kelambakkam served commuters here,” said an MTC official. The frequency has improved on the new route, he said.
