Infrastructure boom in Chennai The collapse KEY TAKEAWAYS
The year 2014 is expected to be good for Chennai infrastructure projects. The second half of the year is expected to witness the successful commissioning of the Outer Ring Road (ORR) Phase I, ie the stretch from Vandalur to Nemilichery. The Outer Ring Road connects the northern and southern suburbs of Chennai. It will be a catalyst for the expansion of the city, and will help the growth of industrial hubs in this region through better connectivity.
This six-lane highway will ease traffic congestion significantly along the western periphery of Chennai city. It will connect GST Road (NH 45) with the Chennai-Bangalore Highway (NH 4) and NH 205.
Re s i d e n t i a l d e v e l o p m e n t in l o c at i o n s l i ke Ku t h a m b a k k a m , Chembarambakkam and Poonamallee in west Chennai has been observed to be gaining traction due to this new infrastructure.
The commissioning of the Chennai
The year 2014 is expected to be good for Chennai infrastructure projects. The second half of the year is expected to witness the successful commissioning of the Outer Ring Road (ORR) Phase I as well as the Chennai Metro Rail Phase-I. ORR is expected to push residential development in locations like Kuthambakkam, Chembarambakkam and Poonamallee in west Chennai
Chennai Metro Rail will significantly benefit locations closer to the metro stations viz Vadapalani, Ashok Nagar and Metro Rail Phase-I is expected to be another milestone in the city’s infrastructure development in the second half of 2014. Trial runs of the Koyambedu and Alandur lines are currently underway. After conducting several trial runs, the route will be opened Alandur.The Metro Rail will give a fillip to the real estate values of the areas in its vicinity. In other words, the housing demand for these areas is likely to witness a near unprecedented surge
The Outer Ring Road which essentially is a six-lane highway is likely to ease traffic congestion significantly along the western periphery of Chennai city. It will connect GST Road (NH 45) with the Chennai–Bangalore Highway (NH 4) and NH 205. This road will also serve as a catalyst for the expansion of the city to the general public in the second half of 2014. A good demand for residential locations closer to the Metro stations is expected. Of the seven Metro stations, locations like Vadapalani, Ashok Nagar and Alandur are expected to benefit the most. The recent collapse of a 12-storey building under construction at Moulivakkam in west Chennai has severely dented the sentiments of homebuyers and their trust in real estate developers. In order to prevent the recurrence of such events, soil testing has been made compulsory for all under-construction projects. The state government has also directed the approving authority to review all planning and building permit applications more diligently. This stringent approval process will affect smaller developers more adversely than larger and more reputed developers. The only silver lining is that homebuyers will prefer to buy from reputed developers with a strong track record. However, it cannot be denied that there would be fewer new launches in the near future due to changes in the approval process.