1. Satish Chander
Narayanan, associate di-
rector- investments, Cush-
man & Wakefield, says,
"The demand for residen-
tial space around this loca-
tion is quite healthy, driv-
en primarily by the IT hub
centred around Tambaram
and Perungalathur. It
needs to be noted that Ra-
jakilpakkam gets connect-
ed to the OMR as well,
through the Tambaram -
Medavakkam route." He
further adds, "With height-
ened restrictions from the
airport, most of the con-
structions in the region are
restricted to three or four
floors."
Seshasayee says, "The
road connecting Tam-
baram and Velachery is an
important bus route, that
is broad, well laid and can
handle heavy traffic. This
makes it easy to commute
from Rajakilpakkam to dif-
ferent parts of the city.
Also, there are several re-
puted schools, temples,
commercial establish-
ments like banks, super
markets, restaurants and
salons here."
Rajakilpakkam is a
more serene place, located
away from the traffic
though located very close
to GST Road. The ease of
access to educational insti-
tutions and temples has
also worked well for peo-
ple who have considered
this as an important hub to
reside in. Employees
working at MEPZ and the
Shriram Gateway project
and people who have
resided around the Tam-
baram belt for a long time
have shown interest in
owning a plot here.
Joshua says, "It is a
good place to reside in, as
it provides hassle-free en-
vironment with less traffic,
good infrastructure, good
ground water and other
such amenities. People
who want to experience
the city atmosphere with
essential amenities can in-
vest here. However public
transport facilities have
some room for improve-
ment. When more number
of buses are ply by this lo-
cality, it will help many
residents here and also
boost the development
prospects here."
Home-buyers predomi-
nately look at Rajakil-
pakkam for end-use rather
than investment. The of-
fice-going middle class is
the segment interested in
buying property in the
neighbourhood.
Satish says, "The Tamil
Nadu State Highways De-
partment is widening the
road into a six-lane thor-
oughfare. The bypass road
is a significant develop-
ment and helps divert the
traffic on Grand Southern
Trunk Road. Work on
widening the stretch start-
ing from Selaiyur Camp
Road-Rajakilpakkam junc-
tion to Agaramthen is un-
der progress which was
started more than 20
months ago." He futher
says," Underground
drainage work is also an-
other positive factor,
which is being undertaken
by the Tambaram Munici-
pality. In the future, there
could be an Eastern By-
pass road which would link
Rajakilpakkam leading to
Peerkankaranai junction
on GST Road."
Average price for an
apartment would range
from `4,300 per sq ft to
`4,800 per sq ft, depending
on the builder, amenities
and the location.
02 MIXEDBAG
T I M E S P R O P E R T Y
CONNECTIVITY TO GST ROAD AND
GOOD AMENITIES ARE PRIMARY
DRIVERS IN RAJAKILPAKKAM
RAJAKILPAKKAM LIES ALONG THE
WESTERN STRETCH OF THE
VELACHERY - TAMBARAM ROADA TIMES OF INDIA PRESENTATION
SATURDAY, OCTOBER 31, 2015
AREAFOCUS
Thelinkroad
THE ROAD CONNECTING TAMBARAM AND VELACHERY
IS AN IMPORTANT BUS ROUTE THAT IS BROAD, WELL
LAID AND CAN BE ABLE TO HANDLE GOOD TRAFFIC. THIS
MAKES IT EASY TO COMMUTE FROM RAJAKILPAKKAM
TO DIFFERENT PARTS OF THE CITY. ALSO, THERE ARE
SEVERAL REPUTED SCHOOLS, TEMPLES, COMMERCIAL
ESTABLISHMENTS LIKE BANKS, SUPER MARKETS,
RESTAURANTS AND SALONS IN THE NEIGHBOURHOOD
OF RAJAKILPAKKAM
WE HAVE SEEN A
CORRECTION IN THE
SELLING PRICE OF THE
APARTMENTS, BUT YET TO
SEE A SIMILAR
CORRECTION IN ZOOMING
LAND PRICES WHICH HAS
SERIOUSLY INCREASED THE
SELLING PRICES OF THE
APARTMENTS. THIS
CORRECTION THE LAND
PRICES WILL BRING DOWN
THE APARTMENT PRICES
Proximity to the Tambaram - GST road, homes at
affordable budgets, good infrastructure and availability
of good ground water are a few of the aspects of
Rajakilpakkam that are attracting property buyers
“Wehaveseena
correction intheselling
priceof apartments”
THE GST ROAD AND THE SURROUNDING AREAS HOLD A LOT
OF POTENTIAL WHEN IT COMES TO REAL ESTATE, SAYS
MOHAMED ALI, MD, SOUTH INDIA SHELTERS PVT LTD
ADITYA.SHEKHAR
@timesgroup.com
THERE WAS A LOT OF POSI-
TIVE SENTIMENT IN THE
MARKET AFTER RBI'S REPO
RATE CUT. DO YOU SEE ANY
SIGNIFICANT IMPACT ON
THE MARKET?
The repo rate cut from RBI is a
welcome move and could not
have come at a better time. In
turn, the banks have also re-
duced the lending rates for
home loans which provides re-
lief to the home buyers.
Nonetheless, I don't see a very
significant impact on the sales
figures in the near future. The
market is dependent on many
factors and rate cut is one
amongst them which will only
partially help in impacting the
market.
WHAT ARE THE MAJOR
FACTORS DECIDING THE
MARKET TRENDS IN THE
CITY?
The first is the demand-supply
ratio. Of late, the launch of new
projects has been drastically
coming down which narrows
the gap between the demand
and supply that would help re-
duce the inventory and boost
the need for good projects.
This will be one of the major
factor which will decide the fu-
ture market trend.
The second factor is the cre-
ation of new jobs by public, pri-
vate and government sector.
Chennai is blessed with excel-
lent connectivity through air,
sea and road, complimented
by other infrastructure and
also has an excellent knowl-
edge bank as per a recent
study, which would attract
meaningful investments in
software and hardware indus-
tries. This will boost the urbani-
sation of Chennai thereby
helping in changing the market
trend.
The increase in infrastruc-
ture project spend by the gov-
ernment is another factor.
Land price is another factor.
We have seen a correction in
the selling price of the apart-
ments, but yet to see a similar
correction in zooming land
prices which has seriously in-
creased the selling prices of
the apartments. This correction
the land prices will bring down
the apartment prices that
would not doubt be a major
factor in the market trends
THE AGE GROUP OF IN-
VESTORS IN THE CITY HAS
COME DOWN DRASTICALLY,
WHAT DO YOU THINK IS
THE REASON FOR THAT?
The main reason being the
ever growing IT sector and
massive urbanisation has been
a major factor for the younger
People to find jobs in the vari-
ous industry in the city that
gives them the right amount of
financial strength and confi-
dence to own a property of
their own
WHICH AREAS IN THE CITY
ARE GOOD FOR INVESTING
IN TERMS OF RESIDENTIAL
PROPERTY AND WHY?
I would strongly recommend
GST Road and the surrounding
areas, especially the stretch
between Tambaram and Gudu-
vanchery. The explosive infra-
structure development that
CEOSPEAK
this stretch is witnessing is
complimented by a very
healthy demand supply ratio
and a meaningful appreciation
of the investment in a short
span of time.
HOW ARE THE TIER II CITIES
FARING RECENTLY AND
WHAT DEVELOPMENTS DO
YOU SEE IN THE FUTURE?
Tier II cities, especially Trichy
which has one of the best Tier II
Airport in the country connect-
ing the world with Trichy via
Dubai, Singapore and Malaysia
with daily flights. This city has a
high potential of NRI investors
as end users looking for invest-
ment into quality projects.
Trichy being strategically placed
in the center of Tamil Nadu Sur-
rounded by Thanjavur, Pudukot-
tai and other tier III cities will
help the market grow signifi-
cantly in future.
I
n any burgeoning
city, real estate de-
velopment along the
important corridors
precedes the rise of
other areas and the devel-
opment of the adjoining ar-
eas. Similarly, if we take the
case of development pat-
tern in Chennai, the micro-
markets that lay adjoining
the first few kilometres of
the GST Road and the OMR
developed first, following
which areas like Me-
davakkam and Selaiyur saw
some rapid growth. “After
developers began tapping
the potential of such mi-
cro-markets, and prices
here started to appreciate,
suburbs like Rajakil-
pakkam, located deeper in
the infilling areas, started
offering smaller resi-
dential developments at
lower budgets," says G
Seshasayee, chief - busi-
ness development,
Navin's.
Rajakilpakkam is a
fairly well-developed
suburb that lies along
the western stretch of
the Velachery - Tam-
baram Road, closer to
GST Road. By virtue of
this location being well
connected to the GST
Road, progress in this loca-
tion has been very rapid in
the past five years.
The place is well known
for the Dhenupureeswarar
Temple in the neighbour-
hood. The name 'Raja Kil-
pakkam' supposed to have
originated, when the Chola
king seems to have come to
the village to visit the tem-
ple which he saw in his
dream.
"Rajakilpakkam has been
an established neighbour-
hood for the last few years;
it has seen an infrastruc-
tural transformation in the
past decade, which began
with the individual resi-
dential outlets. Now the lo-
cality is well developed in
terms of social and physical
infrastructure and is domi-
nated by apartments," says
Obed Joshua, a resident of
Rajakilpakkam.