Elevated Expressway to improve Chennai suburban real estate

Dec 21,2017 / By Priyanka / No Comment

Areas in and around south Chennai lack infrastructural facilities and faster connectivity from the main city. Now, the municipal authorities are looking after the issue and will soon come up with an elevated expressway that would connect the Chennai international airport and Tambaram with the southern town of Chengalpattu.

Chengalpattu Airport Elevated Road

Chennai Metropolitan Development Authority (CMDA) planned this 40-km elevated corridor which will link the city airport with Chengalpet over the Grand Southern Trunk Road. The elevated road will be built at an estimated cost of Rs 2,400 crore, the corridor would have a toll plaza each at the entry and the exit points.

While the stretch of the GST Road between Meenambakkam and the outskirts of Tambaram is maintained by the state highways department, the remaining part comes under the National Highway Authority Of India (NHAI).

The highway would act as a gateway to the south of Tamil Nadu. A similar corridor is being planned by NHAI to connect Tambaram with the area, the airport elevated road is projected to be opened to the public by 2019 as the bids have already been allotted for the development.

Chengalpattu-Tambaram Elevated Road

The National Highway Authority Of India (NHAI) is planning to construct a 30-km, four-lane elevated road between Tambaram and Chengalpattu to ease the National Highway-45. The construction work would initiate in 2020, after the tender period for developing four-lane road between the airport and Chengalpattu will be over.

Presently, the corridor is planned till Chengalpattu which will be stretched to Tindivanam. Once the elevated corridor is functioning, motorists could move effortlessly from Tambaram to Chengalpattu without the interruption of traffic in Perungulathur and Guduvancherry.

The present connectivity through NH-45 opens at 20 locations which cause everyday traffic congestion. Also, there are nine sub-urban railway stations along the road resulting in pedestrians crossing the highway. The average journey speed of this corridor is 24 kmph, which is far below the standard of a national highway.

How is this elevated expressway going to impact the property market?

The elevated expressways will smoothen connectivity to the affordable hubs in southern suburbs of Chennai. Tambaram which is located on the GST Road serves as a midway to the IT and special economic zone (SEZ) corridors.

With a developed job market and effective road connectivity, Tambaram is seen as one of the preferred locations to purchase a home in Chennai. Situated along the Trichy-Chennai Highway, Tambaram is sub-divided into East Tambaram and West Tambaram. The locality attracts a lot or real estate investors or home buyers because of the close proximity to commercial industries.

Most of the projects in West Tambaram are ready to move and offers investment opportunities where the properties are offered at Rs 3,000 per sqft. Projects in East Tambaram offers properties at Rs 4,000 per sqft onwards. The new connectivity would comfort the travel to the further south and would make it a better option for those homebuyers who seek to visit their home in the suburban area.

Chengalpattu will also be benefitted because of the new development. With non-stop connectivity to the airport and rent for commercial properties might see an upward trend. Many big shot companies like BMW, Ford, Tech Mahindra, Wipro have established their production plants in the vicinity.

Once the new infrastructure is active, the affordability of the area might lure people staying in more luxurious and less developed areas such as Guduvancherry and Perungulathur. The average price of an apartment in Chengalpattu is Rs 3,700 per sqft. Other nearby localities such JCK Nagar, Abakkam, Paranur, Singaperumal Koil and Nenmeli offers properties in the same price range.

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How Jewar airport going to impact the NCR real estate market?

Dec 13,2017 / By Priyanka / No Comment

Recently, the Uttar Pradesh government gave its approval for the second airport in Nation region Capital which will be built at Gautam Buddha Nagar’s Jewar in four phases

The state government has estimated that approximately 3,000 hectares of land would be required for the airport development. In the first phase, development work will be carried out across 1,206 hectares which is worth Rs 3,000 crore approximately.

The Jewar airport will be opened to the public in the next five to six years and the total estimated cost of the airport is around Rs 20,000 crore.

The project got a go-ahead from the Centre in June this year and a no-objection certificate (NOC) was issued on October 5 by the Centre for the project.

The state government, this August publicized that they have the plan to link Jewar with a Metro connectivity. The metro line would extend the current Greater Noida Metro Line to the airport site at Jewar which means the Metro link would be stretched further from Pari Chowk.

Will Jewar airport impact NCR real estate?

Like any other main infrastructure projects that benefit real estate markets, the Jewar airport, too, is projected to change the real estate dynamics in Noida and the neighboring areas.

A recent fall in the property market has led to a huge inventory pile-up. But after the airport project got approval, real estate developers have invested around Jewar and expected to have a positive effect on property prices.

Why is the necessity of an airport in Jewar?

Denizens living in other cities of western UP and some cities of Rajasthan have to travel to Delhi if the travelers plan an air travel. An airport in Jewar will be helpful for these people. This airport will not only serve the aviation needs of Delhi but also of cities such as Agra, Bulandshahr, Mathura, and Meerut. The civil aviation ministry expects this airport to give a boost tourism and economic potential of the region.

Flying affordability

Being built as part of the government’s regional connectivity scheme, the planned airport in Jewar is expected to provide travelers reasonable options.

Windfall for landowners

As the state government is intense to develop infrastructure, the land acquisition process will be easy further, resulting in bigger financial benefits for Jewar’s landowners. Around 2,378 acres of land has already been attained to develop the airport. Plans for providing the area with a Metro connectivity are likely to develop the prospects for investors.

The state government earlier has selected the Yamuna Expressway Industrial Development Authority (YEIDA) as the nodal organization to set up the airport.

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Faridabad 2031 Master Plan gets a green signal

Dec 12,2017 / By Priyanka / No Comment

Recently, the Haryana government has approved the Master Plan 2031 for Faridabad, in order to cater to the growing population in the industrial town. The Master Plan is planned for better usage of land policies, and plan new infrastructural development to improve the livability of the town.

At present, Faridabad’s total population is 14 lakh while the development plan drafted has been prepared to cater to a population of 38 lakh. The development plan covers 34,000 hectares of land, out of which over 14,000 is earmarked for residential use with an average density of 271 per hectare.

Here are few features of the approved master plan 2031:

Sanction of high rise societies
The Master Plan 2031 boosts high rise societies in the town as it would permit access to more open spaces for the residents. While main Faridabad city is dominated by industrial development, the newly developed residential areas between Sector 66 to 89 is also called Greater Faridabad. This sub-region is being established as a sustainable city which has tall buildings, wide roads and entertainment zone with enough employment prospects in industrial areas of Sector 66-74.

HUDA to develop residential areas
Haryana Urban Development Authority (HUDA) will develop those residential areas where private developers have not shown any interest. This includes those areas where residential facilities are not adequate. Apart from this, over 638 hectares have been projected for public utility purposes which comprise of a site for sewage disposal in the east Agra Canal.

Systematic development in rural areas
The draft master plan of Faridabad also takes into account the systematic growth of rural areas in line with the urban localities. Because of geographical restrictions in the west and the north Faridabad, the area beyond east of Agra Canal, south and south-west of the Faridabad town is being planned for the improvement of the additional urbanization area for the additional populace as a part of Faridabad Master Plan 2031.

Maintenance of open spaces and greenery
The Master Plan 2031 highlighting on maintaining green spaces and open areas. According to the plan, the minimum breadth of the roads in a residential colony should be at least 12 meters while the parks or open spaces in a residential colony shall be designed in such a manner that it shall meet the minimum standard of 2.5 sq mt per person. The additional area for infrastructure will be provided in the already projected residential sectors to meet the necessity of the residents.

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Walk-to-work concept is gaining momentum in Indian Real Estate

Dec 6,2017 / By Priyanka / No Comment

The concept of new urbanism and walk-to-work is gaining momentum in major cities. The concept of new urbanism inspires developments such as housing, workplace, and shopping in the vicinity of each other, and walkable streets and blocks and reachable public spaces play a vital part in such developments.

According to Colliers Research, about 90 million sq ft of office space under the different stage of construction across India is likely to complete in the next three years, and to be precise IT-ITeS districts of the cities will promote such walk-to-work concepts in Indian cities.

Bengaluru residential developers have already started trying out the concept of walk-to-work with projects near Whitefield and Hebbal. Integrated developments with schools, colleges, malls and public spaces within 500 mts to 1 km range will further counterpart such walk-to-work growths.

Tier 1 developers are concentrating on integrated developments. Some of the most popular samples of the integrated township are Prestige Shantiniketan and Brigade Metropolis in Whitefield, World Trade Center in Yeswanthpur. More developers are going to join the league.

The Magarpatta city in Pune is also one such successful example of a viable development model integrated with the commercial zone, housing developments, institutions, healthcare facilities and entertaining spaces with best in class infrastructure.

At the same time, Transit Oriented Development (TOD) trends should create a balanced land-use blend with residential developments along the transit corridor that help in succeeding controlled developments within the cities.

With a focus on the creation of mixed-use development in the effect zone of transit stations that are within the walking distance of (500-800 m), TOD is possible to lessen the average travel time and expenditures on transportation.

TOD should also include a facility for public spaces, systematized parking and support foot-travelers, bicyclists and non-motorized transport (NMT) users in cities.

Recently, India has observed a notable economic growth, Indian cities are emerging at a rate faster than other cities in the world. According to the Ministry of Urban Development (MoUD), the urban population in the country, which is approximately 377 million, is expected to grow up to 600 million by 2030.

This rapid development coupled with growing residential and commercial developments has led to many critical significances such as road traffic issues, increased pollution, public safety, and flooding. This, in turn, is weakening the livability quotient in the fast urbanizing metro cities.

While India’s collective annual infrastructure investment amounts to 35% of GDP, the government evaluates that it needs USD 1.5 trillion in infrastructure investment in another ten years. Even this huge amount will possibly only help bridge the infrastructure shortfall rather than create room for future infrastructural development.

As per the study was done by Colliers Research, the real estate developers should also focus on mixed-use developments at city fringes or beyond the city limits to house the overflowing population of the urban region to stabilize population explosion in main cities.

This planning method will not just ease the burden of urban infrastructure but also drive affordable housing as it remains as a distant dream owing to the high land cost in overbuilt areas in the city.

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Government directs states to adopt new technologies for constructing affordable homes

Dec 1,2017 / By Priyanka / No Comment

The government has instructed states and Union territories to follow 16 alternate innovative technologies for fast and better building of homes under the affordable housing in partnership (AHP) and in-situ slum rehabilitation (ISSR) schemes.
It also requested to launch the global housing construction technology challenge (GHCTC) to globally identify best technologies which are convenient for bulk housing.

The housing ministry said in a release, “States and shall adopt 16 alternate innovative sustainable, modern, green and disaster resistant technologies that have been recognized.”

Announcing seven strategies to speed up implementation of the Pradhan Mantri Awas Yojna (Urban), the ministry on November 29 asked states and Union territories to implement necessary land reforms to make sure that recipients have a legal land document, and put in place a single-window time-bound clearance system for plan approvals and construction permissions.

It has also requested states to organize a land databank to make sure the availability of land for affordable housing.
The ministry further added “States and Union territories may meet their state’s policies with new 8 PPP models and utilize suitably to promote affordable housing,”

While asking states to provide incentives like transferable development rights (TDR) and additional floor area ratio (FAR) to make the ISSR projects feasible, the ministry also asked the states to offer rental accommodation to the slum dwellers while relocating them in ISSR projects.

It has also instructed states to share their individual roadmap with respect to slum redevelopment projects under ISSR.
To encourage its flagship Credit Linked Subsidy Scheme (CLSS), the government has asked states to aim Anganwadi workers, teachers, state police departments, Paramilitary forces, etc.

The proposals were extracted from a day-long National Workshop on Accelerating Implementation of Urban Missions: Swachh Bharat mission (Urban) and PMAY (Urban) that was conducted here in the month of November.

The government launched its flagship ‘Housing for All by 2022′ scheme on June 25, 2015, which is divided into two schemes namely PMAY (Rural) and PMAY (Urban). It has so far approved 30.81 lakh houses under PMAY (Urban), in which around 15.65 lakh houses have been grounded and are at various phases of construction and about 4.13 lakh houses have been built since the launch of the scheme.

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Category : Buying property

Elevated Expressway to improve Chennai suburban real estate

How Jewar airport going to impact the NCR real estate market?

Faridabad 2031 Master Plan gets a green signal

Walk-to-work concept is gaining momentum in Indian Real Estate

Government directs states to adopt new technologies for constructing affordable homes