Proposed Tambaram Eastern Bypass Road emerge as realty hot spot
Chennai- The proposed Tambaram Eastern Bypass Road, which has been in the pipeline for nearly a decade, but with the announcement of a floor space index (FSI) of 2.5, has become a hot cake for developers.
Though the residents of Sadanandapuram and the Tamil Nadu government are in a long term dispute over the project, real estate developers have begun constructing apartments.
An FSI of 2.5 indicates that builders can construct 12 storied buildings, depending on the size of the plot. Construction of renowned schools and apartment complexes are already in progress, hoping that the bypass road becomes a reality. The present rate for plots in the area is around Rs 2,900 per sq ft.
T Chitty Babu, CEO and chairman of Akshaya Pvt Ltd said that developers are excited in any state proposal on building roads because most building development rules are set based on the width of the road.
Tambaram, known as Chennai’s satellite town, is expected to expand since the proposed Tambaram Eastern Bypass Road has attracted several real estate developers. The road will bypass Tambaram and be used by commuters from Velachery, Thiruvanmiyur and Perungalathur to join the NH45.
Tambaram is likely to become another Velachery if facilities like electricity, storm water drains, transport are maintained properly along with growing demand, said Babu.
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Residents request revised plan for Tambaram East bypass project
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