Greater Chennai - Urban agglomeration and its impact on Chennaipattinam
For decades Chennai has been growing at an unprecedented rate and most of this growth is not pre-planned. While the city and its residents benefit from the economic expansion, rapid unplanned urbanization takes its toll in the form of traffic congestion, over crowding and acute resource shortages.
Today Chennai (not accounting outlying townships) stretches over non-homogenous metropolitan area of 4400 sq km and has city population of approximately 8 million. According to state officials this is expected to double in the next 20 years. This means the city limits are set to expand yet again, the question is if it can be planned and executed in time to accommodate the increasing demands of urbanization.
In a first organized effort to streamline urban development the State government in 2006 created a satellite city project extending over 30,000 acres of land located between the old Mahabalipuram road and NH 45, south of Vandalur-Kelambakkam road. In 2008 the 20 km IT corridor from Madhya Kailash to Siruseri SPICOT IT Park was completed connecting Chennai city to the largest IT park in Asia. Today Siruseri houses numerous global companies including a humungous TCS campus, Chennai Mathematical institute, ITM business School and several other educational institutions.
Further there are discussions to expand the metropolitan boundary to encompass Gummidipoondi and Uthukottai taluks in the north, Kancheepuram and Uttaramerur taluks in the west and Cheyyar as southern boundary. This will increase the city area to 8800 sq km and provide sufficient real estate to sustain social-economic growth in the region. As part of phase two the IT corridor is expected to further connect Siruseri to Mahabalipuram.
A polycentric urban plan with major satellite cities such as Kancheepuram, Chengalpattu and Chennnai city woven through a suburban fabric through the peripheral regions could allow for development without depleting natural resources and ensure sufficient room for future expansion.
With the current expansions, East Coast Road (ECR) and the surrounding areas have gained considerable prominence in the real estate market. Real estate in this region is set to soar in value as more business and people move to this area. Housing projects are exponentially increasing and present a great opportunity to investors who seek to capitalize on the growing market. Land value is on steady up tick and will continue to see larger gains as the proposed city plans are put in motion.
Chennaipattinam is located in the desirable area and is ideally priced for early investors looking for a sound and solid property that has potential for maximizing returns.
Economics and Expectations - Balancing the act of home buying
Home buying is a complex multi-step process. Most buyers even experienced real-estate handlers are often flummoxed with legalities, paperwork that are needed to complete a transaction. This is not to say that home buying is necessarily cumbersome, with the right approach buying a home can be an exciting journey at the end of which you have your dream home.
Buying a home is as much a personal emotional decision as it is a financial one. For this reason it's important to balance expectations with the underlying economics. Here are some ways in which buyers can plan and execute their way towards becoming home owners.
1. Location Location Location: Picking the right location is first and most critical step in the home buying process. Neighborhoods with great local facilities make it easier for people to move away from urban congestion towards family friendly suburbs. To determine what location works best for you think about your work, lifestyle and amenities available within easy commute distance. But remember proximity to all your needs could also mean higher price. Start with a maximum radius you can commute and narrow from there.
2. Space vs Size - Essentially the price of a home is based on location and its size. Larger homes in grand neighborhoods cost more than smaller homes in the same area. While it's natural to want maximum square footage, think in terms of space rather than size. A well constructed home with open floor plans can be more functional as well as appear spacious compared to a large home with broken layout. Also consider post purchase costs like maintenance, electricity and water needed for upkeep of a home. These recurring costs are often over looked in the home buying process but are equally important in the long run. To choose the right space for you consider your present needs as well as your families in the next 5-10 years. A right size home is that you and your family can live comfortably with a spare space for guests.
3. Price Point - At the end every buying decision hinges on pricing. Especially in the case of a home where people are likely to be investing their life-time of earnings it's paramount to get the best value for the money. First step is to allocate a budget for the home. A good budget is one that gives you flexibility to down pay 10-20% of the total purchase price with resources to secure a bank loan for the rest. Once you have a number in mind, check out local listings to compare the best available rate for a property. Keep in mind that prices vary vastly based on type of property, builder promotions and demand in that area. To a realistic idea of property value talk to local residents and review price charts for the last few years. A good price point is one with room for appreciation over the years while being fair priced for current market conditions.
To ensure you have the best possible experience and uncompromised value in your home choose a trusted builder to work with. At CEEDEEYES we provide individual attention to our clients, understand their specific needs. With our tailored floor plans, customized interior finishes, flexible pricing options we make home buying a joyful occasion. For any enquiries regarding the home buying process and how we can help you find your dream home contact us today!