What makes a real estate destination stand out from the competition? There are two prominent aspects, viewed from an investor’s perspective – capital appreciation and scope for rental income. For those looking to stay in their own house, a ‘value for money’ destination makes for an ideal location to buy an under construction home at a low price point. For both segments of real estate buyers, looking to buy in Chennai’s vicinity, there is one location which stands out as a clear winner: Oragadam.
When one considers the Chennai real estate market, it is a stable market with no sudden dips and hike in prices. The real estate buyer here is not given to speculative purchases, is rational and investments are done only after proper evaluation and understanding of different aspects and available options. Oragadam fits in perfectly on both parameters: ideal for smart property buyers as also good real estate investors.
The real estate trend in India in recent years which we find replicated across the nation is that in line with growing industrial development, new real estate hubs come up, offering end users as also investors ideal opportunities. Within the suburban locations in and around Chennai, from this perspective, Oragadam is one location that stands out. Job creation opportunities script the success story of a real estate destination; from this perspective, Oragadam’s importance is underlined by the sobriquet of being South East Asia’s biggest automobile hub. Industrial development here has impacted demand for residential real estate.
Among the various real estate investment ‘hot-spots’ located around Chennai, Oragadam scores high primarily because of the Automobile and related organizations who have set up operations in this region. IT and ITeS is also an important job creator for the region. The ‘job creators’ of Oragadam include Renault Nissan, Moser Baer, Komatsu, Ashok Leyland, Toyota, Apollo Tyres and TVS, which makes it a preferred destination for real estate investment.
Effectively, this creates a dual advantage for those investing in real estate: first, the scope for capital appreciation is high: price movements show a rising trend over the past couple of years. Secondly, there exists excellent scope for rental income. For those looking for an ideal location to invest in real estate in Chennai’s vicinity, Oragadam is promising ‘hot-spot’, where apart from the automobile hub, there are also many government funded development projects coming up. The logic here is that infrastructure-driven growth of real estate in Oragadam mirrors similar growth in locations like Sriperumbudur and OMR.
Another plus point for Oragadam is its excellent connectivity, which is ideal for a growing manufacturing business district. The location is perfect to tap into the economic success story of India’s largest automobile hub. Oragadam also has other positives that make it an ideal location for an investor. Fast morphing into a global automobile and industrial centre in Chennai’s periphery, Oragadam is already being spoken of as being the next real estate hot-spot in Chennai’s suburban areas. Projects here are being conceptualized so as to offer discerning home seekers with plots and villas, as also elegant residential towers with luxurious apartments as also affordable apartments. These residential real estate spaces are set amid landscaped gardens, lush green spaces in an environment-friendly location. It seems all set to follow the trend set by similar industrial hub success stories, which have ushered in an era marked by higher standards of living and global lifestyles.
Centrally located between Grand Southern Trunk Road (National Highway 45) and National Highway 4, Oragadam is proving to be the ‘next big happening location’ in Chennai’s real estate. It is positioned ‘just right’, when one looks at not just commercial, but also as a residential real estate destination. Projects here offer planned communities which offers everything one would look forward to within a township – open green spaces and environment-friendly facilities which are a dramatic difference from the typical Indian urban life-style.Oragadam is one of the fastest-growing suburbs of Chennai, and is evolving into a real estate destination where trade, business and industrial growth is driving an ever-increasing demand for residential real estate.
As India’s premier automobile hub and close to a thriving industrial corridor, Oragadam is fast morphing into the next real estate hot-spot in Chennai’s suburban areas. Given its track record so far as also the potential it offers, when it comes to making a smart decision in terms of real estate, those who spot the potential of Oragadam in present-day will be making the right choice!
Niranjan Hiranandani is Founder & MD, Hiranandani Group. His recent initiative is Hiranandani Communities. He is the Founder and First President (West), National Real Estate Development Council (NAREDCO), which works under the aegis of Ministry of Housing & Urban Poverty Alleviation, Government of India.