Chennai's ORR is the new lucrative real estate investment ...

Mar 18, 2013, 03:05PM IST

Chennai

As one of the city?s prime locations, the Outer Ring Road (ORR) has sprung up as a lucrative realty option in the past couple of years. Pratheesh Chand, senior marketing head of AGR Developers, one of the first developers to have spotted an opportunity on the ORR says, ?ORR has evolved as a premium residential market with proximity to established commercial hubs on the outskirts of Chennai.?

However, he adds that there is negligible availability of vacant land parcels that may be utilised for any development activity in real estate. ?Thus, in light of limited new supply and increasing demand, the property prices are expected to increase further.?

Nevertheless, the rising real estate prices haven?t deterred buyers from purchasing residential and commercial spaces. ?Chennai is primarily driven by IT/ITes segment, which has been growing consistently. Further, unlike other investor driven property markets, ORR?s residential real estate demand is primarily driven by the enduser segment, which reduces the volatility of the local market,? says Pratheesh.

This area holds a vast potential for robust growth. The development that started along Vandalur and Sriperumbudur has already gone up to North Chennai. We feel that investing in ORR gives value for money to the investors and buyers, says Emmanuel Fernandez, Director of Espana.

Source: Times Property, The Times of India, Chennai

Source: http://content.magicbricks.com/chennais-orr-is-the-new-lucrative-real-estate-investment/

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