Ponneri: A Smart City You Can Afford Today
G Balachandran, who owns a small business, is looking at areas with potential in and around Chennai. While prime land in the Tamil Nadu capital is either already taken or too expensive to be considered, upcoming regions have opened up real estate as a favourable asset class, all thanks to the pricing. The recent announcement of developing Ponneri along the infrastructural lines of a Smart City means a lot for residential real estate in the region as well as for commerce.
Here's a roundup:
Ponneri falls along the Chennai-Bangalore Industrial Corridor and with an aid of Rs 13, 314 crore that it would receive, the main focus shall be on giving a facelift to the existing infrastructure. North Chennai which lags in terms of the condition of roads, its upkeep and social infrastructure has been a cheaper alternative to a fast paced Southern corridor. While budget is every buyer's concern, livability issues were a deterrent. Overtime, blue collar workforce and those employed in small businesses switched to Ponneri.
Narrow roads, slow growth, an unexplored potential, Ponneri may not have come up in the list of emerging fringe locations had it not been for the game changing announcement of Smart Cities. Local real estate experts say that while Oragadam and Sriperumbudur in South Chennai, further away from main Chennai than Ponneri is from the latter, have quickly climbed up the preference ladder. Just a few years back, these areas were still identified as peripheral locations and were more or less manufacturing hubs. Those looking at it from an investment point of view could opt for plotted developments only. Over the next few years came all the development and the skyline looked different. Till recently, apart from a handful of localities, North Chennai did not have much to boast about. Perambur, Kolathur, Ayanavaram, Madhavaram remain common choice of the north zone. However, compared to Ponneri, they are far more evolved and resultantly, more costly. Hence, opting for Ponneri will be a natural course for many if the social fabric is inviting.
If not fully ready yet, one can say that Ponneri is a work in progress. Plots, villas or even multi-storey apartments are finding their way. Local builders have taken the cue and before land prices jump, they have made sure that they launch at a time when there is price advantage and maximum traction. An online search on Proptiger.com reveals that plots in the size range of 485-2,400 sq ft and apartments in the range of 600-1700 sq ft are popular. The broad price range remains anywhere between Rs 10 lakh to Rs 45 lakh.
Why should you be banking on this area?
- Over the last 40 months, prices have grown by 8.7 per cent as per data with Proptiger.com.
- Apart from the pricing, the natural wealth of Ponneri needs to be explored. Pulicat Lake and Sriharikota may be a blessing for this region as the area has a lot of potential to explore tourism as a forte.
- The SIPCOT and CIDCO industrial hubs provide employment to many. Besides, Japan International Cooperation Agency has picked on Ponneri to be developed as an industrial node. This means the area is set to garner more employment opportunities in near future. In itself, it could be fashioned along the lines of an economic hub.
- While most areas are fraught with water issues, the Araniyar-Korattilayar basin ensures water security in the region.
- The Outer Ring Road (ORR) has opened up trade and realty options in Ponneri as well as other places such as Minjur, Poonamalllee as well as Nazarathpet.
Though the pricing may be attractive, if you are an investor, Ponneri may give you good returns only in the long run. Keep a horizon of five-eight years.