GST Road-The New Development Hub of Chennai
High supply of residential buildings along with low sentiments of the property purchasers in the IT section has deviated the consideration of the builders towards another emerging neighborhood in the town -the Grand Southern Trunk (GST Road). Over the last few decades, Old Mahabalipuram Road have been the pivot of residential activity in the city with most realtors focusing on this stretch. However, the present state of condition is currently ever-changing with the builders attempting to cash-in on the revitalization of the manufacturing segment.In the last quarter, more residential developments are concentrated on the GST Road, particularly Amarprakash builders concentrated much on this segment and developed their townships such as Sun city Kadambathur India real estate, Palm Riviera etc. There has been an increase within the manufacturing and industrial activities within the town,these days those activities has additionally gained positivity which further driven the real estate sector in and around these areas. This explains the sturdy growth on the GST Road that has many areas coming under it like Guindy, Chrompet, Tirusulam, Tambaram and many with a strong industrial base.
Further, the GST Road is directly connected to Sriperumbdur, one amongst the most important hub for manufacturing and industrial companies. The patrons within the area are showing positive impact when compared to the IT section. This more reinforces why growth and it gets shifted towards the GST Road viz-a-viz the Old Mahabalipuram Road (OMR). Enquiries are largely revolving around people who are employed in the blue-collared jobs and small time businesses. People in these companies are earning less income so they look for budget homes that vary between Rs 30–40 lakhs. Whereas projects in this budget limits are offered on the OMR too, but purchasers want to make their purchase nearer to their work stations.
Following this demand, supply of homes has been upbeat on the GST Road. Over the last quarter, the stretch has noted an out sized range of launches and this trend is predicted to continue within coming decades. Localities like Urapakkam, Pallavaram, Guduvanchery, Tambaram, Singaperumal Koil and Chrompet has come with new projects on the stretch. For example, there are around 3 to four new projects in areas of Tambaram and Urappkam that were introduced in early 2014 and are scheduled for possession by 2016–17. Of these projects, the most projects are giving2 and 3BHK homes in multi-storey residences within the budget range of Rs 25–50 lakhs.