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The Outer Ring Road Chennai is the major transportation corridor, which is being urbanized by the Chennai Metropolitan Development Authority (CMDA). The major intention behind the Outer Ring Road Chennai is to get away the city from the heavy traffic clogging and congestion. As ORR Chennai will encourage the heavy commercial vehicle to take ORR to reach its desired destination in the northern sub-urban areas, the city will certainly witness less traffic blocking. Apart from it, another major objective behind the development of Outer Ring Road Chennai is to create satellite townships in the suburbs of the city. As ORR Chennai has enormous vacant lands along its stretch, the government has planned to develop the satellite townships at the time to come. The Chennai Outer Ring Road Phase 1 has been opened recently that begins from Vandalur in the south and ends at Nemilichery. The Outer Ring Road Chennai Phase 2 is in the pipeline, which will connect the suburban area Minjur in the northern periphery of the Chennai City. Being a multi-modal transportation corridor, the adjoining areas of the Vandalur to Minjur Outer Ring Road will witness further commercial developments in the future, say the realty experts.
Impact of the Outer Ring Road Chennai on the Real Estate Market
It’s a true fact that the infrastructure developments in the city will decide the growth of the real estate market. The Outer Ring Road Chennai is the recent example of such developments in the city, which is making a huge impact on the development of commercial and the residential realty sector. Further, the real estate builders are eagerly waiting for such developments in the city to make big business. As ORR Chennai has thrown lots of open land along its stretch, the real estate developers have targeted neighboring areas of the Chennai Outer Ring Road for real estate developments. Thus, the year 2014 is turning out to be an outstanding year for the realty developers with the existence of the Outer Ring Road Chennai. The range of residential properties that the home buyers can find near ORR Chennai are gated community residential projects, row houses, independent villas, plotted communities and individual houses.
The ORR Chennai has also grasped the attention of the home seekers, as it offers great advantages to them in terms of investment, connectivity and transportation facilities. With the presence of the Chennai Outer Ring Road, the neighboring areas certainly gets good connectivity advantages to commute to their desired destinations of the city and easy access to the national highways. Eventually, this connectivity factor has made the home buyers to prefer Outer Ring Road Chennai to make the property investment. As the government has planned to create satellite townships and more infrastructure developments, the future capital appreciation of the properties near the Chennai Outer Ring Road will increase further in the following years. Therefore, to get better return on investment in the future, the property buyers are keen to make a property investment near ORR Chennai. When it comes to the transportation facility, the adjoining of Chennai ORR has close proximity to the proposed bus terminus in Vandalur and other major projects are in the grapevine. Another major aspect that has increased the demand of residential properties near ORR Chennai is the reasonable price tag. The price range of the residential plots and dwellings are affordable when compared to the properties located in the prime locations of the metropolis. This price factor will encourage the mid-income groups to buy a property in and around the Outer Ring Road Chennai.
Chennai ORR is yet another milestone of Chennai’s infrastructural developments. This Outer Ring Road is a major transport corridor which is being developed by the Chennai Metropolitan Development Authority (CMDA) to connect the fringes of the Chennai Metropolitan Area. The major intention of developing the Chennai ORR is to decongest the metropolis from the heavy traffic and to create a separate path for the commercial vehicles to reach its desired destinations located in the borders of the northern and western parts of the Chennai City. Further, the Chennai ORR will also throw lots of open land for the development of commercial and residential real estate in the surrounding. Being 62.3 km long, the Chennai ORR stretch connects the major outskirts of the city which includes Vandalur (NH-45), Nazarathpet (NH 4), Nemilicherry (NH 205), Nallur (NH 5) and ends at Minur TPP Road.
Moreover, there are heaps of developments plans in the locality which includes industries, multiplexes, residential townships and more. As ORR Chennai has easy access to the industrial suburbs, it will act as an “auto main street” to connect the areas that have been a production house for the automobile giants such as Ford, Hyundai and Renault Nissan. These major highlights of the Chennai Outer Ring Road have opened the new gate for the real estate industry. On considering the future demand of a property investment in the surroundings, the real estate developers have already begun to construct numerous ranges of apartments in Chennai ORR that comprises of gated community apartments and townships. Besides, the home seekers and property investors consider that the flats for sale in ORR Chennai would be the right choice of property investment.