Brimming with residential development. Oragadam - Chennai's south-west corridor

  • Brimming With Residential Development. Oragadam - Chennai's South-West Corridor
    25Mar 2021

    “When it comes to making a smart decision in terms of real estate, those who spot the potential at Oragadam as a future-perfect real estate location will be making the right choice,” says Dr. Niranjan Hiranandani, Managing Director, Hiranandani Group.

    Oragadam is a fast-growing suburb of Chennai, the capital of Tamil Nadu, a state which boasts the second-largest economy in India.

    Oragadam ticks the boxes of location, accessibility, and growth enablers. It has reported around 25 percent growth in the average capital values from Rs 2,800 per sq ft in Oct-Dec 2014 to Rs 3,500 per sq ft in Oct-Dec 2019 (Source: 99acres.com).

    In fact, Oragadam is witnessing massive traction with maximum residential developments so much so that experts feel that this location has much more growth potential than OMR.

    Oragadam has independent houses, villas, duplexes, apartments, and builder floors which cater to people from different sections of society. It’s a satellite township located southwest of Chennai and has a high potential for growth. It is referred to as the country’s fastest-growing business corridor and a hub for IT/ITes and auto/auto-ancillaries. More than 100 global corporates have invested about Rs 1.05 lakh crores in the area. A 200-feet highways connect Oragadam to the capital and other growth corridors in Tamil Nadu.

    All these factors combine to give Oragadam an active employment base of over three lakh professionals and make it a residential hotspot with both luxury and affordable options. Schools, hospitals, restaurants, and places of worship have already been established, creating the social infrastructure which will entrench the suburb as THE place to live, work and play.

    “Being India’s premier automobile and business hub situated close to a thriving industrial corridor, Oragadam is fast morphing into the next real estate hot-spot in Chennai’s suburban areas,” says Dr. Hiranandani. The Peripheral Ring Road expansion and the greenfield airport proposal have attracted more residential projects here. The State Government owns 25,000 acres of land around the suburb which looks promising for future government projects. This has strengthened investor sentiment.

    The location of Hiranandani Parks is an important booster for the residential market in Oragadam. When connectivity combines with community, when aesthetics combine with amenities, it results in a real estate offer that will make you rethink your other investment options.

    PRO TIPS

    To help you make an informed decision about investing in Hiranandani Parks, here are three approaches you can use to make a real estate valuation:

    1. Comparable sales approach, based on recent sales of similar properties. It must include adjustments for differences between characteristics of Hiranandani Parks and those properties for which recent sale prices are available, such as age, location, condition, and size.

    2. Income approach: Estimate the property value by calculating the present value of expected future cash flows or by dividing the net operating income for a property by a capitalization rate (discount rate minus growth rate estimated on factors such as general business conditions, property qualities, management effectiveness, and sale of comparable properties).

    3. Cost approach: This approach estimates the replacement cost of a property. The cost of land and cost of rebuilding at the current construction cost is added to estimate the replacement cost.

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