CHENNAI: Porur is emerging as an IT hub in Chennai. A space of 5.3 million square feet is on the cards. Developers are rushing to buy properties in and around the region. Apart from DLF, three new IT parks are likely to come up in the next three to four years. These include RMZ IT park coming up in 1.7 million square feet by 2021, ASV IT park likely to be ready by 2023 and Raheja IT park on 1.1 million square feet by 2020.
As per a study by TVS Emerald, the proposed IT parks are expected to generate 53,000 jobs creating a huge demand for housing. V Ganesh, executive vice-president Emerald Haven realty Limited says that TVS is investing around Rs 380 crore to Rs 400 crore (including land cost) in two land parcels to tap this growing market which he feels is now priced at Rs 4,899 per square feet.
A Shankar, Chief Operating Officer, Strategic Consulting, Jones Lang LaSalle (JLL) says that Porur is definitely an emerging IT hub especially along the Mount Poonamalle Road as this corridor is already dotted with established IT parks such as DLF CyberCity, Jayanth Tech Park, L&T Infotech, etc. “Due to a huge demand and limited supply across Chennai, there has been a lot of interest in this particular corridor for IT Park developments due to its proximity to the airport, city centre and prominent residential catchments. Approximately six million square feet of new IT commercial space is under construction along this corridor,” he says.
The study predicts that demand for homes in Porur will be around 60 per cent. It also predicts that there will be a demand for 6,000 houses by 2019-2020 in the region.Shankar says that commercial growth will transform the region with a huge increase in residential demand and retail outlets. “We are witnessing hotels and restaurants coming up in this micro market which will make this area the best-suited destination for all asset classes,” he says.
Other than Pallavram-Thoraipakam growth, the next level of activity is Mount Poonamallee Road. The construction of flyover in Porur has given a positive outlook and further improvement in road infrastructure will lead to better prospects.
According to Shankar, the average selling price of residential apartments in the region on the Mount Poonamalle Road near IT developments is in the range between Rs 7,500–8,500 square feet, whereas in the other parts of the region, off the main road, is between Rs 4,500-Rs 5,500 square feet. “Owing to the demand it is anticipated that the price appreciation of residential property would be highest among other micro markets of Chennai,” he says.
Key developments
Porur and its areas witnessed huge development and a lot of key developers have been constructing residential projects which include VGN and Appasamy developers, says a senior official from CBRE, a real estate consulting firm. The shortage of land parcels in Guindy has boosted the Porur market.