CHENNAI: The 62-km Outer Ring Road (ORR) project completed last year may soon turn into a new housing and commercial hub as CBRE, a global commercial real estate and investment services firm, has submitted a feasibility report to the Tamil Nadu Urban Infrastructure Financial Services Limited for commercial development of 50m strip along the entire 62-km stretch of the road. We are awaiting government’s nod for the proposal, an official told TNIE.
The Outer Ring Road was developed as part of the recommendations of the first master plan for Chennai Metropolitan Area to reduce traffic congestion. The second master plan identified areas along the road as future growth spots. The plan follows L&T Ramboll’s final report submitted for the road project four years ago and a detailed feasibility report prepared by SOWIL Limited for Tamil Nadu Road Development Company and the Chennai Metropolitan Development Authority in 2004.
The CBRE report suggested large-scale housing, industrial and commercial developments like town planning schemes of Ahmedabad. Official sources said the study was undertaken keeping in mind transit development concepts across key corridors like the ones in Delhi and Ahmedabad and international models like that of Curitiba, capital and largest city in Brazilian state of Paraná, and Portland, largest and most populous city in the US state of Oregon.
The report has recommended developing a racing circuit that can be used by automobile manufactures to host international races and to test their vehicles in India rather than sending them foreign countries. Other recommendations include a mega project for meetings, incentives, conferences and exhibitions (MICE) sector in 30 to 40 acres to cater to the needs of international companies operating in Chennai. The study also suggested developing an entertainment cluster.
CBRE submitted the report after interacting with various stakeholders including Madras Motor Sports, Club, Environmentalist Federation of India (EFI), Tamil Nadu Road Development Company Limited, National Highway Authority of India, State Transport Corporation, Metropolitan Transport Corporation, SIPCOT, Tamil Nadu Horticulture Development Agency (TNHDA), Chennai Goods Transport Association (CGTA), Kamarajar Port, industry bodies and private developers.
International cities as examples
The CBRE report suggested large-scale housing, industrial and commercial developments like town planning schemes of Ahmedabad. Official sources said the study was undertaken keeping in mind transit development concepts across key corridors like the ones in Delhi and Ahmedabad and international models like Curitiba, capital and largest city in Brazilian state of Paraná, and Portland