Urapakkam has been a long standing candidate for real estate investment in Chennai suburbs. It has disappointed many aspiring real estate investors in the distant past but it has seen moderate growth for the past few years. These factors may change when the focus shifts back to GST road. The OMR region has long been the growth driver with the focus on IT industry. It may soon change with the new development plans that focus on more satellite towns.
Parrys corner had been the hub for chennai for many years and the shift of moffusil bus terminus to Koyambedu has helped the city expand. The introduction of moffusil bus terminus in Vandalur as proposed by the State Government of Tamil Nadu may change the face of Urapakkam. This proposal may take ages to materialize considering the track record of infrastructure projects in India. However, investors are always upbeat on such interesting proposals and the price will move with such a flow of information. It is true that long term growth does not depend on hypes and the market will correct itself when the news fails to materialize. If you are one of the short term investors, you can think about using specific information to bet on a locality. However, it has been proved numerous times that a long term investor in real estate always tends to gain better average returns. So if you are a sensible long term investor, analysis of such infrastructure projects on feasibility may give you an idea of real growth potential of a project. Speaking to market experts in this area, many feel that the political stability might determine the possibility of a new moffusil bus terminus near Vandalur. A time frame of 5 to 10 years for the completion of such a project seems reasonable according to real estate developers.
Looking at the current property developments in this area, many malls are planned around this area which include Gold Souk Grande Mall, Shriram Mall, Estancia mall, etc.
The rental seems to be picking up recently. The cost of rental seems to be around Rs.8 to Rs. 16 per sq. ft. for unfurnished and semi-furnished apartments. This has increased significantly in the last 2 years. The mid range apartments which are available for Rs. 10 per sq. ft. seem to have increased by around 26% in the last two years. The future prospects are now bright for Urapakkam and with more access to ATMs, super markets, Schools and entertainment hot spots, the prices are bound to go northwards. Shri Sankara Vidyalaya, Vidya Mandir, SRM university, Crescent Engineering college and Tagore engineering colleges are already the known spots near this area. Hospitals are available around this area with the inclusion of Arokia Annai and SRM General Hospitals. More healthcare development is necessary to support this area and it will make Urapakkam a shining star in the next few years.