Sunday, July 14, 2024

Real Estate Takes Center Stage as Tiruvallur Comes Under CMDA Limits

As a satellite town of Chennai, Tiruvallur city has been one among the fastest developing real estate markets in Tamil Nadu. However, with Chennai Metropolitan Development Authority (CDMA) recently including several villages of Thiruvallur District in the Chennai Metropolitan Area, the entire district has emerged as a hotspot for investment in plots and buildings.

CMDA is in charge of Chennai’s planned development, offering a blueprint for the city’s planned growth for decades. It provides construction permissions for various zones, including residential, commercial, industrial, institutional, and others. The mission of CMDA is to provide “to improve the quality of life in the Chennai Metropolitan Area by employing management practices that are ecologically sustainable, economically progressive, and technologically creative.”

With the Government of Tamil Nadu issuing an order last year, the jurisdiction of CMDA is all set to expand nearly five times from 1,189 sq. km to 5,904 sq. km. The Third Master Plan of Chennai is set to cover Tiruvallur, along with other satellite cities and growth centres such as Thirumazhisai, Kancheepuram, Chengalpattu, and Minjur. These developments will guide the long-term growth of Tiruvallur and will pave the way for balanced urban development of over 550 villages in the Tiruvallur district.

Plots and buildings in Tiruvallur can get CMDA approval, which in turn will ensure more price growth over time. Given that the clearance process is more rigorous, CMDA plots and properties also become a safer bet.

Tiruvallur and the taluks in the district are also expected to get better integrated commuting options and witness an overall improvement in quality of life. This will help in improving infrastructure such as roads, transportation, water supply, drainage in all added areas. Hence, there is a greater scope for corridor-based development, which is all about the gradual development of urban systems along transport routes which provide linkages between the majo urban hubs for the flow of people and goods. Infrastructure funding and housing loans will also become easier when the area comes under the metropolitan limits.

In this context, the real estate activities of taluks of Tiruvallur such as Ambattur, Gummidipoondi, Ponneri, Uthukkottai, Tiruvallur, Poonamallee, Tiruttani, and Pallipattu have already started booming. As the value of the land and properties here, now well within the CMDA limits, can significantly go up, it can benefit early-bird real estate investors and home buyers.

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