Plots in Chennai have been bursting with advancements & demand. Thank the city’s motley crowd, culture, affordable living style, infrastructure developments & booming job opportunities. Additionally, plot developers in Chennai have banked on several new initiatives & key reforms by the Tamil Nadu government. Directly & in the near future these aspects will significantly hike the prices of the plots in Chennai. Read on to understand these government initiatives & reforms to make a wise investment decision when you plan to buy plots in Chennai.
What are the government’s real estate reforms to consider when planning to buy plots in Chennai?
Implementation of & strict adherence to RERA: For increased transparency between the buyers & sellers in adherence to timelines & due diligence, RERA has been playing a major role. The norm requires land promoters in Chennai to register all their projects & adhere to strict timelines, build buyer confidence, reduce delays, ensure quality is maintained at every phase of construction, and boost demand & prices of plots in Chennai in well-regulated areas.
Government’s land use & housing policies: The TN government has been consistently introducing reforms to promote affordable housing & target lower-income groups. The “Housing for All by 2024” initiative by the government has facilitated the development of affordable housing zones, encouraging plot developers in Chennai to focus on these projects.
Revamp of land aggregation policy: The government has also revamped the land pooling policy, allowing the top land promoters in Chennai to amass plots from several small owners for large-scale residential or commercial projects. These policies help balance the demand-supply of plots in Chennai and increase the land values in localities with these new developments.
Related: How do the population trends impact the prices of plots in Chennai?
Revised zoning regulations: Additionally, zoning regulations are being revised to convert agricultural land into residential and commercial zones, particularly in suburban regions like Oragadam, Sriperumbudur, and Pallavaram. This urban expansion is making these areas more attractive for real estate investment, driving up the rates of plots in Chennai.
Expansion of infrastructure development projects: The most talked about infrastructure projects like the Chennai-Bangalore expressway, Phase 2 of the Chennai Metro, the Chennai Peripheral Ring Road (PRR), & road expansions, are transforming the suburban areas. The improved connectivity from the Chennai Outer Ring Road and the GST Road & OMR are pushing up the demand & prices of plots in Chennai in the developing zones. In localities like Thirumullaivoyal, Thirumazhisai, Perungalathur, & Ponmar, there is an increase in land values of residential & commercial plots.
Expansion of IT corridors: Chennai’s Smart City initiatives focus on streamlining infrastructure, waste management, & traffic systems. Additionally, the growing demand for commercial & office spaces along the highways & state-connecting roads is expected to drive the demand & prices of plots in Chennai. The rise of IT corridors has already deemed OMR and ECR as major Tech hubs in Chennai, pushing up the prices of plots in Chennai.
The state’s proactive & influential real estate policies and rising infrastructure improvements in Chennai have favoured the plot developers in Chennai. These factors not only hike the rates of plots in Chennai but also boost the connectivity between the emerging suburbs & strategic zones.
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