Residential Realty: Connectivity And Proximity To Commercial Hubs Boosts Strong Demand For Rent And Sale
This week we focusses on Noida Expressway, Kharghar in Navi Mumbai, Kelambakkam in Chennai and South Kolkata.
This week Outlook Money in association with Magicbricks bring to you a wide mix of localities for Residential Realty in Noida, Navi Mumbai, Chennai and Kolkata that have witnessed a strong demand for both sale and rent due to impressive connectivity and proximity to commercial hubs and.
This week Residential Realty we focusses on Noida Expressway, Kharghar in Navi Mumbai, Kelambakkam in Chennai and South Kolkata.
Noida Expressway micro-market covers the residential real estate development along the Noida-Greater Noida Expressway. This market starts from Mahamaya flyover in the north and extends all the way up to Sector 150 towards southern tip of the expressway. It encompasses a distance of about 23 km from north to south. There are about 25 residential sectors in this stretch; however, not all of these residential sectors have seen development. Further, some of these sectors form part of the Jaypee Township and its various sub-projects.
Analysis of consumer property search behaviour on Magicbricks shows that some localities in this micro-market are amongst the most sought after residential destinations in Noida.
Apart from residential development, the micro-market also has two large clusters of commercial/IT/ITES development. One cluster is located towards the northern tip of the micro-market while other is located towards the central part. These clusters serve as an important demand-driver for residential segment, both in sale and rental segments.
This micro-market is also home to education institutions. These range from a private university to many top rated K-12 schools which have come-up in over last ten years.
Noida-Greater Noida Expressway is also the main communication axis of the micro-market. It connects it with Sector-18 (Atta Market), which is the main retail hub of Noida. Two major retail malls, DLF Mall of India and Great India Place are also located in vicinity of Sector-18. On the other end, this road connect Noida with Pari Chowk in Greater Noida and also leads towards Yamuna Expressway (which connects it with Agra).
Another important benefit of Noida-Greater Noida Expressway is that it provides direct connectivity with Delhi-Noida-Delhi (DND) Expressway. Residents living along Noida Expressway can directly move to DND Expressway without having to navigate through Noida city. This helps to cut down commuting time. The micro-market has also benefited from the recently inaugurated Aqua Line of Noida Metro.
Kharghar, Navi Mumbai
Kharghar is one of the 14 nodes which constitute the city of Navi Mumbai as per master-planning and development by City and Industrial Development Corporation (CIDCO). For local governance and community services, Kharghar forms part of Panvel Municipal Corporation.
In terms of area, Kharghar is quite large but less than half of it has real estate development. Balance area is hilly/mountainous and consists of forest land. Real estate development in the locality consists of a mix of residential, commercial, retail and industrial development.
As the area around Vashi and along Palm Beach Road started to gradually fill-out, the real estate price in localities in this area also started rising. The average resale price in Kharghar as of end March 2019 was Rs 8,661/ sqft, 15% cheaper than the nearest locality of Belapur.
Till recently, Kharghar was the most sought after locality by consumers searching for property in Navi Mumbai. Today, it is the second most searched property by consumers on Magicbricks searching for residential options. The locality provides a mix of under-construction and ready-to-move properties. And since it is an integrated development, it also has the necessary support facilities like retail, services, schools and medical facilities.
The under-construction Phase-1 of Line-1 of the Navi Mumbai Metro will provide enhanced connectivity to Kharghar. Line-1 is 23.40 kilometre in length and consists of three phases. Of these, Phase-1 is under-construction. This phase is 11.10 kilometre in length and has a total of 11 stations. The phase starts at CBD Belapur and terminates at Pendhar in Taloja. In between, it navigates through the heart of Kharghar micro-market. Of the 11 stations, 7 are located with-in Kharghar, thus providing extensive coverage. And this should also have positive impact on the realty sector.
Kelambakkam is a peripheral locality of Chennai and is situated along the Old Mahabalipuram Road (OMR). It primarily has residential development and going by the prevalent average resale price, it caters to the mid and lower-mid segments. Residential development in the locality can be considered as an extension of the continuous outward expansion of the city along all the major roads radiating out of the city. In case of Kelambakkam, it forms the southern portion of the development which has expanded out along the OMR from southern suburban localities like Adyar and Palavakkam.
One of the major demand drives is the presence of IT/ITES cluster and other commercial enterprises between Kelambakkam and Sholinganallur. For example, the IT/ITES cluster in Siruseri IT Park is located within 7-8 kilometre from this micro-market. Here it is important to note that between Sholinganallur junction in north and Kelambakkam junction in south along OMR (distance of about 14 km), the average resale price falls by more than 25%.
Kelambakkam is well connected to other parts of the city. While OMR forms the main communication axis from south to north, it also has good east-west connectivity. It is an important node along the road which connects Vandalur in west along GST Road (Grand South Trunk Road) with Kovalam in east along the ECR Road (East Coast Road).
The locality also has support activities like schools, retail malls and medical facilities.
South Kolkata is one of the costliest and well developed area of Kolkata. The popularity of the region is supported by a dense network of major roads connecting the locality with the rest of the city, on top of the Kolkata metro and local Railway passing through the locality. The region also boasts excellent social infrastructure that includes the popular South City Mall, along with a number of prominent schools and government hospitals like M R Bangur Hospital. The locality is also a prominent centre for the Bengali Film Industry. Alipore, Ballygunge, Bhawanipur, and Prince Anwar Shah Road are the costliest areas in South Kolkata.