From Factories to Communities: How Chennai’s Plotted Developments are Transforming Real Estate

Chennai’s real estate market is undergoing a significant transformation. Plotted developments are gaining popularity as a preferred choice for modern living. This shift is transforming abandoned industrial sites and joint-family properties into amenity-rich communities.

Redevelopment of Industrial Sites

Suburban areas like Ambattur and Wimco Nagar are witnessing the rise of plotted spaces, with defunct industrial campuses being converted into vibrant residential developments. A 68-acre site in Ambattur and a 19-acre site in Wimco Nagar are examples of such conversions. In addition, large joint-family properties in north and west Chennai are being divided into plots, fostering cohesive communities.

Amenities in Modern Plotted Developments

These plotted developments now offer features typically seen in apartment complexes, including clubhouses, piped gas, and water and sewage connections. Developers say homebuyers now want personalized living spaces combined with community benefits. “There’s been a surge in residential plotted development post-2021,” says Bala Ramajeyam, Managing Director of G Square Realtors Private Limited.

Increasing Demand for Plotted Spaces

Previously, plotted developments were limited to the outskirts. Now, they are closer to the city, with over 100 new projects launched annually. This shift has made them more accessible to salaried professionals, especially in areas like OMR and Mogappair. The segment, once unorganized, is now well-structured, with banks offering 90% loan financing. Government-backed infrastructure projects around the city have also driven demand for plots.

Plots Offer Better Investment Potential

Investors are attracted to plotted developments due to their potential for higher returns. Plots generally appreciate faster than apartments, particularly in well-planned communities. “Chennai’s urban expansion and infrastructure growth have made it a catalyst for the plotted development market,” says Sanjay Chugh, Director at Anarock Chennai.

Premium Amenities and Eco-Friendly Features

New plotted developments now include premium amenities such as underground electrical and internet cabling, rainwater harvesting, and dedicated parks. “It’s the best of both worlds – the freedom to build your dream home with the convenience of apartment-style living,” explains V N Devados, senior member of Credai Chennai and CMD of VGN Homes Private Ltd.

These developments also focus on eco-friendliness. With green spaces and planned layouts, they cater to a growing demand for nature-oriented living spaces. C S Jai Prabhu, Vice President at VGN, highlights that people are increasingly seeking homes that match their aspirations post-Covid.

Growth Driven by Convenience and Structure

Streamlined online approvals and self-certification schemes have supported the growth of the sector. Plotted developments are booming on Chennai’s periphery, driven by a desire for spaces close to nature and modern amenities.