Online edition of India's National Newspaper
Tuesday, Apr 22, 2008
ePaper | Mobile/PDA Version
Google



Tamil Nadu
Sunday Magazine

News: ePaper | Front Page | National | Tamil Nadu | Andhra Pradesh | Karnataka | Kerala | New Delhi | Other States | International | Opinion | Business | Sport | Miscellaneous | Engagements |
Advts:
Retail Plus | Classifieds | Jobs | Obituary |



Tamil Nadu Printer Friendly Page   Send this Article to a Friend

Overseas remittances fuel real estate boom

C. Jaishankar

Ramnad wakes up from slumber


Realtors look forward to completion of East Coast Road

More takers for eastern parts of Ramanathapuram


Ramanathapuram: It is boom time for realtors in the sleepy town of Ramanathapuram thanks to heavy remittances from foreign countries and the ongoing development works in the district.

In fact, the real estate business has made rapid strides here on the expectation that the town will soon join the mainstream of development with other leading cities immediately after completion of the East Coast Road, which is expected to be fully operational within two years from now.

Having converted available precious land in the town and Bharathi Nagar, a fast developing area, the focus of the realtors is now on the eastern side of Ramanathapuram. However, the west, north and southern parts of the town are still rated underdeveloped because of salty groundwater, congestion and caste conflict, among others.

Much sought-after

The areas from Bharathi Nagar to Vazhuthur are the most sought after areas for realtors and the common man. People, who want to buy a plot, prefer Bharathi Nagar, Ram Nagar, checkpost, housing board areas, Valatharavai, Kuyavankudi and Vazhuthur.

Realtors are of the view that though the eastern side of Ramanathapuram has many positive points such as excellent groundwater sources, proximity to the Collectorate, suitable ground for construction and others, it is the remittances from foreign countries is fuelling the real estate boom.

A section of people, who have gone abroad, particularly Gulf countries, are making a beeline to buy plots in these areas. Moreover, overall development of the State has added to the boom.

Though the rate of land may be inflated in nature, the realtors say the land rate of the above said areas has increased a minimum of three-fold during the last two years. Roadside areas in Bharathi Nagar and Collectorate are being sold at Rs.3 lakh to Rs.4 lakh a cent.

Similarly, a cent of land along the National Highway 47 from the Collectorate to Ram Nagar costs between Rs.1.5 lakh and Rs. 3 lakh.

“The demand for plots in eastern Ramanathapuram areas is huge. Plots are being sold within no time from the time of approval. The Gulf money, ECR works, Sethusamudhram project, bright future for industries in Vazhuthr areas are among the main reason for the boom,” said R. Murugesan of Dharani Enterprises, Bharathi Nagar.

He said that immediately after the completion of ECR work, nearly 35 percent of vehicles plying to Chennai from southern districts such as Tuticorin, Kanyakumari and Tirunelveli might go via Ramanathapuram. If that happens, the town would act as an important intersection and cater to the needs of lorry drivers and others.

Printer friendly page  
Send this article to Friends by E-Mail



Tamil Nadu

News: ePaper | Front Page | National | Tamil Nadu | Andhra Pradesh | Karnataka | Kerala | New Delhi | Other States | International | Opinion | Business | Sport | Miscellaneous | Engagements |
Advts:
Retail Plus | Classifieds | Jobs | Obituary | Updates: Breaking News |




News Update



The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | Publications | eBooks | Images | Home |

Copyright 2008, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu