Due to its geographical location, cutaway from most parts of the country, it may have not got the hype that popular real estate hubs like Delhi and Mumbai have received, but make no mistake, the real estate market of Chennai cannot be ignored. From industrial townships to residential and suburban hotspots, there are plenty of locations for investors to eye in this bustling city.
What is remarkable about the capital of Tamil Nadu is how diverse the localities can get. P Ashok Franswa Bakianathan, Regional Owner, RE/MAX, Chennai, says, “Chennai’s evolution over the past decade as an industrial hub in South India with the emergence of various manufacturing industries has resulted in the development of a dynamic real estate market in the city. It is magnetising numerous investors and general buyers.”
Here are five varied localities one must look at if one is looking to invest in Chennai.
Great Southern Trunk (GST Road): This area is not just an industrial hub of the city but is also rising swiftly as a residential hotspot, grabbing plenty of eyeballs from investors and end users alike. With good connectivity to the airport and the southern part of the city, GST is one of the busiest highways and home to rewarding locations for investments and residential realty. One can buy an apartment here priced anything between Rs 4100 per sq ft and Rs 5050 per sq ft. Due to the presence of corporates and offices, the area is also popular among migrant population for rented accommodation . One can rent an 2bhk apartment here for around Rs 9000 per month.
Old Mahabalipuram Road (OMR): OMR has transpired as the most peaceful and beautiful location of the city for home buyers and investors. The stretch is a sought after place, housing educational institutions, health care centers and entertainment hubs. It is a prime location being in the vicinity of beaches and having an easy access to all parts of the city. Prashant Mirkar, General Manager - Marketing, House of Hiranandani, says, “OMR is lined up with beautiful roads, scenic backwaters and large residential townships that provide a serene living environment.” This location seems to be red-hot as per experts. Rupesh Gupta, Director, JM Housing, says, “The infrastructure is on the boom here, and the area has witnessed development of various residential and commercial projects in the past few years.” Presence of IT companies like CL Technologies,Tata Consultancy Services, Accenture, Wipro and Cognizant, the stretch has grown into a sought after residential hub too. Many known developers like Akshaya Homes, Mantri Developers, Puravankara Group, L&T Constructions and DLF Group have their residential and commercial projects here.While residential apartments in the area are priced between Rs 4100 per sq ft and Rs 5200 per sq ft, one can rent an apartment here for around Rs 12000 a month.
Poonamallee High Road: Rapid industrialization and advent of global manufacturing companies have transitioned Poonamallee from a mere suburb to a buzzing investment hotspot in Chennai. The stretch is witnessing massive growth in terms of infrastructural developments and corporate house. It is in fact one of the few regions in the country which hasn’t seen a low during the depressing years of real estate. The belt has been popular for not just investment, but also renting and buying. Residential apartments here are priced around Rs 4000 per sq ft. One can rent a flat here starting Rs 8000 a month. Rs 3700 per sq feet.
Tambaram: The area has had been steadily growing on the ROI chart for the last three quarters. Prices of residential apartments have risen by 20 per cent in the last one year majorly owing to its strategic location and the good pace of socio-physical infra developments. Tamabaram attracts a lot of expats and is self-sufficient in terms of educational centers, malls, railway station and A-class roads. Due to a combination of potential for development and a rich lifestyle, the locality is very popular with migrants coming to Chennai for work. The belt offers a residential apartment for around Rs 4600 per sq ft. One can rent a 2bhk here for around Rs 10,000 a month.
Porur: There are number of reasons that continue to make Porur quite appealing. With the presence of various IT companies and good connectivity to popular areas like Guindy, Valsaravakkam and Virgumvakkam, it is becoming an end user destination. Mohit Raghav, Managing Director, MMR Group, explains, “The place has easy access to several places in the city. It is also close to the inter-state Chennai-Bangalore highway.” Apartments in the area in the price-band of Rs 4300-5200 per sq ft.
Despite the lack of hype, Chennai has emerged as a vibrant destination for investors with most of the growth happening on corridors with IT hubs. Another growth stimulator for the city is the fact that it is an end-user driven market and thus, does not witness artificial price hikes that plague Delhi and Mumbai off and on. The city is steadily and gradually progressing on both location attractiveness index and ROI charts.
SOURCE: 99ACRES
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