CHENNAI: If you have a budget of Rs 20 lakh to about Rs 1 crore and are looking for a residential property in South Chennai, check out Pallikaranai. With a robust supply of 2 and 3BHK units, there is enough supply of single floors and multi-storey apartments here.
Pallikaranai has many factors in its favour. It is easily accessible to the IT corridors of Velachery, Medavakkam and Sholinganallur. “Currently, the property values in Pallikaranai range between Rs 5,000-6,000 per sq ft for property sizes varying between 500-1,500 sq ft. A 1,000 sq ft apartment is available in Rs 50-60 lakh,” says Shri Raamnath of RTL Promoters. Average rental values range from Rs 5,000-10,000 per month, Raamnath adds.
According to data from MagicBricks.com, Pallikaranai’s supply is in the mid-income segments. Jan-Jul 2013 witnessed a number of property listings in the Rs 20-40 lakh range. AV Murali of Remax Gems says, “There is an abundant supply of 1BHK units, available in the Rs 20-40 lakh range.”
Recording an almost equal supply, the Rs 40-60 lakh range accounted for almost 31 per cent of the supply in this period and the Rs 60-100 lakh range for almost 29 per cent, making these easily available ranges.
Connectivity along the Grand Southern Trunk (GST) Road and the Old Mahabalipuram Road (OMR) to easily available premium office spaces and well-built social infrastructure such as schools, hospitals, shopping and entertainment centers make Pallikaranai liveable.
In line with demand, multi-storey apartments and single floors are available in abundance in the locality. Murali explains, “Buyers also demand single floor units since they offer larger carpet areas as compared to multi-storey apartments, with lower monthly maintenance costs.”