CHENNAI: A 1,000-sq ft apartment which was available in Valasaravakkam for around Rs 43 lakh in 2011 today commands approximately Rs 62 lakh. Valasaravakkam, a suburb in South Chennai, has recorded a rise of nearly 43 per cent in capital values of residential properties in the past two years, as per Magicbricks.com research. Let’s take a look at the factors which make this locality click.
One of the major drivers for the residential market in Valasaravakkam is the smooth connectivity the location offers via the four arterial roads of the city. These include Arcot Road, Mt Poonamallee High Road, Chennai Bypass Road and Perumal Koil Street. In addition, the location offers seamless connectivity to IT hubs in Guindy. “Proximity to major IT hubs has ensured robust demand from end users, from both purchase and renting perspective,” says AV Murali, managing director, Green Earth Properties Pvt Ltd.
The Chennai Mofussil Bus Terminus (CMBT) is also located at a distance of just around 7 km. Buses ply regularly from here to several southern cities. The Chennai airport is approximately 14 km away and this is an added benefit for the inhabitants of the locality.
Even though property values in Valasaravakkam have been increasing over the past two years or so, the locality still offers capital values lower than neighbouring places. For instance, capital values for an apartment in Valasaravakkam vary from Rs 5,450-6,650 per sq ft while in neighbouring locations such as Vadapalani and Virugambakkam the range goes to Rs 5,600-7,600 per sq ft.
Due to proximity to IT hubs such as DLF IT Park (4 km), Olympia Tech Park (7 km) and Guindy Industrial Estate (8 km), Valasaravakkam has also developed as a preferred rental option, informs Janakiraman Baskaran of Suneethraa Building Promoters.
A 2BHK is available on a monthly rent of Rs 12,000-15,000 while a 3BHK is generally available in Rs 15,000-25,000 depending upon the facilities provided.
The residential development in the area got an impetus post 2011 when the locality was included within the city limits. “The water and sewage issues got gradually resolved after the incorporation of the area with the Chennai Corporation,” adds Jaya Ram of Propshell Business Solutions Pvt Ltd. Apart from civic amenities, social infrastructure has also been improving. Schools such as Chettinadu Foundation, Pon Vidyashram and La Chateline are present in the locality. Presence of shopping centres such as Mega Mart, Spencer’s Daily, More and Nilgiris also add up to the livability quotient of the area.
Majority of the supply in the market is skewed towards 2BHK apartments followed by 3BHK units. Nearly 47 per cent of the supply is for 2BHK units while 3BHKs comprise 30 per cent of the market supply. This indicates that roughly out of every 10 housing units, 5 are 2BHKs.