CHENNAI: Touted as one of the most-developed residential locations in Central Chennai, RA Puram is considered to be the ultimate residential abode in the city if one is looking for a well-connected and up-market yet calm area.
Situated around several developed localities such as Adyar, Alwarpet, Abhiramapuram and Mylapore, RA Puram has carved a niche for itself amongst the elite and top level professionals. “Good connectivity to the IT corridor of OMR has attracted many top notch IT professionals employed in the numerous MNCs along OMR,” says Ram Kumar, CEO, RPC Realty. Further, the locality is preferred for its well-developed social infrastructure. It has several well known schools, hospitals, malls and is in proximity to commercial hubs such as T Nagar, Mount Road and Nungambakkam.
Even though today the locality houses several multi-storey apartment projects, way back in the 1950s and 60s, when residential development in RA Puram began, large and spacious independent houses were the norm. “Today there are several luxury apartment projects in the locality that offer world-class amenities catering to the aspirations of buyers,” says K Srikanth, Vice President, Sales and Marketing, Akshaya Homes.
“However, even though the locality is experiencing high-demand for housing, only a handful of projects are coming up as most of the land has already been utilised over the years,” continues Srikanth. This mismatch between demand and supply probably explains the 12 per cent rise in capital values in the locality during the Apr-Jun 2013 quarter (as per data with MagicBricks.com).
To cater to the ever-increasing demand, redevelopment of independent houses had started in early nineties. Today more and more owners are giving up their houses for redevelopment as apartments. “Prices in the locality have sky-rocketed and hover between Rs 16,000 and 18,000 per sq ft for a new project. A resale property would be available for approximately Rs 10,000 per sq ft,” informs Kumar of RPC Realty.