CHENNAI: South Chennai is witnessing a steady growth when it comes to residential real estate market. Many experts believe that it continues to dominate across Chennai as a hub for residential development. A report by Knight Frank India shows that Pallikaranai and Medavakkam are two localities in South Chennai that can be considered as hotspots for residential investment and going forward, can get noticeable appreciation.
So, what is driving the real estate growth in these two localities? The fast developing infrastructure, presence of IT companies in the neighbourhood, good connectivity through Grand Southern Trunk (GST) Road, proximity to Old Mahabalipuram Road (OMR), premium office space, access to social infrastructure, planned development and land availability are few reasons responsible for the growth of the area.
“South Chennai on an average has seen a 20 per cent appreciation in the last one year,” says Vignesh Chander Proprietor, Ekadanth Homes, a property consultant from the city.
Currently, the average capital values of apartments in South Chennai areas vary between Rs 5,500-10,500 per sq ft depending upon the location and facilities, as projected by Magicbricks.com data.
Pallikaranai and Medavakkam have been in high demand for residential space across South Chennai owing to accessibility and connectivity to other major parts of the city. Infrastructure development such as extension of Mass Rapid Transit System (MRTS), enhancement of road connectivity to GST and the proposed monorail project are boosting the realty market of the area.
Apart from this, Pallikaranai and Medavakkam are about 12 km from the Chennai International Airport through the Pallavaram-Thuraipakkam Road. Also, the Chrompet Railway Station is situated about 9 km through the hassle-free Velachery-Tambaram High Road.
“The areas are adjacent to suburbs of Sholinganallur, Madipakkam, Selaiyur, Keelkattalai, Velachery and Tambaram and are in the middle of the developing suburbs like Ponmar, Ottiyambakkam and Sithalapakkam. The high profile educational institutes and hospitals such as St Johns and Global Hospital are also situated in and around the area,” says Shijeesh, a local realtor from Nest Trust Promoters.
So, who is buying? The IT/ITeS and automotive sectors are the driving factors for Chennai’s realty growth. Saurabh Kumar, Owner, Dhand Properties says, “Pallikaranai and Medavakkam are seeing transactions from young IT professionals working in IT and automobile companies in the neighbouring areas. These include mid-income localities and employees relocating to different cities due to jobs. The buyers are also the Non-resident Indians (NRIs), ensuring the balanced demand for large and premium housing units.”