CHENNAI: A 1,000-sq ft apartment in a multi-storey project, which was selling at Rs 35 lakh until September 2011 in Porur is now available for Rs 50 lakh, as per MagicBricks.com Research. The locality has registered almost 40 per cent growth in prices, in the past two years.
As one of the key junctions on the Mount-Poonamallee Road, Porur is known for its IT and industrial centres. Due to its proximity to the DLF IT Park, the area has recorded a surge in the launch of affordable and premium projects.
A number of projects will be ready for possession in the locality, by the end of 2013.
What is driving demand?
Porur is a connecting link to commercial areas such as Guindy and Vadapalani. “It also links areas such as Kundrathur and Poonamallee. Kundrathur is further linked to GST Road and through Mount Poonamallee Road, Sriperumbudur is easily accessible,” says Prasanna Varadhan of Sreenivas Housing Pvt Ltd. Thus, people working in the industrial belt of Sriperumbudur also consider Porur as a potential real estate investment option.
As per MagicBricks.com Research, apartments of 600-1200 sq ft in multi-storey buildings are available within Rs 4,500-5,500 per sq ft. Thus, a 600 sq ft apartment, for instance, is available for Rs 27 lakh. On an average, the budget range in Porur is between Rs 27-65 lakh. However, units with lower and higher values are also available.
From schools to hospitals, banks to shopping centres, Porur has it all. Hence, the area is also sought after for rental accommodation. Currently, a 2BHK apartment is available on a monthly rent of Rs 8,000-12,000 and a 3BHK for Rs 15,000-20,000 per month. “Porur has potential for growth. This, when coupled with the DLF IT Park in the vicinity and well-developed social infrastructure contributes to the development of this area,” says T Chitty Babu, chief executive officer and chairman of Akshaya Homes Pvt Ltd.
As the real estate market of Porur is slated for a leap in the coming years, investment in the current scenario is expected to fetch healthy returns in the long term