The IT/ITeS hubs along the Old Mahabalipuram Road (OMR) and Grand Southern Trunk (GST) Road coupled with constantly improving infrastructure have worked well in favour of southern markets of Chennai. This can be gauged by the fact that out of the total 3,907 units launched in Q1 2017, nearly 83 per cent were skewed towards South Chennai, followed by West and North with 11 and 6 per cent supply respectively.
Thus, if you are looking to invest in new properties in Chennai, we present you top three micro-markets based on maximum supply in the first quarter of 2017. Have a look.
From a sleepy suburb to a realty hotspot, the metamorphosis of Siruseri has been nothing short of remarkable. Thanks to the SIPCOT IT Park that resulted in an exponential development of the area. Located about 25km south of the city, it is nestled between Navalur and Kelambakkam.
As per PropUrban research, out of the total 3,907 units launched in Chennai, nearly 605 units were in Siruseri in varied configuration of 1,2, 2.5 and 3BHK. Priced at an average of Rs 3,750 per sq. ft, these units are slated for completion in 2019.
On the social infrastructure front, the area enjoy proximity to several universities including SRM University, Hindustan University, and SSN University. Eminent schools in the vicinity include PSBB Millenium, BVM Global and Velammal Global. The area also has sound healthcare facilities. That’s not all! To further enhance the connectivity quotient of the region, there is also a plan of Phase II of Chennai metro that is most likely to have one of the corridor from Madhavaram to Siruseri (45.77km).
Proximity to several IT/ITeS companies has helped Shollinganallur climb the realty growth ladder. These include Gateway International and Siruseri IT Park, which houses companies such as HCL, TCS, Infosys and Wipro, among others. The micro-market also enjoys seamless connectivity via ECR Link Road and Velachery Main Road that connects Sholinganallur to other parts of the city.
As per our research, Shollinganallur clocked second position on our list of top markets for investment in Chennai. Nearly 550 units entered this market in Q1 2017 in 1,2 and 3 BHK configurations. Priced at an average of Rs 4,800 per sq. ft, these units are expected to be ready for possession by end of 2019.
Located just along the Old Mahabalipuram Road (OMR), Kelambakkam is a rapidly developing market in the city. Being an IT hub itself, it also enjoys proximity to other IT destinations such as Sholinganallur, Pallikaranai, Sirusiri and Medavakkam. As a result, it is highly sought after for rental accommodation from the IT professionals working in and around the area.
As per PropUrban research, nearly 375 units entered Kelambakkam in Q1 2017. Priced at an average of Rs 4,074 per sq. ft, majority of these units are expected to be completed by the end of 2018.