There are a real estate few pockets in the city of Chennai which have caught the attention of home buyers. Home seekers are shying away from established localities as they are quite expensive.
The well-known markets here are located in the southern and central regions of the city. You would have to be bringing in quite a bit of money to even think about purchasing a property there. Besides these markets are mostly saturated and you would be hard pressed to find properties here in the first place.
There are newer corridors of growth coming up in Chennai. The northern micro markets and the localities which are situated along the Grand Southern Trunk Road have been realty hot spots. This is because the areas in both these regions possess affordable properties. There are large parcels of land available here which indicates that there is a good future for these regions as far as real estate is concerned.
The northern reaches of the city have come into the realty limelight only recently. Previously it was a hub for lower income groups. The folks who live there have been living there for generations. People who did not have their ancestral roots generally did not want to buy homes there.
Most people found the infrastructure here lacking. But all this has changed in the last few years. The social and civic infrastructure here have been catching up to the other parts of the city.
One of the micro markets here which is getting a lot of traction is Kolathur. It lies in close proximity to areas such as Villivakkam, Perambur, and Anna Nagar. It also lies in close proximity to the GST Road making connectivity here seamless. Flats for sale in Kolathur are selling like hot cakes. The pricing for flats for sale in Kolathur stood at INR 5200 per square feet on average in first quarter of 2015.
Individual homes here are priced at INR 4700 per square feet on average during the same time period. The social infrastructure there is slowly improving. The affordable rates combined with the rather generous availability of properties here has made this area a hit amongst the property seekers in the city. When the metro rail becomes functional in the northern part of the city, this locality will surely benefit from it.
The GST Road stretch is another hub for affordable properties. It is considered to be the manufacturing hub of the city. New realty hot spots here are popping up on a daily basis. One of the more established localities here is Tambaram.
Properties such as flats and plots in Tambaram are quite in demand from property seekers. It is a well-connected suburb. It lies in close proximity to the Old Mahabalipuram Road and hence is popular among those who work there. Some of the areas which are close to this micro market are Chromepet, Pallavaram, Vandalur, and Medavakkam. Plots in Tambaram are reasonably priced. So if you are looking to invest in Chennai realty then head to these regions.
No comments:
Post a Comment