Thiruvanmiyur is a well developed residential area within Chennai corporation limit. It is located in south Chennai and offers wide range of properties and healthy absorption rate. This is primarily attributed to its connectivity to city centre and the IT corridor OMR. Connectivity and well developed social infrastructure has consistently boosts up residential demand for both purchase and rent. This is well reflected in the average change in property prices in the past months.
D Charles, Sr V.P, Sales Marketing, Green Tree Homes says high paid professionals and businessman prefer to stay in Thiruvanmiyur. This is primarily attributed to available of furnished apartments in a gated community with all modern lifestyle facilities and amenities. Has good number of schools, colleges, hospitals, beach and local shopping complexes. Thus the availability of good social infrastructure facilities, connectivity to IT corridor and city centre makes it one of the preferred residential areas in south Chennai.
The area has mix of small and large scale projects and offers all BHK configurations. It has got maximum demand-supply of traditional unit sizes 2 and 3 BHK. A 2BHK unit sizes ranging from 900 to 1200 sqft are in maximum demand for both outright purchase and rent. An average sale price of a multi-storey apartment ranges between Rs 8,450 to Rs 11,700 per sqft. The area offers excellent demand for properties on lease. A semi-furnished 2BHK apartment commands average rental of Rs 15,000 to Rs 18,000 per month says, K.Chandershekhar, M.D, Rajam Property Management Services Pvt. Ltd. He further ads, growing demand for spacious property with modern lifestyle boosts up 3BHK apartments. A 3BHK apartment in high-end projects command average rental value ranging between Rs 30,000 to Rs 50,000 per month for unit size 1500 to 1800 sqft.
In spite of being one of the most preferred residential developments, the area still offers a lot scope of physical infrastructure development. Charles says, execution of announced road widening projects is expected to maintain the consistent demand for residential and commercial properties in future.