South Chennai is seeing some of the unprecedented growth in the residential real estate. The suburb has witnessed maximum value appreciation of up to 15 per cent and holds highest number of upcoming residential units. Within the region, Pallikaranai in the southern suburbs is seen as an ideal residential investment option with high appreciation expected in the coming years.
According to Sree Kumar of Kumar Properties, “Chennai is the next upcoming realty destination of the southern India after Bangalore. The expanding IT sector, entry of international retailers, changing banking and finance firms and upcoming service sector are some key attributes propelling the growth of residential rates.” The demand for housing is increasing by each day and is expected that property prices of suburban areas such as Pallikaranai, Perungudi, Kelambakkam, and Medavakkam are going to be double in another 4-5 years.
Pallikaranai has already witnessed a 10-15 per cent rise in residential capital values, while there has been a significant rise of more than 20 per cent in the inquiries generated in the past 4-5 months,” says Raghvendra Kumar of RK Realtors. The main real estate drivers of Pallikaranai includes growing job opportunities, presence of physical infrastructure, connectivity to important locations, access to social infrastructure, planned development, proximity to premium office spaces and land availability, he added.
The under-construction projects planned at Pallakaranai are seeing lot of investors and end-users making investments. The sub city proximity to OMR and GST Road apart from upcoming IT Parks and office complexes are other factors scaling up its potential. The ongoing infrastructure projects such as the metro rail, the monorail corridor and the outer ring road will further enhance its connectivity to the city.
The current capital values of residential apartments vary from Rs 3,200-4,500 per sq ft. Suneethara, Zion Constructions, Mugundhan Projects Private Limited, and Rajkham Builders are few of the active builders of the area. The new segment is evincing more number of transactions and reportedly the properties launched a year back are available in resale along with a premium.
Nidhi Vashisth, MagicBricks.com Bureau