Porur in Chennai witnesses demand for residential properties

Chennai

Strategically located in south west suburbs, Porur is a prime residential hub of Chennai. The workforce primarily from the IT companies that have offices around this locality looks for living options in the region. Rough estimates say over a lakh people work in these IT companies. And it is this workforce that is primarily pushing the demand for residential apartments in Porur. The area offers good number of schools, colleges and hospital, making it one of the preferred residential areas in the city.

“Porur acts as an important junction between neighbouring commercial hubs such as Gunndy and Vadapalani. It also acts as a link to other areas such as Kundrathur and Poonamallee. Kundrathur is link to GST Road and Poonamallee on other hand is the corridor to the engineering hub of Sriperumbudur. It is also hosts, Sri Ramachandra University, a medical college. Availability of shopping complexes and upcoming malls also attracts prospective buyers in the area,” said Abhishek Mehta, MD of Urban Tree Pvt. Ltd.

Residential Development

The area is witnessing both small and large scale residential developments. It offers good options in both ready-to-move-in and underconstruction projects. Within the area, builder floors with basic facilities are available in the price range of Rs 3,700-4,200 per sq ft. On the other hand, properties in gated communities command Rs 4,500-5,200 per sq ft of price because of the surrounding amenities.The area witnessed equivalent demand for both builder floors as well as for properties in gated communities. Majority of demand is for 2 and 3 BHK configurations in the size range of 950-1,200 sq ft and 1,250-1,500 sq ft, respectively.

Owing to huge number of working professionals, there is also good demand for properties on lease. Apartments in large projects command premium of 20-25 per cent over builder floors, primarily attributed to monthly maintenance charges and other facilities offered by the developer, added Chandra. The average rental value of 2 BHK apartments are between Rs 15,000-16,000 per month, whereas a similar sized builder floor commands Rs 12,000-Rs 13,000 per month.

Infrastructure Development

The area is well connected to other regions through public road transport. A proposed metro lane is under planning. However, the area has its share of problems. During the peak office hours, the area faces traffic snarls. However, once the under-construction flyover is completed, it is expected to de-congest the ever-increasing traffic significantly. With the proposed infrastructure getting operational, the area is expected to witness further boost in demand leading to a price hike.

Source: Times Property, The Times of India, Chennai