Chennai
Velachery, located in southern Chennai, is one of the most popular and rapidly growing suburban areas in the city. It has emerged as an upscale locality and is witness to huge demand and supply. “Velachery noted a hike of 10-20 per cent in the capital values of apartments during the last two quarters and this trend is expected to continue in future as well,” informs Praveen Kumar of Kumar Enterprises. Strategic location, near Old Mahabalipuram Road (OMR), an IT corridor, is the key for Velachery’s popularity as a realty hub.
Velachery is well-connected through MRTS, bus, rail, metro and other private transport and is accessible from different parts of the city and suburbs. “Convenient location, availability of transports and well developed infrastructure are the other advantages attracting end users and buyers,” says Abhijith Kumar of Utsav Group. Availability of good schools, malls, entertainment hubs in the neighbourhood, along with provision of basic facilities such as drinking water, power make it a favourable residential destination.
The area sees transactions by young IT professionals from neighbourhood areas as well as HNI’s and NRI’s, ensuring a balanced demand in both the affordable and premium housing categories. “Demand for luxury villas and studio apartments is also picking up,” Abhijith Kumar added.
Few of the new projects coming at Velachery are ‘Viena’ by Topographical Pvt Ltd, ‘Vedanshi’ by Shrusti Builders, ‘Arcadiaa’ by Malles Construction, ‘Meadows & PrimRose’ by KGS Group and ‘Utsav’ by Proper Ties. The new segment is witnessing a decent number of transactions, the reason why many developers have launched phase 2 & 3 of their projects.
“The current capital values of apartments here vary from Rs 5,500-Rs 10,500 per sq ft depending upon location and facilities. The rental values too saw an increase of up to 25 per cent during past four months,” informs Kishore Sen, Konnect Constructions. He attributes this to enhanced demand for rental housing and improved office leasing, which has opened numerous employment opportunities in and around the city.
Nidhi Vashisth, MagicBricks.com Bureau
