Chennai
A premium well-developed residential area of Chennai, Adyar serves for those looking for quality living. The locality which has witnessed consistent upswing in property prices in the last one year has now got limited land supply for any new development. The limited supply and developed infrastructure of the locality is constantly pushing the property prices up. The area is well-connected to the airport, railway station and is within a distance of 10-12 km. Proximity with the IT corridor, OMR makes it one of the most preferred residential areas among middle and upper middle class.
“Adyar has been a very premium residential location. We are seeing improvement in product being demanded and accepted in the area. This market has had great transition from HIG blocks to newly renovated classy residential apartment blocks. Most of the individual plot owners do joint venture with local developers taking advantage of FSI in creating a nice stilt plus three floor apartment complex,” said William Mathews, director, TVH, a well-known developer firm.
Its location also adds value to the overall investment. “Its strategic location, cosmopolitan demography in the area and proximity to Elliot’s Beach attracts property buyers from different working class such as industrialist, government officers, professionals working in the TIDEL Park and IT companies in OMR,” said K. Chandrasekhar, MD, Rajam Property Management Services Pvt Ltd.
Residential development
Small developers have brought their projects in the area. “Owing to limited space for development and high land values, the area is witnessing developments by small builders who buy small land parcels,” said Seshadri Puvvada, managing partner of Get Home Get Loan. The current average price of land starts from Rs 3 crore per ground depending upon the location, frontage and other attributes of the property. The builders are majorly constructing 2 and 3 BHK apartment with facilities.
Policy however, restricts developers to build smaller units. “The restriction of development of more than 4 kitchens on one ground of land is also restricting builders to come up with small unit size apartments,” added Puvvada. The average size of a 2 BHK apartment is between 1000 to 1200 sqft and 3BHK unit size ranging between 1400 to 1600 sqft. The locality also offers limited number of options in large size developments. Properties in the gated community attracts premium of Rs 1,500 to Rs 3,000 per sq ft. The average price of apartment ranges between Rs 11,000 and Rs 13,350 per sq ft.
Due to high presence of investors and end-users, there is healthy demand for properties on lease. A 2BHK, 1,000- 1,200 sq ft apartment commands a rental between Rs 20,000 and Rs 25,000 per month for unfurnished apartment. Owing to healthy demand for properties on lease, there is consistent increase of 10-15 per cent on annual basis in rental values. The area is poised to witness healthy demand in future.
MagicBricks.com Bureau
