Chennai
Kolathur, a well-developed residential locality in north Chennai is witnessing increased residential demand owing to its strategic location. It is situated in close proximity to localities such as Anna Nagar, Villivakkam, Perambur, Puzhal and Madhavaram. Buyers who cannot afford a house in localities such as Anna Nagar and Mogappair are opting for Kolathur due to relatively lower prices.
“There is a huge demand for properties in the range of Rs 25-35 lakh. Properties above this range are unlikely to get any buyers,” says R Murugesan, CEO, Shriram Properties. “The locality is largely a destination for the middle to lower middle income group,” he adds. As per MagicBricks.com data the prevailing price for multi-storey apartments vary between Rs 3800-4950 per sq ft while the rental values vary from Rs 20-49 per sq ft per month.
Residential demand is largely driven by the professionals working in various IT parks and companies in the vicinity such as India Land IT Park, Ambit IT Park, Tata Consultancy, HCL etc. Demand is also driven by the Ambattur Industrial estate as Kolathur is one of the nearest residential locations to the industrial belt. “Maximum demand is witnessed for 2 BHK units and rental demand is low. Those looking for rented dwelling settle for Annanagar as it is closer to IT hubs,” says Murugesan.
The locality has well developed social infrastructure with several schools such as St John School, Don Bosco School, super markets such as Reliance and Nilgris, banks such as Vijaya Bank, HDFC, Bank of Baroda etc, Spectrum mall etc. Kolathur is easily approachable to Perambur and Villivakkam railway stations and is in close proximity to Moogambikai bus stop. The inner ring road also passes through Kolathur, making it one of the best-connected areas in Chennai.
Source: MagicBricks.com Bureau
