2BHK homes are most preferred by home buyers in Chennai

According to a research 2BHK homes are most preferred by home buyers in Chennai.

The property market of Chennai witnessed a healthy demand for mid range properties. PropIndex (Apr-Jun 2015), an India Apartment Index by Magicbricks, indicated 2BHK configuration as the dominant consumer preference among buyers looking within the 30 to 50 lakh price bracket. This configuration accounted for 53 percent share while the 3BHK segment accounted for 37 percent share.

South Chennai localities were preferred by buyers for 2BHK units. The table indicates the preferred localities for the 2BHK category and budget segments.

“The demand for affordable homes in Chennai is typically drawn by end-users. Moreover, due to the IT sector, the city has a huge chunk of young buyers,” says Sanjay Dutt, executive director, Cushman and Wakefield. He continues, “It is a matter of affordability. Young buyers are opting for traditional 2BHK units that are available within an average budget of 30-60 lakh.”

“Developers also seem to have realised this trend. This explains the considerable overall supply across the city with 52 percent increase in active listings. Areas such as Medavakkam, Porur and Velachery offer over 90 projects offering 2BHK units. Some are ready-to-move-in apartments with possession in the years 2015 and 2016, while others still under-construction,” adds Dutt.

Why Medavakkam?

Medavakkam is a residential locality in South Chennai, surrounded by Velachery in the North, Old Mahabalipuram Road (OMR) in the South and Grand Southern Trunk (GST) Road in the South-West.

Medavakkam in Chennai

This locality is a residentially preferred area due to its access to good educational institutions and connectivity Metropolitan Transport Corporation has well connected routes to all major landmarks in and around Medavakkam Pallavaram-Thuraipakkam Road and the Velachery-Tambaram Road make the routes much simpler.

Through this route, the Chromepet Railway Station is at 10 km and the International Airport at 13 km via the Medavakkam main road.

Why Porur?

Porur is one of the developing suburbs of Chennai and is renowned for its manufacturing plants and chemical industries The area is fast becoming an IT hub and houses various companies such as IBM, Barclays, L&T, iGate, HCL, Logica, Dell, among others Porur is well-connected with Chennai city and other neighbouring suburbs through roads and frequent bus services. The Chennai International Airport is 12 km away and the area is also positioned strategically at the key junction of Mount-Poonamallee Road, Arcot Road and the Chennai Bypass Road.

Why Velachery?

Located in South Chennai, Velachery is one of the most demanded localities in the city. It has been declared as the most preferred locality in Chennai by PropIndex (Apr Jun 2015), an India Apartment Index by Magicbricks. The availability of wide residential options, presence of different housing configurations, upcoming new properties and an existing developed infrastructure are some reasons behind its popularity “Velachery is situated close to localities such as Taramani, Adambakkam, Thiruvanmiyur, Guindy, Adyar, Thara mani and Madippakkam, yet it has a lot of greenery and planned roads, as compared to these areas.

Also, most of the upcoming projects are re-developed constructions of large sites, origi nally inhabited by middle-class pe ple, who today, are aiming at getting regular income,” says R Arun, a real estate broker Improving road infrastructure, good quality apartments by renowned developers along with proximity to the Rajiv Gandhi IT Expressway is keeping the real estate market ticking here The locality is connected to almost all major parts of the city via the MRTS rail network with a station in Velachery itself.

Source : Pushpa Rawat, Times Property, Chennai/ Magicbricks Bureau