Ashok Nagar has witnessed a rapid transformation in the last few years and it has become a major hub in the city today.
Situated in the southern part of Chennai, Ashok Nagar is a prime residential locality.
There are numerous schools, hospitals and religious institutions which makes it an ideal destination for home buyers. It is one of the well connected neighbourhood, with KK Nagar on the west, Vadapalani to the north and Said a pet to the south. Besides, areas like T Nagar, Koyambedu and West Mambalam are also in close proximity to Ashok Nagar.
Navin, the director of Navin’s, says, “One main advantage of Ashok Nagar is its location. It ticks the right boxes for most of the people. Physical and social infrastructure is fully in place. There is no reason as to why a buyer would not look towards investing in a property here. It is visible from the fact that the inventory keeps moving at a quicker pace here and there are no unsold inventories in this market. Most of the new projects are bought right away, while the upper-mid premium segment is doing well here.”
Echoing his views, Prabhakaran R, a real estate consultant says, “Connectivity provides a major boost to this area. One of the most prominent most prominent metro stations in Chennai is here. Besides, it is well connected to Koyambedu via the metro. Ashok Nagar is also well-connected to several parts of Chennai through MTC buses. Since there are many schools here and in the adjoining areas, many investors are choosing Ashok Nagar to settle down.”
Being a well-developed area, there aren’t huge land parcles available here for development but that doesn’t take away the options available to buyers. “Most of them are working class professionals and are choosy about the projects that suit their needs. Presently, the market is doing well and there are many new projects coming up. Land parcels are not available due to the overall development of this locality. However, there are many residential projects and one is spoilt for choice,” says Prabhakaran.
Speaking about the retail development in Ashok Nagar, Navin says, “A lot of small retail outlets, boutiques and restaurants are coming up in this place, though the main focus remains on the residential segment.’
The cost of buying a residential property would range from 11,000 to 13,000 per sq ft. The rental price varies from 20,000- 25,000 and 35,000 – 40,000 for a 2-BHK and 3BHK apartment respectively.
Infrastructure and connectivity seem to be the key points making Ashok Nagar a winner, so much so that it is soon becoming a self-sustained neighbourhood. “It is connected to the southern and western parts of Chennai. Broad roads, good infrastructure and connectivity are the main supporting factors. It is becoming an established place like Anna Nagar where we know that everything is available under the same roof,” says Kumar G, manager of Aroshree Realty.
“More development plans should be in place for Ashok Nagar. The government should take efforts to revive the real estate segment here. This will ensure a better urban planning, he says.
Shweta V, Times Property, The Times of India, Chennai