Not everyone is out looking for a house that will give them steady returns. Some just want a house that is big and comfortable. Of course, scope for capital appreciation or high rental yield is always a welcome add-on. A majority of home buyers are either looking for affordable properties or price correction. If you are actually looking for a house that suits your particular lifestyle and priorities, keep in mind that certain areas cater to a certain style.
While Anna Nagar (E) is an established residential locality, the western part of this locality is fast catching up. Relatively lower land cost in Anna Nagar (W) plus a healthy supply of new properties has led to this locality catching up in the residential market.
Abdur Ravoof, former president, National Association of Realtors and proprietor at Green Global Realty says, “In what remains of the eastern side, most properties are going in for re-development and the new properties preferred here are flats for the convenience they lend.”
Therefore, while the east is in for re-development of properties, Anna Nagar (W) has a reasonable supply of new properties. Average prices are in the range of Rs 8,000-11,000 per sq ft.
Oragadam is perfect for the budget conscious. The area has shed its identity as a fringe location. While Oragadam was always known for its small industries and a large supply of plots, trend watchers say that the sky line seems to have attuned itself to the modern lifestyle. Rajesh Alagusamy, broker, City Side Properties says, “Oragadam only came across as an industrial, manufacturing growth corridor. With time came automobile and IT giants such as Ashok Leyland, Toyota, Apollo Tyres, Renault Nissan, Moserbaer and more. This led to a healthy demand for housing projects.”
“Inter-connectivity is also an added boost for small investors and businessmen coming from Kanchipuram, Madurai and other parts of Chennai. Proximity to the Chennai-Bengaluru Highway as well as NH-45 gives it an added reason for this locality graduating into a popular South Chennai residential pick,” says Vinith Ganeshan, an individual consultant in the city.
Realtors feel that with enhanced rail connectivity, widening of state highway-57, upcoming logistics park and dedicated job markets may push realty even more.
Perungudi is for those who lay importance on value-for-money options. The area might have scaled a slot or two considering that basic amenities are getting a facelift here. “Well-developed localities like Nungambakkam and Adyar have fairly monitored sewerage and drainage lines. We are hoping that Perungudi will follow the same path. With almost 80 percent of sewerage connection completed and water connections starting soon, real estate is sure to get a boost,” says Ganeshan.
Sources have also pointed out that civic authorities have realised the need to have wider roads than construction of flyovers. Therefore, in addition to Valluvar Kottam and Kodambakkam High Road, Annai Nagar in Perungudi is also expected to get wider roads. Perhaps, development activity is what led Perungudi to feature in the top preferred areas for rental accommodation in Chennai. Average values range from Rs 5,500-7,000 per sq ft.
In Chennai, Nungambakkam is a well-known locality. Nungambakkam’s popularity is vested in the fact that it is strategically located close to T Nagar, Mount Road, Kodambakkam and the like. Jaganathan Manikanthan of Prime Property says, “An NRI with Chennai roots is always interested in having a property in his own city. Therefore for most NRI’s Nungambakkam is a hotspot. Besides basic amenities, the locality boasts of well-settled families. The area is also close to some prestigious colleges and if you happen to be an investor, there are sizeable rental returns as well. The area also has parks for seniors and children.”
Prices are in the range of Rs 12,000-17,500 per sq ft and re-development has led to an increase in the housing supply stock.
Source Sneha Sharon Mammen, Times Property, Magicbricks Bureau/ Chennai