Have you invested in Chennai’s Madipakkam? Magicbricks research shows that the locality has climbed to the fourth position in Jan-Mar 2015 quarter from the seventh position of last quarter. Experts say there are many reasons behind it.
Affordable properties
Availability of affordable properties is attracting buyers here and ultimately pushing the locality in the preference grade. Since it is situated in the Southern part of the city, it is close to areas such as Velachery and Maduvinkarai. Property values in the locality vary within Rs 4,550-5,440 per sq ft. While Velachery has properties within the budget range of Rs 6,140-7,780 per sq ft, Maduvinkarai offers properties in the range of Rs 6,300-8,000 per sq ft.
Adyar is another premium area which is about 10 km away from Madipakkam. In Adyar, property values range between Rs 13,000-17,500 per sq ft. Madipakkam is an affordable option to those with a tight budget.
Roads & Connectivity
It is connected by suburban railway stations such as Velachery and St. Thomas Mount. Other modes of transport easily available are auto rickshaws and buses. Metro railway line is also proposed to come up in near future. “Important roads include Inner Ring Road, Medavakkam High/Main Road, OMR and Madipakkam Main Road [E-W],” says Samraj K of NIVI Foundations, local real estate consultant.
Also, the area is situated along the 200 feet wide road. “The locality is connected to Tiruchi-Chennai Highway on one side and Old Mahabalipuram Road (OMR) and Pallavaram on the other side,” Samraj adds. However, he pointed out that since it is a busy locality, traffic congestion is a problem and parking spaces are difficult to find.
Easy connectivity to the localities situated along the OMR, such as Sholinganallur, Karapakkam and Perungudi is another reason why people opt for this area.
The locality can also be reached through the Velachery Main Road. The Velachery Railway station is just 3 km from the locality connecting it to the local rail network of Chennai.
The city’s International Airport is just about 6 km away and the Central Railway Station is about 21 km away.
Infrastructure
In terms of social infrastructure, there are ample numbers of schools present such as St. Thomas Matriculation Higher Secondary School, Prince Matriculation Higher Secondary School, Sai Matriculation Higher Secondary School, Raj Kumar Suloksanan School, amongst others. The Perumal Engineering College is located in Madipakkam. Apart from this, for the food lovers, more than 10 local eateries can be found.
While talking about the civic infrastructure, Bharathi Nagarajan, owner of the Silicon Realty, a local real estate brokerage firm says, “Some pockets of Madipakkam such as Ram Nagar South face water logging and drainage issues during rains. However, most parts of Madipakkam is well established and developed when we talk about civic issues. The area also offers regular water supply and no major power cut.”
In terms of security, “The area has its own police station, thus regular patrolling takes place that takes care of the safety of the residents here,” says Nagarajan.
With Madipakkam’s recent inclusion to the Chennai Municipal Corporation limits, the liveability aspect of the area has improved for the residents. This has also pushed buyers to look out for properties here.
Buyers Profile
Currently, Madipakkam sees demand from locals as well as from outstation people. Since the area is close IT hubs such as Velachery and OMR, buyers are families of those working in the IT companies.
What’s available?
The area currently is witnessing a maximum of 2BHK apartments, while few 1 and 3BHK units are also offered. The price of 1BHK unit sized 450-750 sq ft area ranges from Rs 18-29 lakh, while a 2BHK apartment sized 800-1200 sq ft, can be bought for Rs 35-65 lakh.
Source: Times of India / Neha has a vast experience and she has written on industries such as real estate, franchise and outdoor advertising.