Investments within Rs 40 lakh popular in West Chennai
Almost 50 per cent of home buyers in Chennai are looking for properties within Rs 40 lakh, reveals PropIndex (Jan-Mar 2014), the India Apartment Index by Magicbricks. If you are also amongst those, then West Chennai is the right place. Magicbricks data shows, localities in West Chennai offer maximum properties within Rs 40 lakh.
Areas with maximum residential options in West Chennai are:
Sriperumbudur
Check out property options in Sriperumbudur
The locality is a major industrial area of the city and attracts home buyers working in the nearby industries such as Hyundai, Ford, Nissan, BMW, Samsung, Dell, Nokia, Saint-Gobain and Hindustan Motors. Presently, the apartment values in Sriperumbudur range within Rs 2,700-3,400 per sq ft and the plot values are Rs 2,000-2,600 per sq ft. Within Rs 40 lakh, buyers can find apartments of sizes up to 1400 sq ft and plots upto 2000 sq ft.
Amar M of Mainland Properties, a city based realtor says, “Being a manufacturing hub, Sriperumbudur is a fast growing suburb. With many non-IT companies setting up base here, several developers have entered the market to develop the area into a residential destination.”
Located approximately 25-km from Sriperumbudur, Gerugambakkam also offers a mix of residential plots and builder-floor apartments within Rs 40 lakh. The property values for apartments range from Rs 3,000-3,500 per sq ft and plot values from Rs 2,000-2,500 per sq ft. Accordingly, the apartment sizes are upto 1300 sq ft and plot sizes upto 2000 sq ft. Gerugambakkam’s real estate market is mostly driven by the middle-income IT professionals working in companies situated in Porur, 6-km away.
A user on Magicbricks.com and a resident of the locality says, “The locality is convenient for those who work in the DLF IT Park. In addition to being affordable for the middle-income home buyers, the locality is also well-developed in terms of social infrastructure such as educational institutions, healthcare centres and entertainment zones.”
Other than these two locations, other areas in West Chennai which can be considered for properties within Rs 40 lakh are Tirumullaivayal and Veppampattu. In Tirumullaivayal, mostly multi-storey apartments and single floor apartments are available within this budget, whereas, in Veppampattu, more of residential plots can be found.
Source: Times Property, Chennai/Magicbricks.com Bureau