Post retirement – Chennai’s rich prefer apartments – As the apartment trend is picking up in Chennai, even the rich of the city are adopting this culture post retirement. Owing to security features and the exclusive luxury available in these units, the elite of the city are selling their old units and shifting to apartments in premium localities for comfort, calm and opulence.
“Chennai does not have much of ready-to-move-in retirement projects. Hence, the senior citizens prefer to move to the usual apartments having amenities such as security, health care services, gym, lawns and other maintenance facilities,” says Sridhar Reddy, senior vice president, Hanu Reddy Realty.
So, which localities in Chennai are being preferred by the retired elite? Local realtors point out that Rama Kamath Puram and Adyar areas are where the rich Chennaites prefer to move after retirement. Adyar being a premium locality of South Chennai, has several luxury projects in the price range of Rs 2-9 crore. Buyers with class and style prefer this locality. Gated community, modern security features and a lifestyle to boast of, Chennaites find this kind of housing most comfortable once they retire.
Apart from this, Raja Annamalai Puram and Mylapore are also on the priority list of buyers, moving from independent houses to plush apartments. “Adyar, RA Puram and Mylapore have the city’s premium projects which suit the status and taste of the Chennai elite. These areas have ample greenery and good view as desired by the senior citizens,” says K Vignesh, a local broker.
Developers such as, LCS City Makers, Gayathri Realities, Appaswamy Real Estate Limited, Casa Grande, ETA Star are active in the area. As per the Magicbricks data, both locations have numerous options in the luxury category of above Rs 2 crore. These are mostly 3 and 4BHK flats.
“Adyar and the nearby locations are also well connected to other parts of the city via the Mass Rapid Transit System (MRTS). The OMR and other 4-lane road network connects the locality to Besant Nagar, T Nagar, Nungambakkam, Anna Nagar, Oragadam and Sriperumpathur,” says V Krishnan from Avk Real Estate.
City-based realtors also reveal that majority of these buyers are moving here from North Chennai or from Anna Nagar, Shenoy Nagar, Besant Nagar where re-development is happening. The senior citizens are selling their independent bungalows and investing a part of the money in apartments in premium localities. The remaining is kept in the bank, fetching interest, till they use it for customising their units according to their requirement.
Source Times of India Magic Bricks