Famous for the Valmiki and Pamban Swamigal temple, Thiruvanmiyur has emerged over the years as one of the most premier locations in the city. The residential settlement in the area boasts some of the most posh localities of Chennai. Proximity to Tidal Park and many major educational institutes have given the region a major boostover in the recent years. The sprawling MTS Bus Terminal is also one of the driving factors behind popularity of the area. Real estate prices are going up the roof in the area and the demand is ever increasing.
Perikaruppan, chief executive officer, Sree Raja Rajeshwari Developers, feels that the demand for residential properties in the area will be steady. He says, “The stabilisation of the IT industry along with investments in the auto segment has led to people looking at investment options in Chennai like never before. The position of Thiruvanmiyur acts in its advantage. Being at the junction of OMR (the commercial hub) and ECR (upcoming residential hub), the outlook is very promising and highly investor oriented. Already, the CMDA has planned for increasing the connectivity between the OMR and ECR, which will ease the traffic at Thiruvanmiyur. Timely implementation of the infrastructural projects will further enhance the demand.“ Siddharth Thyagaranjan, an architect by profession, has been living in Thiruvanmiyur since two years. He appreciates the connectivity that the area has with the rest of the city.
“The MTS terminal at Thiruvanmiyur ensures that all the buses originate from the area. Also, shareautos beyond the ECR make it convenient to commute. The area is as older than the OMR and ECR but the real estate growth is different when it comes to Thiruvanmiyur.The concept of multistoryed apartments has increased. Not only the residential but also the rental rates are high in the area.“ He attributes the growth to proximity of the Tidal Park. “Thiruvanmiyur is the closest residential settlement near Tidal Park. Besides, the social infrastructure of Thiruvanmiyur makes it the perfect choice for the IT professionals who don’t mind paying higher rents,“ he adds.
Arun Kumar, founder and managing director, Casa Grande, says, “It is one of those few areas which fall within the city limits and is witnessing growth in real sense. Thiruvanmiyur is a well-established area and falls into a luxurious category. Prices range from `9000 16000 per sq ft.The buyer profile of the area is niche, which includes established business community and HNIs.“ He adds, “These locations will continue to grow. The presence of good social infrastructure like, schools and hospitals will further help to boost the demand. However, I think the infrastructure is not conducive for the future and much needs to be done to sustain the increasing settlement.“
Source: Aditya Shekhar, Times Property, The Times of India, Chennai