Real estate in Selaiyur, a suburb of Chennai, located on the Tambaram Velachery Road is attracting the attention of home buyers who wish to stay closer to their workplace and are also on a budget.
Now, what are the factors which are in favour of real estate in Selaiyur?
Location: Selaiyur is located near Tambaram and Velachery. The distance to the Information Technology (IT) hubs on the Old Mahabalipuram Road (OMR) is just 13 km. Selaiyur’s proximity to the IT hubs on the OMR is one of the reasons for its recent popularity among home buyers. Young professionals employed in these IT companies are the main target group. Selaiyur is also close to the manufacturing companies located along the GST Road, Tambaram and Guindy. Many companies are encouraging their employees to live close to the workplace, as this would reduce the transportation costs for the company.
Connectivity: Selaiyur is well connected by buses to all parts of the city, and from Tambaram by suburban train; the train station is at a distance of 3.8km. The airport is 11.9km away. Connectivity to Selaiyur will get better once the flyover which connects the GST Road at Singaperumal Koil, Walajabad, Sriperumbudur and Perungalathur is completed. Widening of the GST Road to six lanes and eventually to eight will also go a long way in improving the capital value of real estate in Selaiyur.
Affordability: People on the lookout to buy affordable homes are now looking at Selaiyur for this purpose. The main reason is that most of the Chennai’s northern and central suburbs have reached saturation points. This has led to places along the Grand Southern Trunk Road drawing the attention of builders and home buyers.
The prices of real estate in Selaiyur are on the rise since the beginning of this year. The average rates were Rs 4700 per sq ft during the first quarter of this year. The prices for apartments in Selaiyur, however, are still affordable as the property prices in the city’s main residential areas are now well over Rs 15,000 per sq ft. The average price for a residential plot in Selaiyur is about Rs 2400 per sq ft.
The closure of the Nokia plant has had its impact on all categories of home buying. Prospective home buyers are getting a little wary of taking bank loans and investing in apartments (as they fear that they might be benched or that the jobs will cease). One of the fallouts of the Nokia closure has been the closure of suppliers to Nokia, such as Foxconn.
According to newspaper reports, many of the electronic and hardware manufacturing units in the Special Economic Zones (SEZs) have closed down because there is no export demand. Not all such units have shut shop though, as the higher domestic demand is keeping the companies going. However, this means that these units don’t need a SEZ facility and there have been some lay-offs. “The loss of confidence in the consumer is a passing phase” say the builders and as “confidence levels rise with new enterprises, the consumers will come back into the market”.
Though Selaiyur is far from the city centre, Chennai’s cosmopolitan ambience is present here. Chennai is home to a large number of business process outsourcing (BPO) companies and multi nationals; this means that it attracts people from all over the world as well as from other parts of India. The law and order climate is one of the best in the country and is quite safe for foreigners and women.
Since this locality is close to work hot spots, such as the OMR and to manufacturing bases, it is likely to attract a large number of people who will, possibly, be employed here. An investment into a flat in Selaiyur will, in all probability, prove to be a good one, as it would be quite easy to rent it out.
Source: Money Control / Nina Varghese/ IndiaProperty.com