South Chennai in a tremendous real estate growth phase
Posted on: 25/Jan/2019 5:15:06 PM
In a recent report published by the magazine Knight Frank, it is reported that the real estate market has grown every year by 3% from the year 2012.
In the latest report by Knight Frank magazine, it is mentioned that in the year 2018 alone, 2000 new housing construction plans in Chennai have been announced. As compared to the year 2017 figures, this is 20% higher.
The builders have paused making announcements o new construction plans as they are yet to receive clarity on the ‘TNCDR (Tamil Nadu Combined Development Regulation and Building) and the construction rules 2018’.
Once the state government resolves the various issues and released the TNCDR rules and regulations, additional construction plans are waiting to be released.
During the year 2018, most of the new construction plans are in South Chennai. Especially during the last 10 years, the areas in South Chennai have witnessed tremendous growth.
Out of the construction plans for houses announced in 2018, 45% of the flats cost less than Rs. 45 Lakhs. Around 41% of middle-income group flats cost between Rs. 40 Lakhs to Rs. 70 Lakhs. 14% of the constructions are for deluxe apartments (costing more than Rs. 70 Lakhs). The following are the 4 localities in South Chennai witnessing tremendous growth:
Medavakkam
With the enhancing values of the OMR (Old Mahabalipuram Road) area, the buyers who prefer their residences to be near their workplaces choose Medavakkam as the best option. Medavakkam is situated in the Tambaram-Velachery Main Road. It also covers the junction road between ECR (East Coast Road) and Tambaram-Velachery Main Road.
Perumbakkam
The locality Perumbakkam has also witnessed huge change/growth in the last 4 years. Further, a large number of low-cost housing plans are announced here. This is located in the centre of areas such as Sholinganallur, Semmancheri, Medavakkam, and Chitlapakkam. In the last 3 years, the price of the Perumbakkam area has seen an increase of 11%.
Vanagaram
Vanagaram is located in the linking area between NH-2, NH-48, and Poonamallee High Road. As it is situated 4 km away from the Koyambedu Metro Station, this area has experienced faster growth. As it is located near Anna Nagar, presently, most people prefer this place, Vanagaram.
Guduvanchery
This is located near Tambaram, GST Road, and Chengalpattu So, this has developed as an ideal place for new constructions. Due to some important positive factors such as suburban Railway Station, facilities for industrial infrastructure growth, etc., most of the younger generation prefer this place to buy a flat.
