Can't Afford Velachery? Here's A Suitable Alternative In South Chennai

South Chennai is every homebuyer's dream, thanks to the social and physical infrastructure. Established areas such as Guindy and Alandur are expected to garner the interest of well-heeled investors and end-users. Despite prices being on the higher side, industry insiders map the future potential of these localities as healthy.

Strategic location

Think workplaces in and around the Grand Southern Trunk Road (GST), the Old Mahabalipuram Road (OMR) and Poonamalee – these are at a quick distance from Guindy and Alandur. Almost 12 information technology (IT) parks such as DLF IT Park, Ascendas IT Park, TIDEL Park, RMZ Millenia, Varalakshmi IT Park, SP Infocity, Olympia Tech Park, etc., are within 2-12 km of the Gunidy-Alandur belt which makes a home purchase here promising. Over three lakh employees are engaged in these tech parks, industry estimates show.

Pocket-friendly alternative to Velachery

Average values at both Guindy and Alandur are considerably less than that at Velachery. (See table) They are affordable when compared to prime destinations in their vicinity such as Anna Nagar, where prices may go up to Rs 14,000 per sqft. However, the price benefit may not last long, given the ongoing development here.

Given the distance between these places (between 5-7 km), the price advantage is sizeable.

Source: PropTiger

Physical infrastructure

The Metro connectivity has made the location come up in the preferred list in the recent times. The Metro Line between Alandur and Koyambedu is being extended up to St Thomas Mount where a commissioned MRTS (mass rapid transit system) station is soon to come up. This guarantees strengthening of the existing physical infrastructure. The route from Washermanpet to the airport is also expected to be operational soon.

Note

Guindy is primarily an industrial area and the land available for for residential development is limited. Also, zoning regulations do not allow conversion of industrial land for residential use. Despite the fact that Alandur is primarily a residential locality, the land supply is limited here, too.

Recent developments

• The Greater Chennai Corporation recently opened a bus bay at the Race Course bus stop at Guindy on a trial basis which eased congestion on the GST Road. The corporation also widened the road after acquiring land from the Madras Race Club.

• Real estate major DLF is planning expansion of an IT SEZ near Guindy. About 7.20 million sqft office space would be operational by the end of 2018, translating into more jobs and housing demand.

• Different methods of calculation of property taxes in various zones of Chennai have created confusion among homebuyers. Therefore, the corporation has decided to have a uniform system for property tax calculation.