Top Localities In Chennai To Buy A Home
Chennai, in a time when real estate developers are shying away to launch new projects, defied the trends and witnessed a rise in new launches in the fourth quarter of the financial year 2019. New launches in the Tamil Nadu capital nearly doubled year-on-year, data available with PropTiger.com show. Also, when developers are struggling to sell their housing stock, inventory levels in Chennai were seen falling, data revealed.
These trends show the rising demand for houses in the city and also, coming of new stock for homebuyers to invest in. Here we list top localities that according to data available with Proptiger.com have been witnessing huge demand.
What’s more, the city is also ranked as the safest in India in the Mercer’s Quality of Living rankings for 2019 that ensure you a good living environment for the dwellers.
Livability score: 6.1
Average property prices: Rs 2,808 psf
A suburb of Chennai, Chengalpattu is an emerging real estate market. The locality, still developing, offers properties at affordable prices. The locality has become a point of interest for home buyers and investors alike owing to the many manufacturing located around this locality. So, those working around here create a demand for housing in Chengalpattu.
Property portfolio: Chengalpattu has 79 projects of which 72 are up for possession and remaining are under construction. Apartments in these projects are available in 1BHK and 2BHK configurations with average price ranging between Rs 14-26 lakh. Plots are also available for sale here for an average price of Rs 12.4 lakh.
Livability score: 7.5
Average property prices: Rs 3,230 psf
Avadi is among the most popular suburbs of Chennai. Lying 20 km from the city centre, Avadi offers property at affordable prices. What will make property here even more popular is the making of a new IT park here. The construction of this IT park is expected to start in August and get completed in 30 months. Once constructed, the IT park will generate over 30,000 jobs thus, expanding the demand for homes here.
Property portfolio: Avadi has nearly 80 projects for sale. Sixty-eight projects are in the ready-to-move-in stage while 10 are under construction. Apartments here are available in 1BHK, 2BHK and 3BHK configurations and the average price of these units ranges between Rs 22-48 lakh
Livability score: 8.5
Average property prices: Rs 5,334 psf
Surrounded by Ambit IT Park and Land IT Park, Kolathur is another prime market for those working around here. The locality lies in north Chennai and has a well-developed infrastructure, both civic and social. While the railway station is 12 km from here, the international airport is around 10-km away.
Property portfolio: Kolathur has over 140 projects that are available for homebuyers. Of these, 138 projects are ready to move and 3 are under construction. Apartments here are available in 1BHK-4BHK configurations. The average price in Kolathur ranges between Rs 35 lakh and Rs 1.63 crore.
Livability score: 7.6
Average property prices: Rs 5,153 psf
Sholinganallur is located in the south of Chennai, on Old Mahabalipuram Road. The locality, which is surrounded by IT suburbs such as Perungudi, Siruseri and Taramani, will soon be connected through Chennai Metro. Line V, a part of Phase-II of the Chennai Metro, will run between Sholinganallur and Madhavaram. This development will add to the premium factor of this locality, making property expensive.
Property portfolio: There are 95 projects in Sholinganallur that are up for sale. Of these, 79 projects are ready for possession while 15 are under construction. These projects offer apartments in 1BHK-6BHK configurations. While 1BHK can be bought for an average price of Rs 31 lakh, the 6BHK units require an average budget of Rs 1.77 crore.
Livability score: 8.5
Average property prices: Rs 5,695
A prime property market in Chennai, Villivakkam lies close to the city centre and surrounded by key commercial localities, including Padi, Ambattur and ICF. The locality is strategically located with easy connectivity to the central railway station (10 km) and international airport (20 km).
Property portfolio: There are nearly 25 projects up for sale in Villivakkam. Only one of these projects is under construction while the remaining are ready for possession. One could buy 1BHK, 2BHK and 3BHK apartments at a starting price Rs 35 lakh.