Here's Why Investors Are Turning To Chennai's Pallavaram

Pallavaram, a Chennai suburb locality, is expected to garner greater attention of the real estate investors now as an IT park is expected to come up here soon. Singapore-based Ascendas has recently purchased land worth Rs 250 crore on the Pallavaram Radial Road for this project. The locality, which is already to home to many leading IT companies and a large working population, will further have greater job opportunities. This, in turn, is expected to accelerate the demand for property in Pallavaram.

So, if you are planning to invest in Pallavaram’s real estate, here’s all you need to know about the locality:

Connectivity: Pallavaram, also a cantonment area in Chennai, is well connected to the neighbouring areas of Madipakkam, Adambakkam, Nanganallur, Medavakkam, Velachery and Perungudi. The locality is connected with the Old Mahabalipuram Road (OMR), the East Coast Road (ECR) and the Main Road that allow ease of travelling to and from the main city. The locality is also well connected to the city’s international airport which lies only 1.5 kilometre from here.

Real estate: With the coming of various IT companies and other industries, property prices in Pallavaram have seen a rise of 16.5 per cent over the last 67 months. However, the prices have remained almost stagnant in past one year, making it the right to make an investment here as going further the property prices are only going to soar. For those planning to invest here, there are over 70 projects that are available in the ready-to-move-in category while seven projects are under construction. You could buy a property at an average per-square-foot price of Rs 6,040. One could buy a 1BHK unit for an average Rs 34.95 lakh while a 2BHK unit would cost you atleast Rs 58 lakh. Bigger units such as 3BHK are available for an average price of Rs 80 lakh.