What Makes Buyers Turn To Chennai's Sholinganallur?

Looking for property in Chennai's Sholinganallur? We will not be surprised because this property market has pulled in many tenants and homebuyers most of whom are employed in the IT/ITes facilities nearby. With increasing traffic density in the Old Mahabalipuram Road (OMR), Sholinganallur is emerging as a new favourite.

What is available?

Data available with PropTiger.com show there are over 80 projects up for sale. As far configurations, 2, 3 and 4BHK units can cost anywhere between Rs 20 lakh and Rs 6 crore, depending on the kind of amenities, construction quality, brand of the developer, etc. What's more? An investor gets to reap the benefit of an investment herein. Data with Makaan.com show a 2BHK unit can fetch you anywhere between Rs 10,000-40,000 per month as rent.

Why Sholinganallur?

Connecting the OMR Road and the East Coast Road to the other parts of the city, Sholinganallur's geographic positioning is strategic. This not only makes it a perfect setting for residential developments but also for commercial developments. The locality also boasts reputed schools and colleges, hospitals, malls and eateries. Moreover, ECR beach is also a recreational spot and quite close to Sholinganallur. The frequented opted commutation mediums are either the local buses or the autorickshaws. The Velachery Railway Station is the closest from Sholinganallur, lying 12 kilometres.  In terms of variety, residential houses, paying guest accommodation, builder floor apartments, multi-storey apartments, villas and studio apartments are available for purchasing and renting.

Recent developments

• Phase-II of the Chennai Metro Rail Project includes Madhavaram-Siruseri, Chennai Mofussil Bus Terminus (CMBT)-Lighthouse and Madhavaram-Sholinganallur stretch. These have been planned at a total estimated cost of over Rs 85 crore.

• In the past 50 months, the price growth has been stable, at 6.5 per cent.

• Surplus rainwater from the Madipakkam Lake was getting discharged through water channels at Sholinganallur which led to immense wastage. Authorities are trying to look into this.

Livability score

Overall, PropTiger.com gives Sholinganallur a rating of 8 on a scale of 10.