4 Chennai Suburbs That Are Emerging As Desired Residential Hotspots For Young Professionals
Suburbs are the new urban. Home buyers are on a lookout for premium housing in peripheries as the premium locations in the city centre are becoming unaffordable owing to skyrocketing property prices and low supply. These suburbs are also attracting developers as ample land is available for them to develop projects.
One city which is noticeably experiencing this change is Chennai. The city suburbs, which until a few years ago were mere farm lands or industrial zones, are now turning into the most liveable residential hubs.
Chennai real estate has been recognised as one of the vibrant realty markets in India. And, with the upcoming Metro rail enhancing the accessibility to city outskirts, industry experts expect further growth of affordable homes here both for sale as well as rentals.
PropGuide explores four most promising Chennai suburbs that are attracting young professionals for purchase as well as for renting:
Avadi
Once an industrial belt, the area is witnessing new residential launches and has recorded huge appreciation in the residential segment. Excellent road and rail connectivity and proximity to operational outer ring road have been the key growth driver in this region.
Average property price: Rs. 3,050 per sq ft (as on Feb'17)
Livability Score: 7.5
Average monthly rental for a 2BHK apartment: Rs 6,000
Ambattur
Chiefly a corporate destination housing companies like Tata Consultancy Services, Dunlop Dell, and HCL Technologies, the area is coming up as a preferred housing location for homebuyers, too. There are many local developers offering apartments in Ambattur at lower rentals, a key attraction for this area.
Average property price: Rs 4,556 per sq ft
Livability Score: 8.2
Average rental for a 2BHK apartment: Rs 7,000
Old Mahabalipuram Road (OMR)
A coveted housing destination for corporate and IT professionals, the corridor is further expected to create 30,000 new jobs and increase employment opportunities. The locality is not just an address for plush offices but is a desired home destination for many young software professionals, too. High-end hotels and ample entertainment options fuel development activities here.
Average property price: Rs 4,339 per sq ft
Livability Score: 9
Average rental for a 2BHK apartment: Rs 13,500
Oragadam
Nestled on Chennai-Bengaluru industrial corridor along SH-57, connectivity is the USP of this hot real estate destination in Chennai. There has been a steady housing demand from low- and middle-income groups. Infrastructure developments including proposed Chennai Peripheral Link Road and SIPCOT Industrial Park at Vallam and Vadakkal have been instrumental in giving shape to this micro-market.
Average Property Price: Rs 3,130 per sq ft
Livability Score: 5.7
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Other growing hotspots and ideal markets for renting and buying in Chennai suburbs include localities like Red Hills, Perumbakkam, Sriperumbudur, Singaperumal Koil, Valarpuram, Thalambur, Medavakkam, Sholinganallur, etc. East Coast Road (ECR) for plush bungalows and Sriperumbudur are choicest markets for high-net-worth individuals (HNIs) and non-resident individuals (NRIs) .
Key growth drivers
A prominent driving force has been the marked gap between demand and supply in metro cities. There are thousands of people migrating into the city and more demand for housing among young working population has led developers to count on these localities, where there is ample availability of developable land. Land rates in suburbs are comparatively affordable with plots available as low as Rs 5 to 10 lakh range.
Besides the rising cosmopolitan crowd, the IT boom has led to the transformation of these suburban localities. Once deserted regions, Chennai suburbs have now become a coveted investment hub after some major IT giants established their base there. The need for better infrastructure and lifestyle options is all the more high. So, when it comes to both civic and social infrastructure, there is huge growth potential seen here. Upcoming Green Field Airport and transport corridors like Outer Ring Road (ORR) are high-growth zones which further bolster the development prospects in the suburbs. Besides, new expressways, metro rail links, IT parks and commercial hubs are further driving the expansion.