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.
Locality | Avg value in April 2017 | Avg value in April 2016 |
Velachery | Rs 8,515 per sq ft | Rs 8,519 per sq ft |
Guindy | Rs 7,733 per sq ft | Rs 7,459 per sq ft |
Alandur | Rs 7,458 per sq ft | Rs 7,422 per sq ft |
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