Here Is Why Poonamallee In Chennai Is A Potential Goldmine
Poonamallee is a suburb situated in the west of Chennai. The residents of the locality enjoys smooth connectivity. Poonamallee's proximity to Mount Road and High road makes it popular among investors. The strategic location and infrastructural growth are the reasons behind the growth in demand for flats in Poonamallee. In the past six months, property prices in Poonamallee have risen by 12.8 per cent.
PropGuide lists factors that makes Poonamallee popular amongst real estate investors:
Smooth connectivity
Poonamallee is situated towards the end of Mount Road. This 11-kilometre road connects Kathipara Junction to NH 4, connecting St. Thomas Mount with the suburb of Poonamallee. Fort St. George and Sriperumbudur are situated at a distance of 23 kilometers and 17 kilometers respectively. The High Road links Poonamallee to the Central Railway Station, linking localities such as Munikrishna Nagar, Aminjikarai, Koyambedu, NGO Annexe, Ekavali Nagar, Poonamallee, Railway Station, Maduravoyal and Ganapathy Nagar. The road connects the Central railway Station and the Chennai Mofussil Bus Terminus (CMBT) . The Mofussil Bus Terminus on the Chennai bypass is situated 13 kilometers far away. Avadi is the closest railway station, and is 9 kilometers away. Such connectivity leads to rising demand for apartments in Poonamallee.
Upcoming developments in Poonamallee
The Chennai Metropolitan Development Authority (CMDA) is planning to create an 80 feet wide road linking National Highway 4 and Wholesale Market Complex 'A' Road. Upcoming developments create positive sentiment in the mind of investors, leading to rising demand for plots in Poonamallee.
Poonamallee's well-developed infrastructure, closeness to IT hubs and smooth connectivity has led to a flourishing commercial and residential real estate market. The rising property prices in Porur and Anna Nagar is one of the reasons why the demand for apartments in Poonamallee, Chennai is rising. Some of the developers in this area are Tata Housing, Sobha developers, Group, and Royal Splendour. There are around 28 under-construction projects in Poonamallee, and 8 will be ready for possession by 2014. The average price of apartments in Poonamallee is Rs 4,222 per sq ft.