Top 5 Affordable Projects in Chennai

Residential real estate supply in Chennai has seen a rise in the past few years, though the rate of growth has varied depending upon the location. The market has shifted to the periphery around the Old Mahabalipuram Road, East Coast Road, Poonamalle and Avadi. These areas have created a great deal of interest among first-time home buyers, especially on the lookout for affordable housing.

The government policies have also further fueled the affordable housing market. With the reduction of the minimum area to acquire FDI from 50000 sq. mt. to 20000 sq. mt. as well as the capital involved from $ 1o million to $5 million, the government hopes to bring in more mid-sized developers. Also, projects that would use 30 % of their capital for affordable housing will not have to comply with the minimum built-up area or minimum capital requirement. These provisions have attracted companies like Tata Value Homes and Mahindra lifespaces to the segment to provide low cost housing supply.

We have enlisted 5 such affordable housing projects in Chennai that are value for money:

Nova, Mahindra Life spaces

Nova is a project by Mahindra Life Spaces in the Mahindra World City, located in Singaperumal Koil, Chennai. The project is located near the SH 45 and is connected to the city via GST road. Nearest bus station to the project is Infosys MCity bus bay which is located within 1.1 kms and the nearest railway stations is Paranur railway station, which is located at a distance of 2.1 kms. Many IT companies like Infosys, Dell India and Capgemini, are located in the Mahindra World City.

Nova is offering 1 and 2 BHK apartments in sizes ranging from 589 sq ft to 836 sq ft priced at Rs 16.5 lakhs and Rs 25.1 lakhs respectively. Sustainable methods such as rain water harvesting have been included in the project. The apartments are to be fitted with semi vitrified tiles, ceramic tiles and branded sanitary fittings.

Happinest - Mahindra Life Spaces land lord

Situated off the Poonamallee Avadi high road, Happinest is a low price project by Mahindra Life Spaces. Spread across 5 hectares of land, the project offers 1268 units of 1/ 2 BHK apartments. The 1 BHK apartments are available in 396 sq ft and 533 sq ft and are priced at Rs 9.9 lakhs and Rs. 13.3 lakhs respectively. The 2 BHKs are available in 677 sq ft. and are at a price of Rs 16.9 lakhs. Avadi is a developed suburb which hosts some well know schools like Kendriya Vidyalaya, SM Nagar School, and St. Joseph's Matriculation School.

The project includes amenities like children's play area and power backup, while the apartments will have features like vitrified tiles and branded fittings. Hybrid technology is being used to speed up the project.

New Haven Ribbon Walk – Tata Value Homes

New Haven Ribbon Walk is an affordable housing project by Tata Value Homes, a subsidiary of Tata Housing. The project is located in Mambakkami, on Vandalur-Kelambakkam Road in Chennai. The project lies at a distance of 16.8 km from the Tambaram Railway station and 28.2 kms away from the Chennai airport. The project has 1700 units consisting of 1 BHK apartments at 603 sq. ft and 612 sq.ft. at a price of 23.9 and 25.3 lakhs respectively.

Along with some regular amenities like swimming pool, landscaped gardens, yoga centre, indoor games area the project will also include a meditation lounge, juice bar, spa, and basketball court. Modular switches, Vitrified Tiles acrylic paint, branded sanitary fittings are some of the specifications included in the project.

Tata Santorini – Tata Value Homes

Tata Santorini is another affordable housing project by Tata Value Homes. Located at Poonamalee, Chennai, the project spreads across 18 acres of land and has 544 units on offer. Santorini offers Spanish style homes comprising of 576 sq ft sized 1 BHK apartments which are priced at 25.2 lakhs. The project lies on the NH4 and is well connected to the city via the Chennai Outer Ring Road, with the Poonamalle bus stop located within 1.2 kms. Holy Crescent and St Josephs are some of the well-known schools located within 1.6 kms of the project.

The key point of the project is that it will include a 9 hole golf course within its premises along with other amenities like a crèche, jogging track, swimming pool, meditation centre, etc. the apartments are to be fitted with vitrified tiles and branded sanitary fitting like Hindware and Jaguar.

Greenn Town Apartment – Green Tree

Greenn Town Apartments is a residential project by Green Tree Homes in the Tiluvallur region of Chennai. The project includes 2 BHK apartments priced between Rs 14.2 – 17.3 lacs, ranging in sizes from 548 sq ft - 665 sq ft. The project lies at a distance of 4 km from the Mellanathur Bus Stop, and around 4.7 kms from the Kattu Kootu Road. The Tiruvallur Railway Station is at a distance of 5 km, while the Chennai International Airport is located 51.7 kms from the area. The project will include amenities like Landscaped Park, Storm Water Drainage system, Sewage Treatment Plant, Proposed Commercial Complex, Black Top Road / Concrete Road, Convenience Store, etc. it includes the regulr specifications like vitrified tiles, fire resistant wires and brande sanitary and regular fittings.

Tilluvallur is an upcoming local area and is not entirely developed yet, and has very few commercial facilities available in the vicinity. Bharathi Matriculation School, Government Secondary School, Sri. R.M. Jain Vidhyashram and Hindu Matric Higher Secondary School are some schools in the area. CSI Hospital, Surya Hospital and Bilroth Hospital are the medical facilities located in the region. For more such affordable housing projects visit PropTiger.com