Chennai’s South Suburbs Dominate Real Estate Boom
The registration of residential units saw a significant rise in chennai
The registration of residential units saw a significant rise in chennai, with 7,218 units registered in Q1 2024 a 40 per cent increase compared to the previous quarter. Southern suburbs accounted for the largest share of registrations with 29 per cent of the total projects, while central Chennai registered 26 per cent of the projects. It is also found that two-BHK configuration is the most popular among South Chennaiites.
Experts have observed that the south suburban micro markets of Chennai are gaining popularity, particularly among families and young professionals.
Affordability and spacious living:
While property prices have risen across chennai, the south suburbs still offer a more affordable option compared to central areas such as T Nagar and Anna Nagar. This makes them attractive to young professionals, first-time homebuyers, and even those looking to upgrade their living space. Buyers can get better value for their investment in terms of apartment size and amenities offered.
Developments and amenities:
The south suburban region is undergoing rapid development, with the rise of new residential townships, shopping malls, and entertainment centres. This creates a more self-contained and convenient living environment for residents.
Infrastructure :
The south suburbs are witnessing significant infrastructural advancements, including the expansion of the existing road network, the chennai Metro Rail, and the setting up of IT-ITeS parks and business districts along the Old Mahabalipuram Road (OMR) and Grand Southern Trunk (GST) Road. Improved connectivity and proximity to employment hubs are making these areas increasingly attractive.
Overall, the south suburb markets in chennai are seeing a boom in residential projects, offering a wider variety of housing options. From luxurious villas to modern apartments and gated communities, there’s something to suit diverse budgets and lifestyles. Also, the IT boom in the region has led to the growth of educational institutions, hospitals, shopping malls and other social amenities. While social infrastructure might not be as comprehensively developed in all the micro markets of the southern suburbs, it is catching up rapidly.
Top 5 locations in South Chennai:
Pallavaram
Several IT firms Alvo Tech, Athena Technology, Hexacorp and Rexip and others are placed in and around Pallavaram, making it a good place to invest in property in Chennai. With the proposed commercial expansion in the area, the price of property is showing an upward trend. The rental rates in the area have already showcased a seven percent upward trend on the back of growing demand from the working populace.
Pallavaram also promises smooth connectivity to the neighbouring areas of Madipakkam, Nanganallur, Medavakkam, Adambakkam, Velachery and Perungudi.
Oragadam
The Oragadam area has a mixed option of real estate, ranging from luxurious villas to affordable apartments.Competitive pricing, heterogeneous real estate options and self sufficiency with relation to healthcare, retail outlets and entertainment makes oragadam a profitable investment option.
Chrompet:
Chrompet area is an extremely well connected and planned neighbourhood, that has seen a steady increase in settlement through the years. Furthermore, the rising demand and the upward trend of the real estate price in Chrompet shows that buying real estate in Chrompet in 2021 would reap high rewards in the near future.
Vandalur:
Vandalur is one of the fastest growing commercial belts in South Chennai. With easy access to Kelambakkam, Vandalur has had a recent boost in commercial real estate projects from India’s biggest developers. The belt is also in close proximity to SRM Institute, Vellore Institute of Technology and Zoho IT park, making it a very attractive location for investing in real estate
Singaperumal Koil:
Singaperumal Koil is a fast growing suburb that has become an important investment opportunity for those looking to buy property in South Chennai. Located between Chengelpet and Maraimalai Nagar, this area is at a close distance from two massive IT tech parks; Mahindra City and Zoho. With easy connectivity to the Oragadam area via the GST- Sriperumbudur road, Singaperumal Koil has seen a sharp rise in demand for real estate investment in the last 10 years
