West Chennai real estate booms on metro connectivivity on hopes
WEST CHENNAI DEVELOPMENTS:
Larger spaces and high-value homes with enhanced amenities in western Chennai are becoming increasingly popular among homebuyers, thanks to the upcoming metro connectivity. A report by property consultants Knight Frank India, ‘India Real Estate – Residential and Office Market – Jan-June 2024,’ says the Chennai residential market reported a 12% year-on-year increase in residential sales.
A total of 7,957 units were sold between Jan and June 2024, primarily concentrated in the south and west micro-markets. Sales in the city’s west increased compared to the first half of 2023, while sales in the south decreased during the same period. Of the total sales, more than 58% were in the south and 29% in the west. However, during the same period last year, the south registered sales at 64%, while the western region had 26% sales.
A combination of factors – primarily, easy access to different modes of transport and proximity to job-generating industrial clusters – has resulted in areas in West Chennai city limits as well as pockets in the western suburbs attracting the attention of developers, including national players.
Apart from areas along Mount – Poonamallee Road – the corridor that originates from Guindy – which is going to be a multi-modal transport hub, villages tucked away from it are witnessing the construction of high rise projects. A recent study by Proptiger, a real estate advisory firm, showed that West Chennai witnessed an annual price appreciation higher than even Central Chennai.
The study, however, said that on the basis of launch of new projects and their subsequent delivery, south Chennai and south-western areas continued to top the list, accounting for as much as about 60 per cent of total sales and more than half of the new launches.
An advantage that these areas have is the large number of ‘delivery stage apartments’ ready for possession.
According to current real estate trends, West Chennai, particularly areas like Korattur and Ambattur, are considered good places to buy property due to their proximity to the IT corridor, good connectivity, and potential for appreciation, making it a relatively attractive option for property investment in Chennai; however, the best area for you depends on your specific needs and budget.
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Good connectivity:Areas like Korattur are well-connected via the Chennai-Thiruvallur Highway, making commuting convenient.
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Industrial presence:The Ambattur Industrial Estate, located in West Chennai, attracts a large working population, boosting demand for residential properties.
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Developing infrastructure:Several infrastructure projects are underway in West Chennai, which could further enhance property value in the future.
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Korattur:Considered one of the best areas in West Chennai due to its proximity to the Ambattur Industrial Estate and good connectivity.
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Ambattur:A major IT hub with excellent road access, making it a popular choice for residential property.
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Poonamallee:Another prominent area in West Chennai with good connectivity to other parts of the city.
