Investors looking for quick returns invest in Adyar
Adyar is one of the biggest neighbourhood in Chennai. Located to the south of the city, it is named after the river that flows through it. It was used as hunting grounds during the British period and was developed as a suburb during 1740s. Adyar which was included in Chennai Corporation limit during 1948 is now a well established neighbourhood with high scope for real estate market.
Connectivity:
Adyar is located near the OMR and the IT corridors around OMR. Sadar Patel Road also borders the area and Dr. Muthulakshmi road runs through the heart of the neighbourhood. Railway stations are located 3-4 km from the locality. Indira Nagar, Thiruvanmiyur and Kasturba Nagar are the nearby localities with railway stations. The airport is about 12 km away. Overall its well connected to every part of Chennai.
Infrastructure:
Schools such as Bharath Senior Secondary School, Sri Sankara Senior Secondary School, Sishya, St Johns English School & Junior College, Kendriya Vidyalaya, Bala Vidya Mandir, The Hindu Senior Secondary School, The School K.F.I., Indus Early Learning Centre and the twin schools of St. Michael’s Academy and St. Patrick’s are located here. Asian College of Journalism, IIT Madras, Anna University, National Institute of Fashion Technology and the Technical Teachers Training Institute are the colleges located around the neighbourhood. Apart from these, there are numerous restaurants, banks, police station and theatres.
Real estate:
The locality is mostly limited to middle income and upper middle income groups. Owing to the location near IT corridor, excellent connectivity and affordable ratio there is a huge demand for the flats in this locality. The limited supply which doesn’t meet the demand increases the price on every successive quadrants.
Price trend:
The area experienced a 33 per cent price appreciation from the third quadrant to fourth in the year 2013. An apartment that was priced at Rs 10,500 per sq ft in the third quarter of 2013 was selling at Rs 14,000 per sq ft in the fourth quarter. As per the demand, 50 per cent demand is for 2 BHK flats while the supply is only 31 per cent. Average rent of a 1000 sq.ft. flat lies around Rs 20,000-30,000 per month. Some apartments which offer more luxury even go up to a lakh rent per month.
Reader’s take:
The locality has a huge demand and is for investors who expect quick returns. As for people trying to settle here are people working in IT companies who looks for quick access to their respective workplaces and well developed city environment surrounding.
