Navalur could be the next destination of real estate investment

Navalur – Chennai’s suburb – demand a huge realty market due to the vast availability of land making the price of properties considerably low. Located in the south of Chennai with one of the major commercial corridor passing through the heart of the locality Navalur is one such micro market with growing realty demand and houses at affordable prices.

Connectivity:

The OMR passes through the heart of the locality. There are other abutting roads from OMR stretching through the locality. It is close to the ECR road too which connects Chennai to other cities in Tamil Nadu. Railway connectivity is limited to the area.

Infrastructure:

The infrastructure is fairly developed. TS Narayanaswami Arts and College, Agni College of Technology, Sri Venkateswara Dental College and Hospital, Mohammed Sathak AJ College of Engineering are some of the colleges in the locality. HCL Technologies Limited, Cognizant Technology Solutions, IBM, Polaris Software Labs, FLSmidth Pvt Ltd, Nokia Solutions and Networks, Hexaware, Global Analytics India Pvt ltd are some of the IT companies in the micro market. Apart from these there are several hospitals, schools, restaurants etc.

Real estate:

Availability of ready to move in flats and under construction flats which are lower than all other areas along the OMR stretch are the demand driving factors of this area. Huge land parcels are available at cheap rates in this locality. Moreover the OMR road passes through the locality and many IT companies are located in the locality which all adds as more factors promoting the real estate in the locality.

Price trend:

Most of the properties available in this area are the price range of 30 lakhs to 40 lakhs. But the price seems to be appreciating consistently on every quarter primarily due to its geographical location. One more reason for the price appreciation is due to the saturation of market in the nearby micro markets which causes a shift of investors to this locality making the demand increase and henceforth increasing the price along with it. With a budget of 40-60 lakhs could fetch a 2 BHK flat of 1000 sq.ft in average. The price appreciation in the last quarter is fairly about 10 %. According to commonfloor data, one can fetch a 3 BHK for a price starting from 60 lakhs and going up to 1.2 crores.