Poonamallee realty update – October 2013
Overview:
The suburb of Poonamallee is situated within the Thiruvallur district of Chennai. This suburb is situated towards the west of Chennai at an approximate distance of 23 kilometers from Fort St George and around 17 kilometers from Sriperumbudur, via the Chennai-Bangalore highway. Poonamallee is prominent halting point for buses which start from Chennai Mofussil Bus Terminus (CMBT) and link Tirupati, Vellore, Kanchipuram, etc.
Connectivity:
The long stretch of Poonamallee High Road is accessible from various parts of the city. This arterial road links numerous areas such as Poonamallee, Koyambedu, Kilpauk and Aminjikarai. It is also referred to as Periyar EVR High Road.
The Chennai International Airport is at a distance of around twenty kilometers from Poonamallee.
Both the Chennai Central Railway Station as well as the Egmore Railway Station are located in close proximity of the stretch.
Public Transport:
The locality is very well connected by public transportation services to the city. The Nungambakkam station located very close to Aminjikarai along with Avadi Railway Station are the main source of local rail transportation for the residents of the locality.
There major bus stops are located at junctions such as MMDA Colony, CMBT, Anna Square and Kilpauk. Numerous direct buses ply and connect the whole stretch of Poonamallee High Road.
Social Infrastructure:
Ewart Matriculation, Daniel Matriculation School, Saint Joseph’s Matriculation Higher Secondary School, Annai Theresa Matriculation, Holy Crescent Matriculation Higher Secondary School, Iqueue Technologies, Arignar Anna Govt Higher Secondary School, Panimalar Engineering College, Srinivasa Institute of Engineering and technology, and Sastha Engineering College are the top educational institutions within the locality.
Bhagavathi Theatre, Gokulam Pavillion, Malliga Theatre, Vigneshwara Theatre, Domino’s Pizza, Kane ‘n’ Abel, Alsa Mall, and Abirami Mega Mall are some of the popular hangout places which serve the locality.
Apollo First Medical Hospital and KS Hospital are the conspicuous health care facilities to be located within the area.
Real Estate:
Almost 43 per cent of the locality is occupied by apartment projects having 2 and 3 BHK units. A significant demand for commercial properties as well as layouts and plots also exists, consuming around 37 per cent of the total realty demand of the area. Low-rise buildings with 1, 2 and 3 BHK buildings along with builder floor and studio apartments, occupy around 19 per cent of the area.
The area has been majorly witnessing redevelopment projects. Many eminent names in the realty constructions are focusing on their latest and upcoming projects in Poonamallee. Launches and available properties include Golden Opulence, Abu VSR Castle, Chandru Gardens, Ingai, Le Chalet, VGN Imperia Phas 1, ABI Kings Land Extension, Kendriya Vihar, etc.
Price Trend:
Poonamallee is one of the prominent localities in Chennai. The price trends on Poonamallee have been witnessing various ups and downs. The price per square feet was at Rs 3550 in Oct-Dec 2012 quarter and then price appreciated to Rs 3800 per square feet, during the quarter of Jan-Mar 2013. In the Apr-June quarter of 2013, the locality price depreciated to Rs 3590 per square feet. While in the July-Sep quarter of 2013, the locality price appreciated to Rs 3650 per square feet.
While the rental values for a 2 BHK apartment unit ranges from Rs. 4,000 and goes upwards of Rs. 25,000, depending upon the project, location and property specification.
Future Prospect:
Being a central area, Poonamallee enjoys good demand due its proximity to important centers of the city and beyond. With this market expected to firm up within the coming quarters, the price appreciation of this locality in the future might be very good.
