Sithalapakkam offers wide range of plots at affordable prices
Sithalapakkam is a suburb located in the south of Chennai. It is surrounded by hills and lakes. It is 3 km away from medavakkam. It doesn’t have much development on infrastructure side and has a fair connectivity.Connectivity:
It is close to the OMR, which connects the locality to different regions of the city. The Medavakkam- Mambakkam Road runs through the locality which serves as the major road. The Metropolitan Transport Corporation (MTC) offers connectivity to this region. The Chrompet railway station is 1 km away from the locality. The international airport in Meenambakkam is 17 km away.
Infrastructure:
PSBB Millennium branch in the DLF Garden City, Zigma Matriculation School, Zion Matriculation School, Mayfield residential school are some of the schools in this region. There are several hospitals and colleges around the periphery of the locality. The infrastructure is not much developed here. Most of the roads are not tarred yet and are mud roads.
Real estate:
Most of the demand in this region are for plots since large amount of land is available in an affordable price. The demand is from the investors who are looking forward to buy plots in Chennai and from the locals who reside in the locality. People who want to build their own houses and doesn’t prefer apartments constitute most part of the demand in this region. Even though there is a lack of infrastructure, the area is well connected with other parts of the city which also increases the demand. It is the closest locality to the IT hubs apart from the regions such as Velachery, Madipakkam and has a huge potential for the demand and price to appreciate rapidly in the coming years. 48 per cent of plots were supplied against a demand of 36 per cent demand while 11 per cent apartments were supplied against a demand of 27 per cent in the last quarter of the year 2013. This fact shows that the supply of plots is more in the micro market than the apartments.
Price trend:
The price of the plots range around Rs 10 lakhs to Rs 1 crore and the plot sizes vary around 1000 – 1500 sq.ft. Owing to lack of infrastructure, there has been a depreciation of 1 per cent in the price of apartments in the area in the previous quarter. The average price per sq.ft. for flat is Rs. 3,400.
The pushing factors in the locality at present are the connectivity and range of properties available. With better infrastructure and more commercial establishments, the locality will attain its real estate boom in the coming years.
