Top 3 Affordable Destinations to look for in Chennai
Chennai has been experiencing healthy demand for housing since past few years, and especially for affordable housing. With rentals becoming almost at par with the EMIs, the younger generation prefers to buy a home instead of renting one. Thus, based on Q3 data, CommonFloor presents you three affordable areas that recorded maximum supply in the said quarter.
Pallavaram
Considered one of the oldest inhabited towns in South India, Pallavaram in South Chennai is an area where historical edifices of the Pallava dynasty consort with modern-day townships. Strategically located on GST Road, realty market here is displaying robust growth.
In Q3, Pallavaram had maximum number of new supply. Over 1700 units were launched by realty majors such as Alliance Infrastructure Projects Pvt Ltd, Mantri Developers, Vishwakarma Properties, to name a few. These were launched in the price range of Rs 4,300-5,200 per sq. ft.
This growth can be attributed to its well-built connectivity. Though located 17km away from the heart of Chennai, Pallavaram boasts of swift connectivity to the airport and to the major IT hubs of Thoraipakkam and Shollinganallur.
Poonamallee
Situated in West Chennai, Poonamallee is another area climbing the realty growth ladder. The area recorded over 650 new units in the third quarter. Robust connectivity coupled with proximity to IT hubs have led to this realty growth. Additionally, spill-over demand from neighbouring Anna Nagar and Porur, where property values have risen significantly, has also enhanced the realty prospects of Poonamallee.
At present, the property values here are in the range of Rs 3,500-4,200 per sq. ft. Manju Groups, Suprabhath Constructions were few developers to launch the projects in Q3.
Avadi
Situated towards the north of Chennai, in Tiruvallur district, Avadi is a suburb witnessing significant residential growth. Good connectivity via well-laid rail and road network along with affordable residential prices has turned this area into a preferred residential destination.
In Q3, more than 600 units were launched with apartments clocking the maximum share. The price range for these projects varied from Rs 2,500-3,500 per sq. ft. Active developers were Mahindra Lifespace Developers Ltd, Propshell Business Solutions Pvt Ltd.
