Strategically situated along the Grand Southern Trunk (GST) Road, Chromepet is a prime residential locality in the southern region of Chennai. This locality gained popularity due to its juxtaposition with IT corridors such as Velachery, OMR, Tambaram, and Sholinganallur.
The greatest demand drivers are young professionals working in Thoraipakkam and OMR. Enriched infrastructural setups, such as flyovers to avoid traffic congestions and the proposed metro rail, have positively influenced the saleable property prices of Chromepet.
Home to a multitude of commercial, residential, medical, and educational entities, this locality is exceeding realty expectations by an alarming rate. Renowned educational institutions in the locality include Madras Institute of Technology, Sree Balaji Medical College, Hilton Matric, Hr. Sec. School, Tagore Arts and Science College, Smt. Sundaravalli Memorial School, and IRT Polytechnic College. Noteworthy hospitals such as Royal Balaji Hospitals, Parvathy Hospital, Chromepet Government Hospital, and Subhiksha Hospital address the medical requirements of residents.
The locality basks in good connectivity and accessibility to nearby areas such as Tambaram, Pallavaram, Velachery, and Thoraipakkam. This has contributed to the influx of acclaimed realty developers such as Amarprakash builders, Navins Constructions, Jain Housing Mantri Developers, and Landmark Constructions to invest in Chromepet.
Key Projects in Chromepet :
|Navin Hillview Avenue|
Connectivity and Transit Points
Located along GST Road, Chromepet enjoys quick access to localities such as Tambaram and Pallavaram. The 200-feet Road situated to the north of Chrompet provides road connectivity to OMR, where a plethora of IT/ITeS companies are established. The Trichy-Chennai Highway embedded in the west of Chromepet also facilitates smooth road connectivity to other parts of the city.
Chromepet Railway Station is one of the most popular local railway stations in Chennai. Trains from this station facilitate local transportation from Chromepet to various localities in the city. However, Chennai Central Railway Station is about an hour and a half away from Chrompet, situated at a distance of 31km. Chromepet is more readily accessible to Chennai International Airport, which is situated only 6km from here, and can be reached via Trichy-Chennai Expressway.
Public and private transportation services such as buses, autos, and taxis are available in plenty. Several buses ply through the Chromepet and Nehru Nagar bus stops, connecting the locality to many other important areas of Chennai.
â— Madras Institute of Technology
â— MTC Central Workshop
â— IRT Polytechnic College
â— Hasthinapuram Bus Terminus
â— Sri Agatheeswarar Siva Temple
â— Green Valley Hr. Secondary School
â— Periyar Lake
â— SDNB Vaishnav College for Arts and Sciences
Factors for Growth in the Past
Chromepet, in its former state would be unrecognisable to one who recently moved there. The advent of the southern suburban railway station led to an immense property growth in the once subdued environment. This service also brought Chrompet closer to Chennai by linking it to the peripheral regions of the city such as Broadway and Chengalpattu.
Its proximity to the IT Corridor at OMR and Chennai International Airport coupled with affordable property prices drove a lot of investor traffic to Chromepet. With the growing property demands, the region also witnessed social and physical infrastructural developments. This inevitably gave way to a prominent residential locality, packed with multiple realty investment options.
Residential and Commercial Market
Residential Market Trends
Residential property prices in Chromepet have appreciated by 13 per cent in the last 12 months. The average price in the Apr-Jun 2014 quarter was Rs 4,800 per sq. ft. For a 500 - 1000 sq. ft. apartment, prices range between Rs 30 - 40 lakh, while apartments of 1500-2000 sq. ft. commands anywhere between Rs 60-70 lakh. 1 BHK apartments in Chromepetare available for Rs 10 lakh, and a 2 BHK apartment costs close to Rs 30 lakh.
Multiple property options, such as builder floor apartments, duplex apartments, and multi-storey apartments are available here. There is also high demand for resale apartments in Chromepet. SBR Avanti, Temple Waves, The Royal Castle, Centralia Apartments, Lakshmi Kripa Phase II, and Navarathna are some of the upcoming projects in Chromepet.
The average price for offices is Rs 7,300 per sq. ft. For shops, it is Rs, 12,600 per sq. ft., and for plots it is Rs 9,100 per sq. ft.
Chromepet faces the problem of inefficient physical infrastructure facilities. Chromepet New Colony seems to have a dearth of civic amenities and problems such as bad roads, blockages in stormwater drain, encroachments, and haphazard vehicular parking. Similar situations have been witnessed in 16th Cross Street, Second Main Road, Ramamurthy Nagar Main Road, 12th Cross Street, Third Main Road, and 13th Main Road of Chromepet.
Apart from this, the western side of Chromepet MIT Flyover, situated on GST Road has a proliferation of commercial establishments that has undeniably hindered traffic. Whether the civic authorities are addressing woes of the residents of Chromepet is unknown, but there are plans to de-silt the blocked sewer drains before the onset of monsoon.
Factors for Growth in the Future
There are considerations to extend the metro rail project of Chennai to Tambaram. This would directly benefit the real estate market of Chromepet as Tambaram is only 5km from this locality.
There is also the possibility of a Rail Over Bridge (ROB) project that would link the GST Road with the Pallavaram–Thoraipakkam Radial Road and subsequently, Rajiv Gandhi Salai. Arterial roads in the region would be decongested, and travel time to the surrounding localities of Chromepet would also diminish. This would definitely rope in more people to invest in Chromepet, thus increasing realty demands in the area.