Kelambakkam: Emerging affordable destination in Chennai
Kelambakkam, located about 32 km away from the heart of Chennai along the Old Mahabalipuram Road (OMR), is fast developing as an ideal residential destination on the southern periphery of the city. The area has become more affordable in recent times due to the fall in residential property values in the previous two quarters. Besides affordability, some other factors attributing to an increase in demand for residential property here are connectivity, infrastructure, proximity to IT parks as well as the wide range of properties available.
Connectivity
Kelambakkam is well connected to the neighbouring areas as well as areas along the OMR. It is the meeting point for the confluence of the Vandalur-Kelambakkam road with the OMR. It is strategically located on the OMR, which extends southward as the Rajiv Gandhi Salai and northward as the Rajiv Gandhi IT expressway. Located on the eastern side of Kelambakkam is the East Coast Road (ECR). After Sholinganallur, it is the second junction where the Grand Southern Trunk (GST) road and ECR intersects the OMR. The nearest railway station is the Tambaram railway station, located about 26 km away, while the Chennai International airport is located about 32 km away.
Infrastructure
Kelambakkam is renowned for its social and physical infrastructure. Some of the reputed schools in the area are Bhuvana Krishnan School, St. Mary’s Matriculation Secondary School, Govt. Higher Secondary School etc. There are also many prestigious colleges like Chettinad Dental College, Prof. Dhanapalan college of Arts & Science etc. Some of the important hospitals in the area are Chettinad Hospital and Research Institute, Chettinad Health City etc. There are also many religious institutions in the area like Christ The Redeemer Church. Besides, there are many shopping centers, restaurants, banks and entertainment facilities in the area. Moreover, the Muttukadu backwaters also borders the area.
Proximity to IT parks and companies
Kelambakkam is also renowned for its proximity to various IT parks and IT companies. Some of the prestigious IT parks in the vicinity are KRISP IT Park, SIPCOT IT Park etc. Incidentally, SIPCOT IT Park is one of the largest IT parks in Asia, located about 8 km from Kelambakkam along the OMR. Further, there are many IT companies that are housed in the vicinity particularly along the OMR. This has led to an increased demand for residential property by the IT professionals.
Wide array of residential options
Many renowned developers have either completed or are coming up with many prestigious residential projects in the area. Some of the important completed apartment projects in the area are Gold City Apartments by Mohan Mutha Infrastructure, Lotus Pond by Vijay Shanthi Builders, Ramky Elysium by Ramky Wavoo Developers, Shri Janani Vaidoorium by Shri Janani Developers etc. Some of the ongoing projects are Purva Swanlake by Puravankara Projects, Vishwakarma Apartments by Shri Prithiyangira Structures, Vasavi Anicham by Vasavi Housing, Prabhavathi Cascade by Prabhavadi Builders etc.
Prices and appreciation
Most of the residential units in the area are either 2 or 3 BHK apartments or villas. The current average price for residential apartments in the area is about Rs.3,390 per sq. ft., with a depreciation of about 6% compared to the previous quarter and a similar trend being followed in the last two quarters. It is due to this fall in prices of residential property in recent times that the area has become more appealing to many investors and end-users. The average rentals in the area is about Rs.10 per sq. ft.
Future Prospects
Due to the proximity of the area to many IT parks and IT companies, there is bound to be considerable demand for residential units in future. Moreover, the fall in prices for residential property in the recent past could also attract many prospective clients, particularly from the IT sector. This presents a lucrative opportunity for developers to embark on residential projects to cater to the increasing demand for residences here. The area is also appealing for end users due to the affordability coupled with good connectivity and infrastructure facilities. Investors can also expect healthy returns on their investment in future due to the attractive prospects that the area presents.
