Sholinganallur: An emerging residential hub in Chennai
Sholinganallur, located about 20 km south of the heart of Chennai along the Old Mahabalipuram Road (OMR), is fast developing as a prominent residential destination on the outskirts of the city. The area rose to prominence following the approval given by the Tamil Nadu Chief Minister, in October, 2013, for the construction of about 1,500 flats here using pre-fab technology. A total of about Rs.591.5 crore was released for this purpose with aid from the Tamil Nadu Housing Board. Various other factors such as connectivity, infrastructure and its proximity to IT companies has further enhanced its appeal as a residential destination.
Connectivity
Sholinganallur offers excellent connectivity to the neighbouring areas in the vicinity as well as around the city. Its strategic location on the OMR, which extends to the Rajiv Gandhi Expressway, facilitates excellent connectivity across the city. The East Coast Road (ECR) link road, lying perpendicular to the OMR road criss-crosses it at Sholinganallur, eventually being linked to the ECR on the eastern side. The Grand Southern Trunk (GST) road is located on the western side of Sholinganallur, which extends to the south as the Chennai-Tiruchi highway and to the north as the Chennai-Nagapattinam highway. The nearest railway station is the Tambaram railway station, located about 16 km while the Chennai International airport is located about 21 km away.
Infrastructure
The social and physical infrastructure in the area is worth mentioning. There are many reputed educational institutions in the area like Gateway school, Sacred Heart Matriculation Secondary school, Elen Sharma Memo Metric high school etc. Some of the important hospitals in the area are Global hospital, Chettinad hospital etc. Many religious institutions like the Infant Jesus church, HMPA church, Sri Subramanya temple, Sri Pratyangira Devi temple etc. are also located here. Besides, the area is also renowned for its restaurants, shopping centers, entertainment facilities, banks, water bodies, parks etc.
Proximity to IT companies
The area is also renowned for housing many reputed companies like TCS, Wipro, Infosys, HCL, Zylog Systems etc. Due to this, the area is preferred as a residential destination by IT professionals working in these companies. There are many who have invested in residential property here which is rented out to IT professionals at high rentals.
Prices and appreciation:
Most of the residential apartments in the area are either 2 or 3 BHK units. The current average price of residential apartments in Sholinganallur is about Rs. 4,820 per sq. ft. with an appreciation of about 5% compared to about a year back. The average rental in the area is about Rs.20 per sq. ft. with an appreciation of about 18% compared to the previous quarter. Some of the prominent upcoming residential projects in the area are Deccan Bay View by Deccan Estates, Royal Splendour Arcadia by Royal Splendour Developers, The Central Park Heights by Lancor Holdings Ltd, BBCL Sampoorna by Bharat Building Construction Pvt Ltd, Adroit Artistica by Adroit Urban Developers Pvt Ltd. etc.
Future Prospects
Due to the area housing many renowned IT companies, there would be considerable demand for residential apartments especially from IT professionals working here. Besides, the area also offers good connectivity and infrastructural facilities. Hence, the demand for residential units in the area is likely to rise in future. This presents an ideal opportunity for developers to embark on residential projects so as to cater to the burgeoning IT clientele.
