Karapakkam, a developing locality in the southern part of Chennai, gained the title of a potential real estate growth market in the last five years, and has recorded appreciating trends since then.
Karapakkam is situated along the picturesque Old Mahabalipuram Road (OMR), with large water bodies and greenery sprinkled all around the place. It is also enveloped by several IT companies such as Tech Mahindra, Cognizant Technology Solutions, Photon Infotech, among others, making it a hotspot for both residential and commercial properties.
The sturdy social and physical infrastructure at Karapakkam has given a definite boost to its realty market. The area boasts of good schools and colleges, such as Sacred Heart Matriculation School, Ramaniyam Sankara School, National Institute of Management Studies, and Sharmila College of Nursing. In addition to the plethora of education institutions, the area is stacked up with quite a few hospitals like Chettinad Hospital & Research Institute, Sugam Hospital, and Apollo Hospitals.
Apart from the basic educational and hospital facilities, the area also has a myriad of end-user amenities such as restaurants, supermarkets, banks, and entertainment zones. Some of the famous restaurants that form a part of this locality are Gourmand’s Delight, Marrybrown, Pizza Hut, Amma Unavagam, KFC, and The Holy Smoke. One can indulge in some fun activities, like watch movies, dine, and shop at malls like River Side Mall, MK Shopping Center, and the upcoming Marg Junction Mall.
Connectivity and Transit Points
Strategically located along the Old Mahabalipuram Road (OMR), Karapakkam benefits from a smooth connectivity facilitated by Rajiv Gandhi Salai Road. The well developed and maintained road enjoys free flowing traffic, except during peak hours.
The locality is well connected with other areas of Chennai through public transportation, both rail and road. Karapakkam Bus Stop and TCS Bus Stop facilitate easy travel to the IT hubs situated around Karapakkam. The MTC buses that ply through Karapakkam and OMR also connect it to areas like T. Nagar, C. M. B. T., Guindy, Nungambakkam, and many others.
The closest railway stations to Karapakkam are Perungudi Railway Station and Velachery Railway Station, both situated within a 10 km radius. Benefits to travel to other important localities, avoiding the hefty traffic that besets the road of Chennai, can be reaped from these stations, which form a part of Chennai Suburban Railway Network.
However, trains to other cities or states are available from Nungambakkam Railway Station and Egmore Railway Station, which are situated approximately 20km away from Karapakkam. Chennai Central Railway Station is situated approximately 22km from here. Chennai International Airport is 22km away, and can be reached via Tiruchi-Chennai Highway.
● River Side Mall
● Sanmar engineering Technologies
● KCG College of Technology
● TCS ILP Center
● Arvind Theatre
● Amman Temple Pond
● HDFC Bank
● Shoppers Stop
● Da Vinci School of Architecture
● Thangavelu Engineering College
● ISKCON Temple
● Masjidul Anvaar Mosque
● Calvary Community Church
Factors for Growth in the Past
One of the main reasons for growth in the area was its location. Situated ideally on Old Mahabalipuram Road, Karapakkam attracted a lot of investors to explore this picturesque area. The establishment of a multitude of IT Parks in the vicinity, acted as a catalyst in attracting a steady inflow of residential and commercial projects.
The connectivity through Metropolitan Transport Corporation (MTC) and Suburban Railways, further added to its appeal, and roped in the young IT crowd to buy or rent properties in Karapakkam.
The abundant land availability, growing demand for residential properties, and the area’s scenic beauty also enticed builders in starting commercial projects such as restaurants, malls, shopping centres, and theatres here.
Residential and Commercial Market
Residential Market Trends
Given the proximity to several IT parks and SEZs, the dominant property type in Karapakkam is apartments. A wide variety of independent houses can also be found here in reasonable numbers.
The average price for apartments/flats in Karapakkam is Rs 4,700 per sq. ft. However, the average price of independent houses and bungalows in the area surpasses the average price mark of independent houses in Chennai, and sells at an average of Rs 8,200 per sq. ft. The price for residential plots in Karapakkam ranges from Rs 3,100 per sq. ft. to Rs 4,800 per sq. ft.
Commercial Market Trends
Situated amidst IT companies, Karapakkam is primarily a residential locality, so only a small portion of the land forms a part of commercial property. The average price for office spaces and shops in Karapakkam ranges from Rs 5,400 sq. ft. to Rs 12,000 per sq. ft.
One of the main challenges in this locality is erratic piped water supply. The residents are being forced to spend thousands of rupees on tanker water due to reduced water pressure in pipelines.
Sewage and garbage dumping is another major cause of concern in the area. The problem usually arises during the monsoon season, because regular cleaning activity isn’t carried out by the corporation.
Factors for Growth in the Future
The agreement between Shriram Properties and Marg Group to purchase Marg Group’s mixed-use development project Marg Junction, will definitely benefit the developing suburb of Karapakkam. With the construction of Marg Junction Mall, the commercial infrastructure of Karapakkam will see a facelift. Apart from improving the commercial infrastructure in the area, this project will also house serviced residences, business centres, banquet halls, and club-cum-wellness centres. This will definitely paint an improved realty picture of Karapakkam, and attract more investors to the area.
A multitude of ongoing and upcoming residential projects like Lake Front, VJS Rises, Marg Kalpa, Navins Palm Fronds, Romaa Gracia, and Vaikund Sundaram Phase II, will also add to the realty appeal of the area.