The recent boom in IT all over the country have had a ripple effect on many small districts and suburban towns of major cities. The erstwhile village of Perungudi is one such district, which has rapidly developed into a flourishing neighbourhood becoming a seat for residential and commercial activity.
This locality is flanked by the important Old Mahabalipuram Road (OMR) on one side, and the Perungudi Lake on the other. It is enveloped by Thoraipakkam to its south and Palavakkam to its east. To the west of Perungudi lies natural landscapes, ranging from marshes and paddy fields to barren excavated lands.
Perungudi’s strategic location on the OMR has proved to be an impetus for its growth. OMR’s growing reputation as a major IT corridor in Chennai has led to the movement of a horde of young working professionals towards Perungudi in search of housing units. With factors like well-developed social and civic infrastructure, proximity to IT hubs, and seamless connectivity, Perungudi has proved to be an ideal destination for the end-user.
To cater to the growing population, investors and builders have developed many residential projects, ranging from 2BHK apartments to lavish and luxurious villas. These projects are priced affordably and are targeted towards mid-level IT professionals. Well known residential projects in the area include Shruthi Lakshmi Apartments by Chitra Constructions, Praveen Manor by Agni Estates and Foundations, and Hexagon Apartments by Stone Bridge Promoters.
The robust social infrastructure has helped the real estate market in this locality to grow over the last couple of years. The area boasts of providing all kinds of common amenities and services, such as restaurants, entertainment zones, banks and ATMs, departmental stores, fitness centres, shopping malls, medical centres, hospitals, and schools.
Three of Chennai’s most reputed schools, BYM Global School, APL Global School, and Abacus Montessori School, are located in Perungudi. The closest hospitals to this locality are Lifeline Hospital, CM Hospital, and Shri Annai Hospital.
Key Projects in Perungudi :
Connectivity and Transit Points
Strategically located on the OMR, Perungudi lies within a 5km radius from the likes of Velachery and Thiruvanmiyur, with all three serving as major IT corridors in the city. The famous town centre of Adyar is located 10km away from this locality.
Sholinganallur, recognised as a SEZ, is home to many national and international companies and lies 7.7km away from Perungudi. Professionals residing in Perungudi can commute to and fro quite easily, as it takes only 15 minutes to reach this place via OMR.
Perungudi serves as a station in the second phase of the Chennai MRTS (Mass Rapid Transit System), catering to the localities of Indira Nagar, Park Avenue, and Tansi Nagar. The MRTS has improved transit access in the city, making it easy to commute from one end to another. The Perungudi line stretches from Taramani to Velachery.
The local MTC buses ply from the Perungudi Bus Stop, connecting this area to transit points like Saidapet, Adyar, and Thiruvanmiyur. New bus services to areas like Tambaram, Kannagi Nagar, Kelambakkam, Royapettah, and Marina, have recently become operational.
The primary railway station, Chennai Central, lies at a distance of 16km, and can be reached within 40-45 minutes. Chennai International Airport is situated 17km away. Both these places can be accessed using public as well as private transport services such as buses, auto-rickshaws, or taxis.
â— Perungudi Lake
â— Gangai Amman Koil
â— RMZ Millenia Business Park
â— St. Puse Church
â— Kallukuttai Lake
â— Society of the Redeemer Church
â— Sri Siva Temple
â— Venugopal Cinema
Factors for Growth in the Past
Perungudi was once an uncultivated piece of marshy land, lying to the south of Chennai. The recent growth in IT all across the country, combined with the establishment of many influential MNCs across the city led to heightened developmental activities in this locality. Perungudi’s favourable location and proximity to the IT corridors of Velachery, and OMR, has been instrumental in its growth.
Residential and Commercial Market
Residential Market Trends
The real estate market in Perungudi has increased by tenfold ever since the IT sector bloomed in Chennai. Most properties here are multi-storey apartments and large gated communities, providing residents with state-of-the-art amenities.
The current price trend for multi-storey apartments in Perungudi range from Rs 4,000 per sq. ft. to Rs 7,650 per sq. ft. Flats in this area typically cost between Rs 35 - 70 lakh.
In terms of rent, 2 BHK unit may cost anywhere between Rs 13,500 - 15,000 per month, and a typical 3 BHK unit may cost anywhere between Rs 15,000 - 30,000 per month, at Rs 10 per sq. ft. to Rs 15 per sq. ft.
Commercial Market Trends
The suburban micro-market of Perungudi has witnessed appreciation in demand for commercial space over the past few years. Renting office space typically ranges from Rs 28,000 per month to Rs 10 lakh per month.
Despite significant infrastructural and real estate growth in this area, this locality lacks basic civic amenities such as underwater storm drainage systems, waste segregation and disposal, piped potable water, and smooth roads. Garbage is heaped in piles in street corners, and is left to rot. Choked drains dot the area, with sewage flowing openly.
Factors for Growth in the Future
There are many residential projects in the pipeline, and these are expected to be completed by early 2015. These residential projects come under the banner of many reputed contractors such as Landmark Constructions Ltd., JBM Shelters Private Ltd., Doshi Housing Ltd., Heritage Property Development Company Ltd., and the Plaza Group. With the rising demand for housing units, as well as the appreciating property values, this increase in residential projects is going to stimulate the growth of Perungudi.
The CMDA has finally approved the construction of the Chennai Monorail System, which is expected to ply from Parrys Corner to Nungambakkam, covering at least 34 localities in the city including Perungudi. This elevated monorail will effectively help to cut short travel time and ease traffic congestion, increasing accessibility and connectivity.