Investing in Pallavaram, Chennai A Good Bet For Real Estate
Chennai, in the state of Tamil Nadu, is one of the biggest economic, cultural and educational centers in Southern India. Equally, the high rate of quality of living, strong heritage and cultural influences and musical tradition make it a one-of-a-kind city. Also, the revolution in the information technology sector has brought an influx of professionals from different parts of the globe and boosted the demand for quality living in Chennai. This demand has changed the real estate landscape of the city. In recent years, many investors have begun focusing on the developments in Pallavaram and its arterial lifeline the Pallavaram-Thoraipakkam 200-feet radial road. Several reputed companies have apartment complexes coming up in this area, offering a plethora of options to the investors. Further readout to know more about investing in Pallavaram, Chennai a good bet for real estate…
Pallavaram, Chennai - Best Place To Invest
Connectivity
17 km away from the heart of Chennai, Pallavaram holds a good affinity to IT corridors Shollinganallur and Thoraipakkam. The road is also strategically located and traffic is not an issue on the road as there is hardly any congestion.
Price factor
The land prices in this area are low! A good property/asset here costs anywhere between 50-60 lakhs, a fraction of what it would cost in many other units of the city. The 2BHK units are gaining the pinnacle demand, as the most preferred budget range happens to be Rs 35-Rs 50 lakh. Besides, Pallavaram is only 7 kilometers from the airport and about 12 kilometers from the city. It's not a remote location anymore.
Social infrastructure
Coming to social infrastructure, Pallavaram has developed a lot over the years. Many good schools, colleges, and commercial establishments are all located close by. Equally, it’s an ideal place for people working in the IT industry who prefer to be situated close to their area of work. People working in a company like CTS need not even spend thirty minutes traveling to and fro their workplace. Pallavaram is also a good bet for people working in the auto industry. GST road is the hub of Chennai's automobile industry.
Development
More than half of the real estate absorption in the city is mainly focused along the Guindy micro-market, closer to Pallavaram and the Old Mahabalipuram Road (OMR). Areas in the vicinity of Pallavaram are promising fast growth, owing to the continued demand for office space, transportation and social infrastructure in the years to come.
Rental market
With rental values inching up on a regular basis, the rental requirements are gaining speed in Pallavaram. The rental values for apartments range have reached up to Rs 15/-Rs 20/- per sq ft-per month, as the single IT professionals are mostly driving the rental market here.
New residential projects
Chennai’s residential market has validated the launch of nearly 5,300 residential units, depicting a rise of 19 percent from 2016. This momentum of the residential properties in the locality has caught the investors’ consideration as these localities are high on yielding good returns on investments - proving to be a good bet for investors. Several well-known builders are making a mark in Pallavaram by offering 2 and 3BHK residential units. These new projects have solid footings in terms of structure, easy payment facilities and amenities like swimming pools, children’s parks, gymnasiums, etc.
Conclusion
Pallavaram is one of the growing hotspots for investment in Chennai, which is getting populated over the years owing to major developments within the area. Thus, it’s a great investment standpoint, providing greater investment opportunity to the buyers...
