With the city expanding at a fast pace, areas such as Medavakkam, Pallikaranai, and Thoraipakkam, are touted to be the upcoming and popular neighborhoods. Located close to OMR, the city’s IT corridor, the areas have seen tremendous realty growth over the last few years. The OMR belt has seen tractions in the recent past, with residential launches along certain stretches of this 26-km road, witnessing good absorption levels.
While infrastructure development has been limited, the primary driver has been the development of huge IT parks and offices that have resulted in employment generation, further enhancing the retail, hospitality sectors.
Offering a mix of projects, the residential markets in these localities are on a high growth trajectory. With increasing land rates, developers are offering mid-segment and luxury residential projects in the Rs. 5,500 to Rs. 8,600 per sq.ft. range, that translate to ticket sizes of Rs. 53 lakh to Rs. 1.35 crore.
Pricing is an important factor that developers keep in mind, says Vineet Relia, MD, SARE Homes. “We need to ensure easy connectivity of projects to commercial complexes, the airport, railway stations, and key arterial roads.” Over 85 per cent of the clientele is from the IT/ITES sector and includes senior management employees, NRIs, and High Net Worth Individuals. Employees from the banking and financing, health and public sector are also keen on investing in these locations.
Infrastructure development is important to sustain the housing demand in these areas. Thoraipakkam has seen large scale housing development activities due to the number of industrial projects in the vicinity. Similarly, Medavakkam and Pallikarnai are witnessing industrial growth, which has led to home buyers exploring these areas.
Some future developments make these areas perfect for steady investment. Three bridges are planned to be constructed across the south Buckingham Canal to improve connectivity between the East Coast Road and OMR. Also, a metro corridor is proposed along OMR and at Medavakkam to boost connectivity and ease of travel. Furthermore, the proposed extension of Pallavaram-Thoraipakkam road up to ECR will provide seamless connectivity for those travelling from ECR to GST Road.
Medavakkam, Pallikaranai, and Thoraipakkam are all set to be the new residential hubs of Chennai. Invest today and enjoy a higher return!