Pallavaram in Chennai now witnesses a surge in the property prices. Property prices in the area soar very quickly due to its close connectivity with the IT hubs.
CHENNAI: Pallavaram in Chennai is a place of historical importance. The area is more connected with Pallava dynasty. However that is not what concerns the home buyers of the area. They are worried over the surge in property prices.
Due to many reasons, Pallavaram is one of the most popular residential destinations in Chennai. The area is just 17km away from Chennai city. Moreover it is well-connected to the Thoraipakkam and Shollinganallur, two IT hubs.
Due to its close proximity to these IT corridors, the demand for housing units has increased. There is a hike in property prices in equal proportion to the demand.
Living in Pallavaram means living away from the hustles and bustles of the city. The area is 7-10 km away from the IT hubs. And so it is easier for those IT professionals to stay here and work.
R Ruby Manoharan, Chennai-based Ruby Builders’ CMD, said that the capital value appreciation in the area too have shot up due to the higher demand. He stated that value appreciation has risen, in the past two years, around Rs.2000/sq. ft.
Some of the areas face acute water shortage and so are considered as unfit for residential developments. So there is an acute shortage of residential land parcels. This also fuels the property prices.
2BHK apartments remain the most sought after. Most preferred budget in the area fall between Rs.35 lakh to Rs.50 lakh.
Mr. Manoharan reveals that the area is good for property investments. As the area now enjoys better value appreciation, it remains a good choice for investors, he added.
Pallavaram is likely to be included in the Chennai Municipal corporation limits. If this happens, the property prices will be all the more surging in the area. All these guarantee the investors better returns.