According to a recent study by Candy GPS Report, Chennai is one of the top real estate destinations in the world. Now ranked the 9th in the list of the world’s best cosmopolitan cities, it is morphing into a realtor’s dream metro, with its immense infrastructural growth.
The last couple of years however, have seen some upheavals in the real estate market in Chennai. People put their home buying plans on hold, driven by fears of a slowdown. Unattractive property prices and home loan interest rates were significant concerns in the city that has been a primarily end-user driven market.
The tide, however, has turned for Chennai. Interest rates on home loans have been reduced to as low as 8.5% and with growing infrastructure enhancing connectivity, the future of Chennai’s real estate market is certainly looking up.
Among the localities in Chennai, Avadi has been rated the best place to invest in. Located closer to growing commercial and industrial areas like Ambattur, Anna Nagar, Thirumangalam, etc, properties on the Avadi Main Road covering places like Paruthipattu are selling extremely well.
Public transport is rapidly gaining momentum in the area located at a driving distance of less than 15 to 20 km from places like Anna Nagar, Nungambakkam, etc.
A lot of prominent builders have chosen this area to build multi-storied gated communities. A sizeable number of schools and colleges in the vicinity and spaces allocated for malls etc., makes this area a good option to invest in.
Look at some of the benefits of investing in areas like Poonamalle Avadi Road(PAR), Paruthipattu, Avadi.
Proximity to railway & bus stations: Avadi railway station is less than a km away from the PAR.
Affordability: It is much more affordable than any other comparative localities with land rates hovering around Rs 3500/sqft.
Surrounded by all major amenities: Education is a breeze for school children residing in PAR, with 3 schools within a 1 km radius and a further 4 schools within a 3km radius. There are major super markets and the Avadi market within a 3km radius of PAR.
Easy access to major IT companies: You can easily access the Ambit & Indiabulls IT Park and the DLF IT Park from PAR.
So, it is no wonder that land prices are rising faster in Avadi as compared to any other locality in Chennai. In fact, a comparison of land price movements between Avadi and Mogappair, another prominent locality in Chennai showed that Avadi land prices had gone up 23% from Rs2800/sqft in 2014 to Rs 3450/sqft in 2016. Compare this to the growth of prices in Mogappair which stood at 12.5% from Rs6050/sqft in 2014 to Rs6800/sqft in 2016.
The market potential can be assessed by the fact that leading builders like Pragnya(since 2003), with an enviable track record of close to 15 million sqft of development under their belt, have shown interest and have heavily invested in projects like Hazel apartments on PAR.
Investing in Avadi makes a lot of sense for all of the above reasons. Is it any surprise that it has been rated as the best place to invest in Chennai by CREDAI?