North Chennai is the best place to look for apartments in Chennai

Northern part of Chennai is where the real estate market of the city is growing. Here is a look at two micro markets located in this part of the city.

Avadi

The going rate for apartments in Chennai located in Avadi stands at INR 3400 per square feet on average. This was a drop of about 10% when compared to the previous quarter when the prices stood at INR 3700 per square feet on average. In the third quarter of 2013 the going rate for apartments here INR 3900 per square feet which was an increase of about 9% when compared to the second quarter. The last quarter of the year saw a drop in prices where the prices stood at INR 3100. This was a drop of 19% when compared to the previous quarter. The going rate for properties in Chennai such as individual homes and villas located in this micro market stands at INR 5200 per square feet on average. A year ago the going rate for these properties stood at INR 4800 per square feet on average.

2 BHKs are the most sought after apartment configuration in this micro market. This is followed 1 and 3 BHKs. Buyers mostly prefer to spend anywhere between INR 10 to 20 lakhs on properties in Chennai located in this micro market. This is followed by the INR 20 to 30 lakhs range. Buyers are willing to spend an amount which is equal to INR 2000 per square feet. This is followed by the INR 2001 and 2500 per square feet. The most preferred unit size for apartments here falls between 751 and 1000 square feet.

Ambattur

The going rate for individual house for salein Chennai located in Ambattur stands at INR 5500 per square feet on average. This was an increase of about 16% when compared to the previous quarter when the prices stood at INR 4700 per square feet on average. In the third quarter of 2013 the going rate for apartments here INR 4300 per square feet which was a drop of about 6% when compared to the second quarter. The last quarter of the year saw a drop in prices where the prices stood at INR 6000. This was a tremendous increase of 40% when compared to the previous quarter. The going rate for properties in Chennai such as individual homes and villas located in this micro market stands at INR 5300 per square feet on average. A year ago the going rate for these properties stood at INR 4200 per square feet on average.

2 BHKs are the most sought after apartment configuration in this micro market. This is followed 1 and 3 BHKs. Buyers mostly prefer to spend anywhere between INR 20 to 30 lakhs on propertiesin Chennai located in this micro market. This is followed by the INR 10 to 20 lakhs range. Buyers are willing to spend an amount which is equal to INR 2000 per square feet. This is followed by the INR 3501 and 4000 per square feet. The most preferred unit size for apartments here falls between 751 and 1000 square feet.

Why should you invest in Kelambakkam

OMR has always been one of the most popular locality for investment in the city. The thriving IT sector had paved way for a real estate wave that took the region by storm and things have ever since been on the right track. This IT corridor has been instrumental in many a development activities in the region and it had opened a whole new suburban market in the city. With a number of IT Parks planned in the city and in and around this region created employment opportunities here, this eventually led to a fleeting population looking for residential real estate in the region. Apartment from investors from the city, the market also opened up to a huge potential rental market. Since then the price of properties in the region has only gone up. SIPCOT, the prime state owned IT Park and regions around it have enjoyed the many benefits of being in such a location. In spite of distance from the city the region still enjoys high real estate prices in localities such as Kelambakkam. “OMR boasts proximity to IT corridor of the city, while Kelambakkam is a connecting junction between East Coast Road and Vandalur Kelambakkam Road and connects to the nearest IT corridor at a distance of 8km,” says Vishesh Rana of Srishti Property Solutions to Times of India. 

“Some of the localities in South Chennai witnessed price fall because of mismatch in demand and supply. Majority of the demand is for multi-storey apartments. However, builders are coming up with single-floor units that are expensive and do not offer amenities and features that buyers aspire for,” says Swamy Nath, a local broker to the Times of India.

Inspite of the many drawbacks like distance and slow moving market recently, OMR stills tops the chart in terms of the real estate market. Kelambakkam surely has stood out as a price investment option if you are looking to buy apartments in Chennai for purely investment purpose. Let’s elaborate on the many reasons why one should choose to invest in properties in Kelambakkam:

• Kelambakkam shares close proximity to SIPCOT- one of the largest IT Parks in Chennai today. This state owned IT/ITes Park has a number of multinational companies operating from there and looking at residential accommodation to support their staff.

• Distance of this office space from the city has forced many IT employees to look for properties in the locality itself. Travelling to and fro to the city centre is not a feasible option for anyone. Therefore most of them prefer renting or buying properties in Kelambakkam.

• The area has new and recent developments. Everything around the locality is very brand new. There are a number of gated communities that offer of the facilities within its compound and hence one doesn’t have to move out of the locality.

• The locality is also close to the entertainment and recreation corridor of East Coast Road offering good entertainment and recreational facilities for its residents

• For investors this area poses a great opportunity to earn good and steady rental income. And one ones looking to reside in Kelambakkam, you can invest in individual house for sale in chennai here for almost half the cost in comparision to the city.

Why you should think about investing in micro markets in GST Road

Perungalathur
A property in Chennai such as an individual house located in this micro market can cost about INR 4400 per square feet on average. About a year ago the going rate for this property type stood at INR 5900 per square feet on average. This is a drop of about 25% over the last year. 

The going rate for apartments here between April and June 2014 stood at INR 4100 per square on average. This was a drop of about 1% when compared to the previous quarter when the prices stood at INR 4200 per square feet on average. In the 2nd quarter of the year 2013 the asking price for apartments here stood at INR 3900 per square feet on average which was a drop of about 4% when compared to the previous quarter. In the third quarter the prices went up by about 2% and stood at INR 4000 per square feet on average.

Guduvanchery
A property in Chennai such as an individual house located in this micro market can cost about INR 4400 per square feet on average. About a year ago the going rate for this property type stood at INR 4600 per square feet on average. This is a drop of about 5% over the last year. 

If you are looking for property in Chennai then Guduvanchery is one of the best places to begin at for affordable ones. The going rate for apartments here between April and June 2014 stood at INR 3200 per square on average. This was a drop of about 7% when compared to the previous quarter when the prices stood at INR 3500 per square feet on average. In the 2nd quarter of the year 2013 the asking price for apartments here stood at INR 3600 per square feet on average which was an increase of about 10% when compared to the previous quarter. In the third quarter the prices took a dip of about 13% and stood at INR 3100 per square feet on average.

Vandalur
A property in Chennai such as an individual house located in this micro market can cost about INR 3600 per square feet on average. About a year ago the going rate for this property type stood at INR 5900 per square feet on average. This is a drop of about 39% over the last year. 

The going rate for apartments in chennai here between April and June 2014 stood at INR 4000 per square on average. This was a drop of about 6% when compared to the previous quarter when the prices stood at INR 4200 per square feet on average. In the 2nd quarter of the year 2013 the asking price for apartments here stood at INR 4000 per square feet on average which was an increase of about 8% when compared to the previous quarter. In the third quarter the prices went up by about 12% and stood at INR 4500 per square feet on average. Looking at the price trends in this micro market, Vandalur is also another place that should be on your radar if you are looking to buy flats to buy in Chennai.