Chennai’s real estate market has seen a lot of growth in recent years. Due to many infrastructural developments in various areas and the presence of many IT companies and educational institutions, Chennai has become a hot favourite real estate investment destination for home buyers. With top real estate developers foraying into the housing sector of Chennai, a home buyer can get a good property in any of the posh areas which are close to city center too.
So to ease your house hunt, here is the list of top three costliest and best residential localities of Chennai:
One of the busiest commercial localities in the city of Chennai, Teynampet major residential areas includes Gopalapuram, Poes road, Poes Garden, Seethamal Colony, Vellala Teynampet, and Ellaiyamman colony.
While Gopalapuram houses the residences of DMK Chief and former Tamil Nadu Chief Minister M Karunanidhi, Poes Garden is home to two of the most celebrated houses; residences of the late Tamil Nadu Chief Minister and AIADMK Chief J. Jayalalithaa and Cine actor Super Star Rajinikanth
Many upscale hotels like Hyatt Regency and Marriott Courtyard also falls in this region. Several reputed schools also fall in this area. In terms of connectivity, Chennai central railway station is just 7.9 km away while the airport is roughly 13.5 kilometers from here.
Because of its thriving neighbourhood, Teynampet real estate is sought-after among home seekers. One has the option to choose from 2, 3, 4 and 5 BHK apartments, size of whose ranges from 606 to 5,225 sq ft. In the last five years, property prices have seen a massive rise of 120 percent, from Rs 14,400 per sqft in 2013 to Rs 32,000 per sqft in 2018. Spacious units with all the luxury facilities come at a cost between 7 crores and 15 crores.
Falling in the center of the city, Alwarpet is another luxurious locality of Chennai. The area is home to famous personalities like M. K. Stalin, Kamal Hassan and house of Sir C. V. Raman, the famous Indian Physicist and Nobel Prize winner. Some of the famous schools like MCTM Chidambaram Chettyar International School are also located in the area.
Chennai Railway Station is 9 kilometers via Anna Salai/Tiruchi Highway. The area also enjoys metro connectivity and the nearest Station at a distance of 1 kilometer (via Anna Salai/Tiruchi Highway and Cenotaph 1st Street). International Airport is 12.1 kilometers (via Grand Trunk Road/Tiruchi Highway).
Due to flourishing location and well-built infrastructure, many top realtors like Green Valleys, Constructions, TVH, Casa Grande and Vishranthi Homes have marked their feet in the area. Alwarpet has seen a 30 % rise in the property prices in last 5 years. The average price of an apartment in the area is Rs. 19,000 per sq. ft., the minimum price is Rs. 15,000 per sq. ft. and the maximum price is Rs. 23,000 per sq. ft. with unit sizes ranging from 1,333 sq. ft. to 3,000 sq.ft. A home buyer can get a 2, 3, 4 and 5 BHK luxury or ultra-luxury apartment in the price range of 4 to 7 crore.
Raja Annamalai Puram
Popularly known as R. A. Puram, the area today extends along the northern banks of the Adyar River from Saidapet to the Bay of Bengal coast.
Raja Annamalai Puram is well connected to other regions of the cities via various transport facilities. Guindy Railway Station is located at a distance of 7.4 kilometers via Sardar Patel Road and the Metro Station is 3.2 kilometers drive via Chamiers Road. Chennai International airport is 13.8 kilometers away via Trunk Road/Tiruchi Highway.
Many renowned schools, malls, and hospitals are located in the area. Also, due to the presence of various IT and automobile companies, the real estate market has seen a lot of growth at a fast rate.
Realtors who invested in the area include Real Value Promoters, Shreenivas Housing, ETA Star, Oyester Homes, Swathi Builders and Navin Housing. High rises, located in R. A. Puram offers 2, 3, 4, 5 and 6BHK spacious and luxurious residential units. The average property price is Rs 20,100 sqft. Based on the configuration of the units, an apartment can cost between 2 crores to 15 crore to a home buyer.