Chennai has carved a niche for itself on the realty map of India as one of the most expensive markets. In August 2020, the average property price in the city stood at Rs 4,595 per sq. ft. So, we decided to dig deep into our data and find the top five premium localities in the city.
However, when our data analyst, Ganapathy Subramanian, started analysing the data, localities like Boat Club, Poes Garden, Adyar, and Besant Nagar started to pop-up due to their high per sq. ft. rate. While these, definitely, are some of the premium localities in the city, there are not enough properties available for sale here.
Hence, we tweaked our algorithm a bit to look for premium localities that are not a part of Central Chennai and have a decent number of properties available for sale. And here we are with our list of the top five premium localities in Chennai. Take a look.
Anna Nagar
On the first spot, we have Anna Nagar.
The story of Anna Nagar dates back to the 1960s. Back then, it was a tranquil suburban village named Naduvakkarai dotted with emerald paddy fields. After the World Trade Fair in 1968, the Tamil Nadu Housing Board began taking an interest in the development of this locality. And in the early 1970s, Anna Nagar was developed. Soon, the board developed residential plots, apartments, commercial complexes, and parks. Today, it is one of the posh localities in the city.
Located in north-west Chennai, it is the first and the only township in Chennai to follow a standard addressing system followed in the western world. Roads going from east to west have even numbers, while those going from north to south have odd numbers.
Anna Nagar scores high on accessibility quotient as it boasts of two bus termini – Anna Nagar East and Anna Nagar West. It is also connected by the metro.
The locality has a robust social infrastructure with prestigious schools and colleges, hospitals, and retail establishments.
The ongoing per sq. ft. rate in Anna Nagar is Rs 11,454. In terms of property type, apartments dominate the property spectrum with 98%, followed by villas and plots with 1% each.
Pallikaranai
Pallikaranai secured the second spot.
Located in South Chennai, Pallikaranai is another most coveted pin codes in the city. Boasting of one of the biggest wetlands in southern India, the area is a reserve forest and currently falls under the purview of the forest department of Tambaram range.
Velachery surrounds the locality in the North, Medavakkam in the South, Kovilambakkam in the West and Thuraipakkam in the East.
Due to its proximity to the OMR and GST, in terms of location, Pallikaranai offers the best of both worlds. Being strategically located, Pallikarani enjoys good accessibility to major parts of the city.
The nearest MRTS station is Velachery, which is about 6.3 km away. Velachery-Tambaram Main Road and the Pallavaram-Thoraipakkam Radial Road are two major roads in the locality.
The real estate growth story of Pallikaranai has been a simple one with IT-ITeS as a major catalyst. And as Pallikaranai became a part of the Chennai Corporation, further development ensued.
Being a well-developed locality, it does not disappoint on the liveability front as well.
The current per sq. ft. rate is Rs 5,350. In terms of property type, apartments dominate with 92%, followed by villas with 8%.
Porur
Porur clocked the third spot on our list of the top five premium localities in Chennai.
Strategically located on the Mount-Poonamallee Road, Porur is a suburb known for its chemical industries and manufacturing plants. Believed to have existed in ancient Pallava times, this south-western area has a historical appeal to it. In 2011, it was included in the city limits. This inclusion marked the growth of Porur, partly due to city expansion, and partly due to its strategic location.
Enveloped by Pallavaram Hills, the area offers scenic beauty to its residents. From eminent schools to hospitals to famous vegetable markets to banks, everything is just around the corner.
Porur is well-connected with important areas like Nungambakkam and Guindy via Arcot Road and Mount Poonamallee Road respectively. Further, the Kundrathur Road connects it with the temple town of Kundrathur. The Chennai International Airport is just 12km away from here.
The ongoing per sq. ft. rate in Porur is Rs 5,215. Like most of the other developed markets in the city, the skyline of Porur is also dotted with apartment complexes. According to RoofandFloor research, apartments have about 87% share in the locality, followed by villas with 10% and plots with 3%.
Chromepet
Next, we have Chromepet.
In 1912, Alexander Chambers, a European merchant, established The Chrome Leather Company in the locality. This is how the area got its name.
Strategically located, it enjoys excellent connectivity to other parts of the city. In addition to city buses, it is also served by the Chromepet railway station of the Chennai Suburban Railway Network.
A prestigious locality, it houses several eminent schools and colleges, hospitals, restaurants, and entertainment centres. It is also home to the famous Madras Institute of Technology and Chromepet Cultural Academy.
The current per sq. ft. rate in Chromepet is Rs 5,085. In terms of property type, apartments have majority share with 93%, followed by villas with 7% share.
Sholinganallur
On the last spot, we have Sholinganallur.
The growth of Sholinganallur is primarily driven by the IT-ITeS parks, making it one of the fastest-growing suburbs in the city.
A buzzing tech hub, it is home to giants like Wipro, TCS, Cognizant, Tech Mahindra, HCL, among others.
Strategically located at the junction connecting Tambaram and East Coast Road (ECR) and Adyar along the OMR, it enjoys good connectivity to other parts of the city. Accessibility to Sholinganallur will further get a shot in the arm with the upcoming phase II of the Chennai metro rail.
The ongoing per sq. ft. rate in Sholinganallur is Rs 5,058. Like other southern localities, apartments here have majority share with 87%, followed by villas and plots with 7% and 6% respectively.