The real estate and IT industries have had a deep connection since the past couple of decades. For the longest time, metro cities down South like Bangalore, Hyderabad, and Chennai had remained below the buzz and chaos of cities like Delhi and Mumbai. They were always seen as places to retire in with their quiet bylanes, and unspoilt culture and traditions.
But today they speak a different story. A recent study by property consultant firm ANAROCK points out that these three cities together have seen a 77% increase in the supply of new housing in 2018 alone with Chennai leading the pack with a whopping 98% increase.
Except for a slump in 2017-18 due to multiple factors like the floods, demonetisation, and the introduction of RERA and GST, Chennai has been exceptionally resilient, continuously propelled forward by the cracking whip of the IT sector. The result is that over the past few years, neighbourhoods that were once villages or farmland have shapeshifted into hot micro-markets for property investors.
In this special post, we explore three of the upcoming areas – Pallavaram, Pammal, and Anakathupur – and see what makes them strong areas for property investment.
Pallavaram
Originally known as Pallavapuram, Pallavaram has the distinction of being one of the oldest townships in South India, existing since the Paleolithic Age and its current name can be traced back to the Pallava dynasty, which had settlements here.
Today, Pallavaram is an attractive destination that holds excellent long-term potential for property investors. The rush of IT companies setting up shop here ensures unrelenting demand for office space, which is concomitant with the need for housing. Accordingly, social infrastructure and connectivity have grown around the area making it viable for both residential as well as commercial investment.
Pallavaram has excellent connectivity to Chennai, which is about 17km away, and to other areas due to the presence of the Outer Ring Road, the Pallavaram-Thoraipakkam Road, and the Trichy-Chennai Highway in its proximity. It is also well connected to the Old Mahabalipuram Road, Grand Southern Trunk Road, and the East Coast Road while the international airport is only 4km away.
Tambaram and Pallavaram bus stands are easily accessible as are the railway stations. Also in the vicinity are St Thomas Mount and Alandur metro stations. Pallavaram is also very close to other upcoming as well as mature neighbourhoods like Medavakkam, Madipakkam, Velachery, and Nanganallur, making it suitable for families and young professionals alike.
Employment opportunities are many with companies like Cognizant, Concentrix, Atos India, and others having their presence here. IT parks like the Olympia Tech Park, MPL Silicon Towers, the Chennai Trade Centre, and SIDCO Industrial Estate are all located within a radius of 10km. There is also a flyover that connects Pallavaram to IT hubs like Velachery and Thoraipakkam, which is a boon to professionals who work there but reside in Pallavaram.
With the newly announced International Tech Park by the Ascendas-Singbridge Group on the Pallavaram-Thoraipakkam Road, the value of property in Pallavaram is only going to increase steadily.
With development happening at such a rapid rate, there is no shortage of social infrastructure in Pallavaram. The area has educational institutions like Loyola Matriculation Higher Secondary School, Vel’s Vidyashram Senior Secondary School, and Narayana E Techno School among others. Leading hospitals in the area include Chennai Krishna hospital, Hindu Mission Health Services, and Shadithya hospital among others.
One of the most attractive features of Pallavaram is its affordability with current prices ranging between Rs 3,146-7,188 per sq. ft. The area also offers a good choice of housing like Alliance Galleria Residences, Olympia Grande, and Agni Pelican Heights which have 1 to 3BHK apartments on offer and prices ranging from Rs 51 Lakh to 1.01 Crores.
Anakaputhur
The name Anakaputhur is synonymous with weaving, a craft that began developing more than a 50 or 60 years ago. It was mainly known for making the ‘Real Madras Handkerchief’, the colourful checked lungis that were popular enough to be exported to various countries. Anakaputhur is located along the banks of the Adyar river and is still a weaving village at its heart even though its landscape is rapidly changing.
The influx of migrants seeking jobs and the growth of neighbouring areas like Pallavaram and Adyar have made Anakaputhur into a prime area for affordable property investment.
One of its most significant advantages is its connectivity to Chennai, and other sought-after areas like Tambaram, Poonamallee, Adyar, Avadi, and Kundrathur among others. It is 3km away from Pallavaram railway station as is the international airport. Professionals who are employed in the plethora of IT parks and other companies in the areas mentioned above find it convenient to travel to and reside in Anakaputhur, which has boosted the value of this once sleepy weaving village.
Although still developing, Anakaputhur has its social infrastructure in place with educational institutions like Sri Raghavendra Matriculation School and Shine Teresa Matriculation School and healthcare facilities like Sree Balaji Urban Health Centre.
Property rates in Anakaputhur currently range between Rs 2,440 – 4705 per sq. ft. There are many housing options to be had with apartment complexes like Crest Elite, Kamala Gardens, and Asset Grace ATH which have 1 – 3BHK apartments and fall between Rs 15 Lakh and Rs 56 Lakh.
Pammal
Pammal is yet another area that lies close to Anakaputhur and Pallavaram that has found itself being swept along the tides of rapid progress. Located right next to Pallavaram, Pammal is famous for its waste management initiative which was set in motion as far back as 1994 when a group of women formed an association to rescue Pammal’s clogged drains.
What started as a small movement confined to a neighbourhood within Pammal grew to a large project later funded by PepsiCo. Today, Pammal’s highly successful solid waste management project has been replicated in other localities like Cuddalore and Nagapattinam.
In addition to having such a well-planned civic infrastructure, Pammal’s biggest advantage is its location. Commuters who work in neighbouring Pallavaram and other localities will find it easy with the train station located 1.5km away, and the bus stand too within a 2-3km radius. The international airport is only 2.5km away, and Chennai is approximately 20km away.
Pammal has a good social infrastructure in place with educational institutions like Sri Sankara Vidyalaya Matriculation Higher Secondary School, Annai Vailankanni Matriculation Higher Secondary School, and Bon Secours Convent in Pallavaram, and hospitals like Subhikshaa hospital, Sankara Eye Hospital, and BP Jain hospital.
Property prices in Pammal average around Rs 3,500 per sq. ft. Housing options include apartment complexes like ATH Aspire, ATH Star Paradise, and Appaswamy The Bloomingdale consisting of 1, 2, and 3BHK apartments whose prices range between Rs 20 – 70 Lakh.
