In recent years, the expansion of India’s economic prosperity has been evident in the meteoric rise in demand for real estate. As more and more people get financially empowered, their dreams of being homeowners are being realised faster. Driven by such demand, property developers are pushing the boundaries of urban living further away from the cities into outlying neighbourhoods and towns. Vast tracts of agricultural land or barren land are now prime spots for new real estate.
Perumbakkam in Chennai is one such area that has witnessed a rapid rise in development. This once empty land is currently one of the most sought after areas for young homebuyers. And we think we understand why.
Proximity to OMR/IT Corridor
The rapid expansion of the OMR or IT Corridor has attracted plenty of white-collar IT professionals. With jobs in multi-national companies like Cognizant, Tech Mahindra, Wipro, and others, these young workers have big pockets and big dreams, which has contributed to the availability of a wide range of housing options.
Migration to Chennai
Chennai has seen exponential growth in recent times thanks to the development of a number of IT hubs. It has attracted people from all over India who has found Chennai to be a relatively affordable city. Renting is the preferred option among newcomers to the city as there are tax benefits to be accrued. Renting also offers the most flexibility to young professionals who are more susceptible to frequent changes in a job as well as location. Perumbakkam offers affordability and convenience in one package to non-locals who might struggle with property prices in the heart of the city.
Affordable apartments to luxurious villas
With everyone from managing directors to software engineers who are fresh graduates working in the OMR area, Perumbakkam has everything from budget apartments to high-end, spacious villas. But the properties in Perumbakkam lean more towards mid-range to affordable with prices ranging between Rs 3,500 to Rs 5,000 per sq ft.
Excellent connectivity
In addition to the OMR, Perumbakkam has the advantage of being equidistant from the East Coast Road and the Velachery–Tambaram Road. Bus services are aplenty, and Guindy and Tambaram railways stations are nearby. With a Metro station being planned soon, Perumbakkam is unbeatable when it comes to accessibility.
Social infrastructure and amenities
In a state that is in constant turmoil over water woes, Perumbakkam offers great relief to residents by promising a relatively uninterrupted water supply. Perumbakkam also has many schools, banks, hospitals, and markets making it a lovely area to settle in. The Perumbakkam Lake provides a welcome spot of green in the humid city of Chennai.
Perumbakkam, similar to surrounding areas like Sholinganallur, Sithalapakkam and Medavakkam, is undergoing a complete facelift and is already outscoring many other, more traditional, residential areas in and around Chennai. It might have been just a dot on Chennai‘s map, but it is now occupying a much larger space in the minds of homebuyers in the city.
