Chennai has traditionally been the stronghold of automotive manufacturers earning it the sobriquet, the “Detroit of India.” However, Chennai’s fabric has been changing rapidly to accommodate the influx of IT and financial services companies that are setting up shop here.
The stretch between posh Anna Nagar and the old neighbourhood of Avadi is one of the places where this change is strongly reflected. While Anna Nagar is one of the most sought-after residential areas with prices being some of the highest in the city, Avadi is a smaller, quieter area, which has come into prominence for attracting property investors due to its well-planned social infrastructure among other factors.
With Anna Nagar and Avadi being strong employment and residential hubs it was only a matter of time before other, mostly industrial, areas between them like Ambattur and Oragadam and other smaller neighbourhoods like Padi began to thrive with the demand for property.
In this post, we take a quick look at the remarkable transformation that these areas have seen and compare their feasibility for property investment.
Anna Nagar
Developed by the Tamil Nadu Housing Board (TNHB) in the 1970s, Anna Nagar was initially known as Naduvakkarai and later on as Mullam Village, a name that continues to be used in government records. Due to the interest taken by the TNHB, Anna Nagar grew into a well-planned residential layout with wide roads, adequate infrastructure, and necessary amenities.
Over the years, Anna Nagar, finally named after writer and politician C N Annadurai, developed into a prestigious neighbourhood boasting celebrities as its residents, and sporting several upscale restaurants and pubs attracting a cosmopolitan crowd.
Anna Nagar also has plenty of employment opportunities in its vicinity like Prince Info Park and the Ambattur Industrial Estate, which makes it highly attractive to mid-tier to senior-level employees who would prefer gated communities and villas on the upper end of the price scale. And Anna Nagar has plenty of those with prices ranging between Rs 6,000 and Rs 19,000 per sq. ft.
Ambattur
Ambattur’s status as an industrial centre began when Ivan Stedeford set up Tube Investments in the early 1900s, which later merged with the Murugappa Group. The sprawling Ambattur Industrial Estate, spread over 1,400 acres, was built in the 1960s housing manufacturing plants of companies like Dunlop, TVS, Britannia, and TI Cycles. Factories flourished, and Ambattur has never looked back since then with more companies continuing to set up their manufacturing units here.
With the addition of many multinational companies in recent years, Ambattur has witnessed explosive growth as a commercial and residential hub, where property prices per sq ft currently vary between Rs 3,200 and Rs 4,500. With excellent connectivity, social infrastructure, and the availability of a wide range of housing, both in the affordable as well as upscale categories, Ambattur is now a highly sought-after area for property investment.
Tiruvallur
Situated on the banks of the Cooum River, the upcoming town of Tiruvallur has a scenic setting. Although it is approximately 45km from Chennai city, it is still one of the fastest growing suburbs today. Primarily a town that subsists on agriculture, Tiruvallur’s landscape is changing rapidly with more industrial units coming up in the area.
With great connectivity and proximity to established residential and commercial areas like Avadi, Tiruvallur is seeing a surge in property demand mostly driven by professionals working in areas like Padi, Maduravoyal, and Mogappair. Tiruvallur offers affordable housing options with property prices in the range of Rs 2,300- 3,500 per sq. ft.
Korattur
Korattur is an integral part of Ambattur and is situated very close to Anna Nagar, making it a plum spot for property investment. Similar to Anna Nagar, Korattur too has a well-planned layout complete with TNHB housing, which makes it an attractive housing destination for families.
Korattur is linked to Chennai city centre by local trains and city buses. It also boasts of well-planned social infrastructure with plenty of schools and hospitals as well as the Korattur Lake, which gives some much-needed green space.
Property prices in Korattur currently vary between Rs 4,400-11,000 per sq. ft.
Avadi
Located 23km from Chennai, Avadi is one of the oldest areas in the city and was mostly known for being home to various defence establishments and manufacturing units. Once populated mainly by the employees of these units and their families, Avadi’s meticulously planned layout, well-maintained landscapes, and excellent connectivity are factors that are attracting a growing number of professionals from other industries employed in areas close by.
Today, Avadi has expanded to encompass the booming IT industry, a process that is changing its landscape. In the latest bid to promote IT growth in Avadi, the government has approved permits for a new IT Park in the Avadi-Pattabiram area worth Rs 230 crores. Spread across 10 acres the project will be managed by Tidel Park, which is one of the largest IT parks in the country.
This thrust to develop the IT sector is based partly on the ever-increasing need for jobs as well due to the constant arrival of migrants from all over India, which in turn has pushed up the demand for housing.
With its robust social infrastructure that includes well-known educational and healthcare institutions, a plethora of employment opportunities, and proximity to well-developed areas, Avadi is an attractive residential area for young professionals with small families. More so, because Avadi continues to be affordable with prices ranging between approximately Rs 2,800 and Rs 5,700 despite being close to premium areas like Anna Nagar.
Adding, Perengudi region is also emerging as a buyers hub these days. There is a good commercial and residential prospects coming up in this area.
Even Puzhal is developing nowadays with good residential community