Guindy witnesses residential market upswing

At one point, Guindy was famed for Guindy Park, a hot favourite among schools for their term-wise excursions with children in tow. But with time, Guindy has become a prominent new hub for the residential market. The surrounding neighbourhoods have enjoyed skyrocketing realty prices, which has culminated in giving Guindy a new upswing as a residential market.

Once a popular industrial region, Guindy has grown into a residential micro-market of sorts. This has involved the conversion of a large piece of industrial land into residential developments, coupled with sky-rocketing prices so far as land is concerned. The Central Business District of Chennai has also shifted towards Guindy. Currently, the region houses plenty of land owned by the government, which has involved a considerable amount of institutions, tourist and recreational spots, and industrial estates. Now, these buildings and plots have been converted into spaces for IT and ITES companies and their offices. With the influx of the workforce, there has been a considerable need for residential properties and allied developmental changes – such as metro stations, IT parks and the hospitality sector

This transition is markedly new. In the early decades of the 20th Century, development shifted towards Mount Road, which gave areas of Nungambakkam, Alwarpet, Mylapore and T. Nagar greater prominence. With time, land in Guindy ws brought under use for the government, and also for some of the institutional requirements such as the Guindy Race Course, the Guindy National Park, Raj Bhavan, Gandhi Mandapam, the Cancer Institute, IIT-Madras, Anna University and the College of Engineering. By the 2000s, the Thiru Vi Ka Industrial Estate came up, and made Guindy a hotbed for small-scale industries. With the areas adjoining the OMR and GST Road gaining traction as major real estate transformations occurred. Slowly, the Kathipara flyover brought in a range of high end hotels, Phoenix Market City and a few residential areas as well.

Typically, projects are bracketed in the range of Rs. 1 crore to Rs. 5 crores, with the sales price being around Rs. 7,200 to Rs. 14,000 per square feet. The land rates as they currently stand in Guindy, are in the Rs. 1.75 – 2.25 crores per ground range and rental for IT spaces range from Rs. 45 to Rs. 65 per square foot per month.

In so far as the infrastructure goes, Guindy has a few poor roadways, considerably weak connectivity using the roads. While it is well connected by railways and is proximate to other areas through these routes, there is, unfortunately, a lot of traffic in the area as well.

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