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.
In this post, we take a quick look at the remarkable transformation that these areas have seen and compare their feasibility for property investment.
On the first spot, we have Pallikaranai. Located near the IT corridor of Old Mahabalipuram Road (OMR) as well as the automotive manufacturing region that is the Grand Southern Trunk (GST) Road, Pallikaranai has emerged as one of the most preferred destinations for property investors. It is also close to other employment hubs like Velachery, Medavakkam, Karapakkam, and Perungudi, among others. Due to this, Pallaikaranai has seen a massive surge in residential housing in both the affordable and luxury segments.
Pallikaranai is connected to other parts of Chennai by the Pallavaram-Thuraipakkam Main Road, Velachery Main Road, and the Inner Ring Road. Guindy and Chrompet bus stands are nearby while Tambaram and Guindy railway stations are within a 15-kilometre radius. It is also not far away from Alandur and St Thomas metro stations. The area became part of the Chennai Metropolitan Corporation in 2011 and had a well-managed civic infrastructure.
Pallikaranai has well-regarded educational institutions like Narayana Vidyashram and Vrithi Montessori. Hospitals include Dr Kamakshi Memorial Hospital and V Cure Hospital.
Property prices in Pallikaranai currently range from Rs 3,800 to Rs 7,500 per sq. ft.
Mannivakkam has clocked the second spot on our list. It lies close to well-established and upcoming areas like Vandalur, Kundrathur, Potheri, and Mudichur and is increasingly attracting homebuyers with its affordable pricing, and remarkable road connectivity. Its accessibility to employment is a big plus being easily reachable from industrial areas like Oragadam and Sriperumbudur as well as from IT hubs like Mahindra World City.
It is connected to commercially busy roads like GST and to important highways like ORR, State Highway 48, NH-48, and NH-45 which link it to other cities. Vandalur, Guduvancheri, and Tambaram railway stations are all within a five to eight-kilometre radius of Mannivakkam. It also has many bus stands within easy reach, including Manivakkam junction bus stop and Karasangal bus stop.
Mannivakkam has well-known schools in its vicinity like the PERI school in West Tambaram, Alwin International School in Padappai and Narayana e-Techno School in Mudichur. Manivakkam has many choices for healthcare as well with the Hindu Mission Hospital, Deepam Hospitals, and Sayee Hospital, among others being nearby.
Property prices in Mannivakkam currently range from Rs 3,000 to Rs 4,800 per sq. ft.
Next, we have Korattur. An integral part of Ambattur, it 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.
The fourth position was secured by Perambur.
Perambur, which means ‘city of bamboo,’ derives its name from the vast expanse of the bamboo forest that once covered the area. It was a prominent British settlement in the 19th century with a focus on locomotive manufacturing centre and continues to be one of the oldest and most well-planned areas in Chennai. Perambur is known for being a commercially active centre and offering plenty of affordable residential choices.
Perambur is exceptionally well-connected and is located just eight kilometres away from the Central Railway Station and Chennai Egmore station, and around six to ten kilometres away from important areas like Kilpauk, Anna Nagar, Egmore, and Madhavaram. The Perambur railway station is a historical landmark along with the Perambur Loco Works station.
Employment options are aplenty with the Tamil Nadu Industrial Corporation and many IT companies in the area. It also offers a well-planned civic infrastructure with well-planned sewage systems and water connections. It boasts reputed educational institutions like Don Bosco Higher Secondary School, Vivekananda Vidhyalaya, and St Mary’s Group of Schools. Perambur is home to the Southern Railway Headquarters Hospital apart from others like Sen Hospital and Abhijay Hospital, which ensure excellent healthcare options.
Property prices in Perambur currently range from Rs 3,000 to Rs 9,500 per sq. ft.
On the last spot, we have 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, andoffers affordable housing options with property prices in the range of Rs 2,300- 3,500 per sq. ft.