Chennai's Top Five Costliest Localities Revealed
Developments in the residential realty market of Chennai has been slow paced as the metro city, apart from having a huge stock of unsold units, has not seen significant launches in the recent months. However, the capital city of Tamil Nadu, known for its beaches and temples, continues to entice buyers owing to its quality social infrastructure, growing IT sector and a new Metro rail network.
As a homebuyer, if you are eyeing a plush neighbourhood in Chennai, there are many localities close to the city centre where you will find ample options, especially ready-to-move-in properties priced above Rs 1 crore.
MakaaniQ lists the top five costliest residential localities in Chennai.
A busy commercial destination, Teynampet is an upscale neighbourhood close to localities like Poes Garden and Nungambakkam. It is flanked by Anna Salai or Mount Road, the arterial road linking the locality to important commercial centres. The area has a new Metro link and seamless connectivity with the Chennai International Airport and Central Railway Station. Teynampet is known for the presence of popular colleges, high-end hotels, offices of television channels and the head office of the DMK party. Besides, there are many schools, hospitals, shops and restaurants to meet the lifestyle requirements.
Property prices have seen a massive appreciation of 120 per cent, in the last five years, from Rs 14,400 per sqft in April 2013 to Rs 32,000 per sqft in April 2018. But they have remained steady since January 2017. Luxurious 3, 4 and 5BHK apartments sized between 2,000 sqft and 5,000 sqft, are priced between Rs 7 crore and Rs 15 crore.
Alwarpet is a posh locality, 2 kilometres to the south of Teynampet. Home to elite personalities like actor Kamal Hasan and politician, M K Stalin, Alwarpet, especially the Boat Club area, offers a unique lifestyle. There are prestigious schools, hospitals and commercial complexes that are integral components of a well-developed social infrastructure. A direct link with the international airport and public transport by the Metropolitan Transport Corporation (MTC) are some key features of this locality.
Property prices have appreciated by 30 per cent in the past five years. Currently, one square foot of space is available for Rs 23,100. This has remained steady since August 2017. Homebuyers would find modern gated communities with luxury and uber-luxury properties of 2, 3, 4 and 5BHK layouts. Sized between 2,000 sqft and 3,000 sqft, the residences are available in a price range of Rs 4 crore and Rs 7 crore.
Abiramapuram is another centrally-located residential area with bustling markets, schools, hospitals as well as offices of leading companies like Reliance Industries. While a Metro station and railway stations are in the vicinity, the International Airport can be reached via the Grand Trunk Road or Tiruchi Highway.
The area offers newly-constructed premium projects comprising spacious 2, 3 and 4BHK homes sized between 1,500 sqft and 2,500 sqft; priced between Rs 3 crore and Rs 5 crore. Property prices have dropped by 3.4 per cent in past five years. Residential properties in Abiramapuram have an average capital value of Rs 21,000 per sqft.
Raja Annamalai Puram
Flanked by the Adyar river, Raja Annamalai Puram or R.A. Puram is another upmarket residential destination in Chennai. It lies close to the industrial hubs especially automobile companies. Real estate developments have also picked up pace owing to the presence of IT companies here. The locality has sound rail, road and Metro link, and is 13.8 kilometres from the international airport. A contemporary lifestyle is provided by a host of social amenities viz. shopping complexes, restaurants, banks and schools.
High-rise residential structures have come up in the area, which offer sprawling houses of 2, 3, 4, 5 and 6BHK configurations. They are sized between 1,200 sqft and 6,000 sqft; and priced between Rs 2 crore and Rs 15 crore. R.A. Puram has witnessed a price appreciation of 35.5 per cent since April 2013. Presently, property prices have an average rate of Rs 20,100 sqft.
Royapettah is an expensive residential hub located 3.5 kilometres south of Egmore - which lies on the phase 2 of Chennai Metro route. It’s strategic location in central Chennai is an advantage as the central railway station, international airport, and central business districts are easily accessible. The area is surrounded by popular localities like Mylapore, Nungambakkam, Alwarpet and Abiramapuram. Social amenities are present in abundance along with good public transportation.
Apart from ready-to-move-in properties, Royapettah also has some under-constructions projects for homebuyers. The prices have appreciated by 25 per cent in the past five years. The present value of a residential property is Rs 19,300 per sqft. There are several contemporary 2, 3, and 4BHK homes sized between 1,500 sqft and 3,000 sqft. The prices vary from Rs 2 crore and Rs 4 crore.