Kolathur's Affordability Continues To Woo Homebuyers
Considering Chennai is a price-sensitive market, a slowdown that became a constant feature of India's real estate markets in the past four years did turn many potential homebuyers into fence sitters. Nevertheless, end-users continued their research about price points and affordable localities. This might be the time to take action. When you do so, Kolathur must be on top of your list.
Property within your budget
As of September 2017, the average capital value in Kolathur is Rs 5,100 per sqft. This means if you are looking out for a mid-sized, regular construction, this is the average budget you should have in mind. In April 2013, prices were lower at about Rs 4,900 per sq ft. Prices have been stable in the past few years which makes it a good time for homebuyers to purchase. If you were looking at an investment in the last four-five years but were not able to shortlist, you haven't missed much. The price advantage is very much there.
Speaking of unit sizes, there are 2BHK, 3BHK and 4BHK configurations available in the Rs 30 lakh to Rs 1.80 crore range. Prices may vary depending upon what is on offer.
If the unit is located at the prime parts of Kolathur, you would have to reserve a bigger budget for your purchase. Likewise, amenities provided in the unit or in the housing complex where the unit is located will also govern the selling price of the house.
Data available with PropTiger.com show that 1BHKs would cost on an average up to Rs 30 lakh while 2BHK units will command Rs 47 lakh or more. Higher configurations on an average will cost Rs 66 lakh onwards. There are over 135 projects available for sale in the locality.
You could earn between Rs 3,500-40,000 per month if you decide to give your property on rent. In case you are looking for a rented accommodation, you would find 1-3BHK units, which might either be semi-furnished or unfurnished. Such properties move well in the market, given the proximity to job markets.
As Kolathur is surrounded by various IT parks and companies such as Tata Consultancy, HCL, Ambit IT Park and India Land IT Park, the demand for housing is majorly driven by professionals working in these companies.
Apart from this, Kolathur is one of the nearest residential locations to the Ambattur Industrial estate belt, which is among the major contributor to demand for rental housing in the area.
Kolathur enjoys proximity to the Grand Southern Trunk road (GST) and the Chennai Bypass Road that further connects it to the other parts of the city. The GST road further connects the locality to the Chennai International Airport and the Chennai Central Railway Station. The Inner Ring Road (IRR) also passes through Kolathur, making it one of the most well-connected areas in Chennai.
Also, the locality is situated within five kms from prominent areas such as Anna Nagar, Perambur and Villivakkam. This makes Kolathur easily approachable to Villivakkam and Perambur railway stations. The area is in proximity to Moogambikai bus stop as well.
Despite the affordability factor, homebuyers have been a little cautious while investing here. Issues of power outages, contaminated water and sewage disposal have ticked off many prospective buyers. However, with gradual developments being proposed, the area may maintain some of its charm in near future.
With inputs from Sneha Sharon Mammen