What do you think, which will be the next Adyar?

I think every madrasi loves Adyar, Besant Nagar. It is one of the best residential places to live in Chennai and access to beach and all those posh bungalow’s make it one of the most sought after place in Chennai. Average property rates here goes in crores and per square feet area is around 7000 to 10k. But having appreciated so much, I was wondering which place in Chennai has the potential to become another Adyar.

 

Every body knows Adyar rates where around 2500 to 3000 some 5 years back. Now it has appreciated so much that its not accessible to common man. So my question to you is which place in Chennai do you think has the potential to appreciate so much?

In my humble opinion, I have figured out 3 places, which defiantly has the potential to appreciate further.

a) Velachery – Current rate of Velachery is around 4000. With proximity to IT corridor (Now rechristened Rajiv Gandhi Salai) and host of commercial activities setup here, I think Velachery would be one of the best places to live down the line. You would find everything right from Nathela Jewelers to Naidu Hall, Sony here. Heard shortly Saravana Bhavan is going to come here. If you are investor then you can’t ignore investing here.

b) Porur – One of the major advantages of Porur is its proximity to DLF. DLF in full capacity can handle 50k people. So this area is going to burst after 2 years. Porur is right on Bangalore highway and can be good place to live for Hyundai, Dell, Nokia employees. Porur in recent times has attracted Real Estate majors including ETA Star, Alliance.

c) Ambattur/ Korattur– You might question, what is there in this area. Ambattur is slowly becoming the IT hub and a number of IT companies have their offices here. But one company to watch RR Skyline, which is said to be one of the largest in Chennai. Already HCL has a big office there and numerous other IT parks are being constructed. With Padi flyover construction going in full fledge, it will not be long before this place would start witnessing good growth.

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7 Comments

  1. Satheesh

    DLF Gives a reality check on OMR, Time for others to consider, good thing I hold off on Mantri. DLF is initially proposing 2700/- per sf.

    http://www.indianrealestateforum.com/dlf/t-dlf-in-old-mahabalipuram-road-1710.html

  2. DLF with its money muscle can do this. But its a strategy every builders follow. Start low and increase once they reach a particular Sales Mark. Hirco already did this. Started 2400 and now its 3200

    Rs 2700 is nice. But 4000 units is too much. I am always against massive housing units for the simple reason thats its maintenance nightmare. Forming of society and others stuff takes time. More over construction time would be atleast 3 years. Do you want to wait for 3 years to see your flat and then start getting rent. Also 3 years is optimistic schedule, might take more.

    Hirco is saying Rs 2.5 per sq ft as maintenance, not sure how much it would be for a project this big.

  3. Hi Uday, a nice topic to discuss. Though Velachery, Ambattur and Porur could become self-sustaining units with all the facilities and commercial establishments, I think they won’t match Adyar or Anna Nagar in Poshness.

    Adyar has the advantage of having lot of forested areas around it and also the close proximity to the beach. Anna Nagar is really well-planned with broad roads and huge avenue trees.

    I’ve not been to velachery in recent times and so do not know if there is planned development there with lot of greenery. But, I’d personally like to see more of Adyars and Anna Nagars in the city.

    I would like to see new areas that develop allocate at least 10% of the area for open spaces, community parks etc. That is one area where Chennai is seriously lacking.

  4. Thanks Bhadri, When i meant next adyar it was never the asthetics of adyar but i solely meant the price appreciation. There would be never one more adyar in Chennai. But you are 100% correct on planning. Good planing to required to create better cities.

  5. That’s sad that there cannot be an other Adyar in Chennai. It’s one of the best areas in any Indian city; what with the Theosophical society, Adyar estuary, beaches etc.

    But, do you see any other new areas being developed on a slightly planned basis with good roads and avenue trees? How about Velachery, Muggapair etc.? Are these areas quite posh? I’ve not been to K.K.Nagar before, but how is that area?

  6. Satheesh

    No, Uday, I didnt elaborate why I think its a good news for DLF. When Jains are talking about 3500/- per sf, these guys are talking about 2700/-. So, start low and higher up is a well known strategy. But, this will force others to reduce or give some kind of incentive to buy. This will force from seller’s market to buyer’s market at least temporarily. Reason, simple, I am a buyer, and I know DLF is starting a project later, so lets say, instead of I going with Jains, I wait for DLF. This reduces the pool of buyers, and all other builders will be forced to reduce to attract buyers. Dont you think?

    I agree 4000 units is huge. But, for 120 acres, I dont think its overcrowded. Rather, they will have to have multiple Association leaders to take care of everything. That would be a challenge!

  7. Sathessh,

    you are right on waiting. Yes, i feel when DLF is offering less, you would get good incentives from jains or mantri. I am sure on that, but dont wait too long. I know Hiranandani said they would start a project by 2005 and they started just now. You never know, if DLF is starting in another 5 months thats fine. A wait for 1 year for such things to happen is too long a wait.

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