Why Velachery scores as a real estate destination Realty check

Multi-storeyed developments, the hallmark of upcoming residential areas in the city, dot this locality close to the IT Corridor. Velachery, in the space of less than a decade, has become a hub of premium to mid-level residential development due to the influx of IT professionals and rapid improvement of infrastructure.

Builders moved into the area post-2000 in large numbers as they scented the potential of a locality well-connected with Old Mahabalipuram, since renamed as Rajiv Gandhi Salai, and home to several IT companies (IT Corridor).

The Velachery boom is part of a generalised increase in demand for housing in the city, they say.

The location scored initially as it offered builders plenty of land to purchase. Now, land has grown scarce.

“When we began our first project 8 or 9 years ago, we were among the first few builders. Even the roads were not good then. Now, every big retailer wants an outlet here,” said Gayithri Punjabi-Mirza, Director, KG Developers. The company has completed two residential projects, with one more ready for occupation and another scheduled for completion next year in Velachery. It has also completed a commercial project for a leading garment retailer.

KG TOWERS

Land Marvel has recently started the foundation for its residential project in the area and has received several bookings from IT professionals and non-resident Indians (NRIs). The latter often purchase housing as an investment that could also be used by family later, said M. Arivazhagan, Director, Land Marvel.

Rise in prices

While prices are stable currently, they are likely to rise with the increased development of IT commercial space in the area, he said. Prices of two- and three-bedroom flats listed for sale or resale in several classifieds ads range from Rs.35 lakh to Rs.70 lakh for luxury housing currently.

Good road connectivity and road-widths that permit multi-storeyed development are frequently cited by builders as other advantages of the location.

The rapid development on arterial roads, such as Velachery Bypass, in the area and the rise in the property prices has also resulted in an increase in construction activity in interior areas.

Though many areas, particularly those in western Velachery lack good roads, are prone to flooding during heavy rains and not connected by Metropolitan Transport Corporation buses, people continue to prefer them in view of the appreciation in the property rates.

House owners in Velachery are also in the past few years finding it lucrative to let out their homes on rent and move to other areas closer to the city centre. Residents report that this has become a trend. House-hunters in the location area also find that rentals are geared towards IT professionals.

Src:The Hindu

1 Comment

  1. Sakthi Sankar

    Velachery is on Demand day by day,its not only in velachery all the places in chennai have their rental increased, and people have got used to it, like petrol and other necessary prodcuts

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