Asia’s biggest IT corridor, reputed educational institutions, upcoming mono rail project, well laid roads, well-planned residential hubs, ample supply of water are some of the reasons why real estate sector in South Chennai is blooming than other places of the metro. Areas that fall into South Chennai are Velachery, Adyar, Thiruvanmiyur, OMR, Madipakkam, GST road, Chrompet and Medavakkam. Many people are willing to make their move towards this due to its benefits. One of the main reasons is the proximity to commercial and IT hubs, second is the construction of many well planned residential projects like TheRoyal Castle Thirumudivakkam, Palm Riviera etc and thirdly, the availability of water which is the most serious problem for people living in rest of Chennai.
According to a recent report, the surrounding area of OMR is in heavy demand because of ready-to-move homes while Velachery is sought after since it is located in close proximity to OMR. Young generation especially IT professionals prefer to make their stay in places like Chrompet, Madipakkam, Medavakkam and Thiruvanmiyur due to infrastructural growth, easy accessibility and connectivity, proposed monorail project and extension of MRTS and lots more. These developments made reputed builders like Amarprakash to choose South Chennai for their construction of projects including The Royal Castle Thirumudivakkam, Palm Riviera etc.
South remains as the most preferred residential zone with 7 out of top 10 localities of the city because of its maximum returns, the report added. Also, another report added, more than 3 lakh people are working in IT companies located in South Chennai, so each year more than 1000 people are moving their way here. This interest made prominent developers to come up with many township projects like Temple Waves, The Royal Castle Thirumudivakkam etc over past 5 years. According to the data shown in one of the property site is that around 100 residential township projects are present between the stretches of OMR to GST road.
However, all these growth increased the cost of real estate properties and made the areas in South Chennai to become costlier. As a result, upper middle class and high class people can only afford a property in this location. Since people are getting loans easily nowadays, they take up loan for owning a house here. But people can buy a home at The Royal Castle Thirumudivakkam by spending just a small sum of money. Already accounted as a well established location, South Chennai is further witnessing growth in terms of infrastructure and also other South Chennai places like Tambaram, ECR, Kelambakkam and Pallikarnai are in development. So, compared to North and West, South of the city will gain more prospects in real estate in the coming future.
