These areas are poised for growth in 2024
In 2023, Chennai’s real estate witnessed a rollercoaster ride with a few highs and a few lows. In this New Year, the real estate market is expected to see a surge in demand, especially in the following markets.
Areas poised for growth in 2024
Tambaram
A residential locality in southern Chennai has a rich history and is one of the bustling areas of Chennai. “It is located around 24 kms from the city centre and is well connected to other parts of Chennai via road and rail networks. The upcoming new airport at Parandur will boost real estate growth in Tambaram due to it’s strategic location. Also, it’s easy accessibility to major city expressways like Chennai-Bengaluru Expressway and Chennai-Salem Expressway will pave the way for significant real estate development. It’s diverse economic landscape is further enhanced by industrial and logistic parks, automobile industry hubs, research centres, medical colleges, and even cold storage factories, making it a highly desirable residential zone.
Navalur-Kelambakkam
The Navalur-Kelambakkam micro market has also made waves because of the rising demand. “The micro market is well connected via OMR, the IT corridor of Chennai. The area thus receives excellent demand for housing from IT employees. Upcoming Metro Corridor Three connecting Madhavaram to Siruseri would further accentuate the real estate developments and ease connectivity. Existing as well as upcoming commercial supply in the Navalur and Siruseri areas is expected to create good demand for housing. The area consist of projects from well-known developers with a good mix of affordable and premium projects. Approx. 5000 units were under various stages of construction between 2021 and 2023.”
Old Mahabalipuram Road (OMR)
The IT Expressway connects OMR with various locations in Chennai and surrounding areas. Recent infrastructure developments include Phase 2 of Chennai Metro Rail linking Madhavaram to SIPCOT. “The road project will also connect four national highways (NH5, NH205, NH4, NH45) and eight state highways to ensure smooth connectivity. The OMR runs parallel to the East Coast Road (ECR) and provides convenient travel options beyond the city limits. Apart from unmatched connectivity, OMR offers an excellent social infrastructure for a comfortable life, with schools, universities, hospitals, banks, ATMs, and restaurants along the corridor. Several infrastructure projects are currently underway to reduce traffic congestion, improve water supplies and sanitation systems, and increase green space. Access to tourist attractions and theme parks is also a big draw for apartment seekers in the city. Property price in the area ranges from Rs 9,000 to Rs 12,000 per sq ft”.
Oragadam
The area is known as one of the promising industrial areas in Chennai “Oragadam has a diverse and promising real estate market due to its presence in several industries, such as automobiles and research and development. It’s proximity to the Chennai-Bengaluru highway, excellent connectivity to the city centre, and location between NH 45 and NH 43 make Oragadam an excellent location for business. Numerous renewed real estate companies offers townships, clusters and villa communities in the region. A variety of trends, such as multi-living, serviced apartments, and preleased apartments, provide tenants with a quality living experience and high rental yields”.
Pallavaram Thoraipakkam Road
The area is considered as one of the emerging locations for real estate. “The proximity to two growth corridors viz. OMR and GST has accentuated the investments in the region. Further, a few of the upcoming infrastructure such as Metro Corridor five, and the widening of PTR, would aid the development potential in the region. Upcoming commercial supply of approx. 3.6 mn sq ft would create good demand for housing. The area boasts projects by well-known developers with a good mix of upper-mid to premium projects. Approx. 4,200 units were under various stages of construction between 2021 and 2023.
Pallikaranai, Manapakkam and Sholinganallur
The three areas are bound to witness growth in the coming year and the number of launches is proof of the same. “As per Anarock Research, these three localities remained most vibrant and witnessed the highest new supply in 2023. The three areas saw a total new supply of nearly 6,537 units between January and December period in 2023 in the wake of growing demand by prospective buyers. The average price in the three localities remained between Rs 6,497 per sq ft and Rs 7,328 per sq ft. Going ahead, these markets continue to remain promising in 2024 as well because of their growing demand.
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