IS CHENGALPET THE NEXT REALTY HOTSPOT?

Introduction

Real estate projects are dime a dozen in the market. Affordable housing has been a major theme in the industry with an effort to tap into larger sections of society. The real estate projects and their value also differ across metros depending on a host of factors. Moreover, the economic and political factors also play affect demand and supply. In Chennai, areas such as Adyar, Nungambakam, Anna Nagar are considered posh and upscale localities. So you can expect prices to be sky-high. If you are scouting for housing projects in Tamilnadu that is affordable then, you may want to

Chengalpet: The Next Realty Hotspot?

This dream neighbourhood which is at a distance of 55 km south-west of Chennai is every home buyer’s dream including other players in the real estate market. There are a number of reasons why Chengalpet is being touted as the next realty hotspot. This well-developed metropolitan township is the second largest town in Kanchipuram district. Further, the availability of land at low rates also gave this township a boost.

The value of a property also increases with a well-developed or potential for constructing a solid infrastructure. Transportation facilities are key in connecting people across different locations. For example, there is a proposed Chengalpattu corridor project to construct an airport. There is also another project that looks promising for commuters, which is the prime line project that is expected to connect major Arakkonam stations. All this proposed development is expected to enhance the prominence of this township. As with any product where we measure the value-add or the return

There are a number of housing projects that are available across different budgets. You can easily pick-up an apartment for as low as 20 lakhs or for those with a higher purchasing power, bigger options are available. Now multinational companies like DELL, TechMahindra, Samsung and many others are setting up their production facilities in the area, which further improves Chengalpattu’s image in the eyes of home owners, because of the possible demand for rented properties. There is employment generation, followed by rental income, and a potential to invest more.

For families, there is a presence of educational institutions such as Saint Joseph’s Higher Secondary, Seventh Day Adventist Higher Secondary School and Brindavan Public School. Access to banking institutions and medical facilities also play an important role in putting Chengalpattu on the map. Some of the prominent hospitals in the township are Balaji Hospital, JSP Hospital, Medical College Hospital and Venkatramana Hospital.

In time, Chengalpattu is expected to go up the development path achieved in Gurgaon or Thane.