Where Should You Opt for Affordable Housing in Chennai?

Chennai is one of the prominent cities of Southern India and it is growing at a rapid pace. The IT boom has reached the city too and many parts of the city along the Old Mahabalipuram Road are coming up as IT hubs. Chennai is also touted as the Detroit of India as it produces about 40 percent of the cars in India. Foreign automobile makers such as Renault and Nissan have their factories in Chennai. Therefore, the number of people buying property in Chennai has gone up quite drastically. The demand is mainly for affordable housing which will be near one’s work place and have all the amenities that are required for stable living.

The decision of a home buyer is much governed by his ability to pay. Most home buyers hunt for apartments which are closer to one’s work place and much within their budget. Here are some localities listed where you can buy affordable housing for all. Some of the residential localities where buyers prefer to invest are located near IT establishments.

Under Rs 20 lakhs

Those who are looking solely to invest and want to start with a low budget can invest in Guduvancheri, Oragadam, Sriperumbudur and Thiruvallur. Those who are looking to invest in these areas generally prefer to buy plots.

Guduvancheri is located on south western fringes of the city and it is much preferred by home buyers because of the closeness of the area to the IT hubs which are located near the Old Mahabalipuram Road, abbreviated as OMR and other affordable housing areas. It is one of the biggest residential areas between Chengalpet and Tambaram and has not only a lot of tech employees but also students living here because of the closeness to centres of higher education. Guduvancheri is also a popular locality because of its proximity to the Great Southern Trunk Road or the National Highway number 45. The stretch is coming up rapidly because of the presence of a SEZ corridor, and connectivity via air, road and rail. Even though the demand in the area is quite high, the supply is not which has led to a shift in demand for plots to apartments. There are almost 13 new projects that have come up and they are expected to be completed within 2015.

Residents of Guduvancheri reiterate that the locality has progressed at a very fast pace in the last five years and would continue to grow at this pace as price of land is still quite attractive for buyers of middle income group.

Oragadam and Sriperumbudur: Mainly because of the possibility of development these two areas are gaining in capital values. A lot of industries are contemplating the setting of base in this area. Most industries are dependent on land availability and buyers can bank on the fact that more jobs shall be created. The 2014 Budget has emphasized on the upgrading of the Chennai-Bangalore Industrial Corridor along with a Peripheral Ring Road for Chennai. The latter project has been announced keeping in mind the aim of connecting important industrial centres such as Sriperumbudur, SingaperumalKoil, Kattupalli, Thiruvallur, Periyapalam and Thamaraipakkam. Both the areas of Oragadam and Sriperumbudur have received attention from NRIs too.

FMCG, software, manufacturing and electronics have all marked their presence in this area. Moreover, the green field airport would be of much benefit here. However, what must be paid attention to currently is the commercial development of Oragadam and Sriperumbudur.

 All of the areas mentioned above are slowly acquiring the necessary social infrastructure. These areas are developing hospitals, schools, colleges, and road and rail connectivity. However, the price variations that come up would depend on whether the developments are plotted with adequate sewerage monitoring and drainage, parks nearby, electricity supply and roads that have been laid out well. Both 2BHK and 1 BHK flat in Chennai are available here under Rs 20 lakhs.

Within a budget of Rs 20 lakhs and Rs 40 lakhs

Medavakkam, Ambattur and Urapakkam are some of the localities which you can consider within this budget. Urapakkam is of much interest among investors because of its closeness to the OMR in South Chennai which has a lot of IT establishments. Also, it is counted among an employment generation centre which is why many non-IT people are also thinking of buying apartments here for rent which is leading to the multiplication of demand soon.

Those interested in buying property in Medavakkam should be happy to know that it is a part of the top 10 localities that people want to rent or buy an apartment. Its proximity to the IT corridor has made investors keen to invest in this area. The locality has got paved and wide roads, improved connectivity via the Thorrapakkam Road and Pallavaram and Tambaram-Velachery Road. The making of the monorail has also made a lot of buyers enthusiastic regarding improved and quick connectivity. The area is situated at the centre of suburbs that are developing such as Ottiyambakkam, Sithalapakkam and Ponmar. Shopping areas, transport and other aspects are much convenient from this location.

Anna Nagar’s loss can be considered to be Ambattur’s gain. The capital values are quite high in this area and many people have moved from the former area to the latter. The area is relatively affordable although the roads need work on them. Builders have taken much interesting in designing projects for this area and the availability of land parcels has encouraged builders to take up their projects further. Ambattur is being developed mainly in the 2BHK format although some apartment complexes are coming up with 3BHK apartments. Several builder floor apartments are also coming up with 1BHK flat in Chennai Ambattur. The 2BHK flats are mostly sized between 800 sq. ft. to 1200 sq. ft. while the 3BHK ones start from 1000 sq. ft.

Those looking for good housing in neighbourhoods that have social infrastructure such as colleges, schools, shopping centres and restaurants in place could opt for these areas as they are rapidly developing and are connected well with other areas.