Increasing popularity of villas in Chennai west

[ecis2016.org] We examine the factors that have led to the growth of the real estate market in the western suburbs of Chennai and the options available for buyers seeking to invest in this region

Real estate in the western suburbs of Chennai has grown with the presence of multi-national companies, manufacturing units, IT and financial companies, along the Chennai Bypass Road and Outer Ring Road. Improved connectivity has brought opportunities for evolution in the commercial and residential property markets in the western region of Chennai.

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Infrastructure growth in Chennai west

The western areas that are Porur, Maduravoyal, Manapakkam, Thiruverkkadu and Poonamalle, have all evolved in real estate. The connectivity to the western suburbs has improved, since the construction of the Outer Ring Road stretch. Poonamallee, the western gateway to Chennai, may well become the city’s second IT highway and is expected to grow like Old Mahabalipuram Road (OMR). This region is predominantly driven by the business people, as well as industrial and IT employees, due to its excellent connectivity to central Chennai, Ambattur and Mount-Poonamallee Road.

The arterial road is drawing several realtors interested in developing IT parks. The metro rail connectivity shall be the crucial factor, to spark interest in real estate along the Mount-Poonamallee Road. The CMRL (Chennai Metro Rail Ltd) will link Thiruverkkadu with Madhavaram in the north, Siruseri in the south and Light House in the heart of the city.

Villas in demand in west Chennai

Changing lifestyle is leading to the rise of the villa living segment in India. Due to the Coronavirus pandemic and the subsequent lockdown, families now prefer independent houses, which are spacious and have ample open space. More than ever now there is a need for low-density living, accompanied by social distancing measures. So, independent homes are in demand.

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Those home buyers who are working couples with children and are currently working from home, with their kids doing e-learning, need abundant space at home. Many of these buyers prefer peripheral locations, to have bigger homes with recreational facilities. Home buyers prefer houses that offer better lifestyle at more affordable prices.

There has been a rise in demand for villas in Chennai west too. According to PropTiger Data in 2017, on a quarterly average, 48% of units that were sold were priced below Rs 45 lakhs and properties priced more than Rs one crore were only 10% of the units sold. Compared to that, the average of the first three-quarters in 2020, units priced below Rs 45 lakhs accounted for 32% of sales, while units priced above Rs one crore were 17% of units sold.

Chennai west: Budget-wise units sold

Source: PropTiger DataLabs, September 2020

Notes: Analysis includes apartments and villas only

Disclaimer: The analysis presented on real estate trends in India are indicative of market trends. The data has been tracked and collected across eight cities for nearly 18,000 projects. Utmost care has been taken to provide the complete market picture however these trends present the best case scenario and should not be relied upon in any way. The data for sales is collected through primary survey carried out by our field agents and the data for new launches is as per the projects registered under the Real Estate Regulatory Act (RERA). The report published is for general information only. Although high standards have been used for analysis in this report, no responsibility or liability whatsoever can be accepted by PropTiger.com for any loss or damage resulting from any use of, reliance on or reference to the content of this document. As a general report, this material does not necessarily represent the views of PropTiger.com in relation to particular properties or projects. Reproduction of this report in whole or in part is nor allowed without prior written approval of PropTiger.com to the form and content within which it appears.

Thiruverkkadu emerges as a residential hotspot

The western area also enjoys accessibility with NH4, which connects it to Poonamallee and Maduravoyal. However, Thiruverkkadu scores better, as it has proximity to the manufacturing hub of NH4, as well as the IT hubs of Mount Poonamallee Road and Ambattur. Thiruverkkadu, which means ‘a forest of holy herbs and roots’, which was initially known for the Devi Karumariamman Temple, is an evolving micro-market that has been witnessing real estate growth in the last couple of years. It is situated 2 kms from the Chennai-Bangalore Highway NH4 and 1.5 kms from Avadi-Poonamallee Road SH55. The town is 10 kms from the Chennai Metropolitan Bus Terminus (CMBT).

Leading real estate developer BBCL has launched its premium residential project, BBCL Villa Haven, in Thiruverkkadu, Chennai. Founded in 1986, BBCL is a reliable developer in Chennai, operating in three segments of residential development – premium / luxury / ultra-luxury. Since its launch, BBCL has completed over 40 projects in the city. The company has developed over 2 million sq ft of residential and commercial spaces, in various locations in and around Chennai.

BBCL Villa Haven, set amidst vast space in Thiruverkkadu in west Chennai

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BBCL Villa Haven, the exquisite complex spread over an area of 8.1 acres, offers modern, comfortable and state-of-the-art 3BHK and 4BHK spacious private boutique duplex villas. The hummingbird is an apt mascot for the new community of BBCL Villa Haven, as it epitomises joy, luck, hope, comfort, optimism, abundance and independence – all that a home owner seeks in a home. The hummingbird symbolises the enjoyment of life. These villas ensure one enjoys much larger space inside, all as well as outside and are perfect havens for families. The villas are planned in such a way that one can soak up the green environs to the maximum.

BBCL Villa Haven accommodates all the necessities to elevate the lifestyle of the buyers, by offering privacy and security, along with abundant open spaces and lifestyle amenities within the community, such as a clubhouse, swimming area, badminton court, kids play area, indoor games, yoga, meditation, aerobic room and party lawn. Besides the picturesque view of the Thiruverkkadu lake, hospitals, educational institutions, malls, cinema multiplexes and department stores, are all within a 10-km radius.

While talking to the team of experts in ecis2016.org, Hemant K Tapadia, senior vice-president, BBCL, says, “Today’s home buyers’ choices have evolved. They are globally travelled and aware of world-class sophisticated homes. The home buyers are demanding premium residential options within the city, yet away from the city’s chaos. The secured community has villas ranging from 1,179-2,669 sq ft. Usually, a developer develops 800-1,000 units on 8.1 acres, whereas we wanted to make it a premium community of just 180 families, at BBCL Villa Haven. As only 700 people are expected to live in the community as against 4,000+ people, BBCL Villa Haven will be less dense, more spacious and offer more privacy to the residents. We also allow customisation of interior design to the taste of the buyers.”

Thus, a home in BBCL Villa Haven is a dream home one wishes for, as it gives the privilege of serene living in a low-density populated place, with all the comforts and yet located in the bustling city of Chennai.

Check out properties for sale in Thiruverkkadu

Source: https://ecis2016.org/.
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Source: https://ecis2016.org
Category: Lifestyle