[ecis2016.org] Mylapore is one of the posh localities of Chennai and is very well-connected to all other parts of the city. Being one of the oldest residential areas of the city, it is well-planned and has a cosmopolitan population
Mylapore is one of the oldest neighbourhoods in the southern part of Chennai. It is considered as the cultural hub of the city. The famous Santhome Basilica is located in this region. The Kapaleeshwara Temple and Ramakrishna Math, are the other important religious places in this area. Nearby Mylapore localities include Alwarpet, Santhome, Mandaveli, Gopalapuram, etc. Earlier, the locality had an old port, which was used for trading with the Romans. Later on, many colonial powers took over the area – first, the Portuguese, then, the French and at lastly, the British. In the nineteenth and the twentieth century, the locality was the residence of many noted statesmen and educated personalities.
You are reading: Mylapore property market: An overview
Being one of the oldest parts of the city, it is one of the premier residential areas, as far as Mylapore real estate is concerned. Beautifully planned and landscaped, the area has well-developed social amenities and is home to a cosmopolitan population.
There are a number of noted projects which have come up in the area, like Radiance Reality Viswamoda, Yuga Mithila, etc. Builders in Mylapore include famed developers like the Yuga Homes, who are working on some of the major projects in Mylapore.
Connectivity with nearby Mylapore localities
- RK Mutt Road, Dr Shivaji Ganesan Road, Santhome High Road and Anna Salai Mount Road, are some of the prominent roads which run though the area.
- The locality is situated at a distance of approximately 13 kilometres from Koyembedu Bus Stand.
- As far as metro connectivity is concerned, the St Thomas Mount Metro Station and International Airport Metro Station are at a distance of about 11-15 kilometres only.
- The Chennai Central and the Chennai Egmore suburban railway stations, are also located very close, i.e., approximately 8 and 6 kilometres (respectively) from the area.
[ecis2016.org] Property rates & trends in Mylapore, Chennai
Employment hubs near Mylapore
- The Prestige Polygon, Navin WSS Towers and Visharanthi Homes, are located at an approximate distance of 3 kilometres from the area.
- The Bascon IT Park, Madras Stock Exchange and Khadar Nawaz Khan Road, are approximately 5 kilometres away only.
Mylapore offers very good social infrastructure to its residents. Some of the reputed schools in Mylapore include the PS Senior Secondary School, Vidya Mandir Senior Secondary School, MCTM International School, etc. Some of the leading hospitals in Mylapore include the CSI Kalyani Hospital, Apollo Hospital, Fortis Mallar Hospital, etc. The shopping needs of the residents are catered by malls in Mylapore such as the Chennai Citi Centre, Rainbow Arcade, Century Plaza, etc.
Price trends in Mylapore
- Price appreciation—Around 36% in the last one year.
- Current property rates—Rs 13,000-Rs 16,000 per sq ft.
Reasons to invest in Mylapore
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Mylapore possesses many gated communities and luxury apartments. It offers excellent connectivity and social infrastructure and these are the major reasons for its rapid growth. Thus, there is no denying that Mylapore is certainly one of the best places to live in Chennai. Further, considering the price trends in Mylapore and the rising demand, the locality will definitely prove to be a good investment region in future. There will be excellent appreciation of property rates in the area. Moreover, with a number of projects under development, the area will only grow further.
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