[ecis2016.org] Vast employment opportunities and development of infrastructure in its vicinity, are some of the advantages that the real estate market in Pallavaram has. We examine whether it makes sense to buy a house in this Chennai region
Pallavaram is emerging as an attractive residential realty destination in Chennai, which is witnessing good demand from home buyers. The vast employment opportunities around this region, is the primary driver for demand in this micro-market, explains Kanchana Krishnan, director – Chennai, Knight Frank India.
You are reading: Pallavaram in Chennai: A good bet for residential real estate?
A significant portion of real estate absorption in the city is concentrated along the Old Mahabalipuram Road (OMR) and the Guindy micro-market, which is closer to Pallavaram. “Given the continued demand for office space, areas in the vicinity of Pallavaram promise growth, vis-à-vis transportation and social infrastructure in the years to come. OMR and localities in its vicinity will continue to attract corporates from various sectors, including IT/ITeS, insurance, engineering and manufacturing. In short, the effects of a steadily improving office market, thanks to improving fundamentals in the IT/ITeS and manufacturing sectors, are bound to rub off on the residential market and the demand for residential realty will increase,” Krishnan explains.
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Advantages of buying a home in Pallavaram
Some important reasons, for considering Pallavaram area for buying a home in Chennai are:
- Affordable prices, good connectivity and good physical and social infrastructure.
- Property prices in Pallavaram range between Rs 5,000 and Rs 6,000 per sq ft and 65 per cent of the residential demand is from this segment.
- Metro rail network in the adjoining areas.
- Presence of excellent job opportunities.
Experts point out that a number of infrastructure projects are also in the pipeline in the adjoining areas, such as the proposed extension of the Pallavaram-Thoraipakkam Road up to ECR (East Coast Road) and the metro corridor along OMR-Medavakkam.
Huge growth in Chennai’s emerging areas
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Chennai’s residential market witnessed the launch of nearly 5,300 residential units, representing a rise of 19 per cent from H2 2016, says Surabhi Arora, senior associate director, research, at Colliers International India. “Of the total launches, 33 per cent were concentrated in the peripheral locations of the city’s south quadrant, along OMR, the Grand Southern Trunk (GST) Road and ECR. Reputed developers in the mid-market category accounted for about 70 per cent of the total launches,” Arora elaborates.
Check out properties for sale in Pallavaram
Key challenges of Pallavaram area
Real estate growth is always synonymous with infrastructure growth. Pallavaram area is expected to witness significant residential demand in the near future. Hence, the existing infrastructure will require a considerable overhaul, to match the increased demand for real estate in the area.
Five benefits of buying a home in Pallavaram
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Source: https://ecis2016.org
Category: Lifestyle
