Poonamallee property market: An overview

[ecis2016.org] Poonamallee, located very close to the industrial zones and IT hubs, is one of the rapidly-developing suburban areas in Chennai. The area has good civic amenities and is very well-connected to other parts of the city

Poonamallee is a premier residential area located in the western suburbs of Chennai. Nearby Poonamallee localities include many famous areas of the city such as Guindy, Avadi, KK Nagar, Ambattur, etc. A variety of projects are available in the area and range from affordable to luxurious. There are a lot of reputed builders like the Arihant Group, Royal Splendour and Sobha Group, who are working on their different projects in Poonamallee. Some of the premier projects in Poonamallee include Arihant Housing Amara, Royal Splendour Advaya, Sobha Serene, etc.

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Due to the advent of various IT majors and other multi-national corporations, Chennai has been witnessing a rapid influx of working population from outside. As a result, there has been a surge in the demand for residential apartments in Poonamallee, being one of the noted suburbs of Chennai. Although prices of the flats in Poonamallee are going up at a rapid pace, still, affordable housing options for the mid and the junior-level executives of the various companies, can be found here.

Poonamallee has been recently brought under the purview of the Corporation of Chennai and the plans for several infrastructure projects have been drawn up. The civic amenities have also improved here. The industrial and IT sectors’ growth, have led to the development of the retail and hospitality sectors, as well.

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Connectivity with nearby Poonamallee localities

• There are a few major roads which run through the area,e., the Avadi-Poonamallee Road, Chennai-Bengaluru Highway, Chennai Bypass Expressway, Trunk Road and Outer Ring Road.
• The area has an extensive bus service and the Avadi Bus Stand, Koyembedu Bus Stand, KK Nagar Bus Stand and CMBT lie in close vicinity.
• There are railway stations at Avadi and Guindy, which are approximately 9 and 17 kilometres (respectively) from Poonamallee.
• The Guindy Metro Station and Koyembedu Metro Station are also not far from the area.

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Employment hubs near Poonamallee

• One India Bulls Park, Ambattur Clothing Co and Ambit IT Park, are approximately 8 kilometres away.
• DLF-IT Park SEZ, Ambattur Industrial Estate and Prince Info IT Park, are also located approximately 8-9 kilometres away from the area.
• AR Foundations-Acropolis is approximately 10 kilometres away.

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Schools in Poonamallee and other social amenities

Poonamallee offers very good social infrastructure to its residents. Some of the reputed schools in Poonamallee include the St Joseph’s Matriculation Higher Secondary School, Sarojini Varadappan Girls Higher Secondary School, Kalakshetra Matriculation Higher Secondary School, etc. Some of the leading hospitals in Poonamallee include the Sri Ramachandra College and Medical Institute, Madras Medical Mission Hospital, Sundaram Medical Foundation, etc. The shopping needs of the residents are catered by malls in Poonamallee such as the Chandra Metro Mall, Forum Vijaya Mall, Ampa Skywalk Mall, etc.

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Price trends in Poonamallee

• Price appreciation—Around 22% in the last one year.
• Current property rates—Rs 3,618-Rs 5,932 per sq ft.

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Reasons to invest in Poonamallee

Considering the price trends in Poonamallee and the rising demand, the locality is touted to become a good investment region in future. There are chances of good appreciation of property rates with a number of projects being developed here. Moreover, the area is located very close to the industrial zones of Chennai and IT/ITeS hubs and hence, the demand for property here will only move northward. What more? The Chennai City Corporation has recently taken over the administration of the area. So, the scope of development of infrastructure facilities is also good here. Considering all these factors, Poonamallee can be an excellent place for investment.

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Category: Lifestyle