Situated on the busy Mount-Poonamallee (MP) Road, Porur has emerged as a vibrant tech hub, attracting the IT workforce in abundance. Investment in residential real estate has seen fast growth in the last few years owing to the augmenting connectivity with the metro rail. Here’s a detailed account of the various areas within Porur which deem well for an investment in real estate.
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Porur is a significant node for the social welfare of Chennai as well, case in point, the 2017 ruling by the Municipal Administration and Water Supply Department making Porur Lake a permanent water source for the city. This had sent builders in a flurry to develop spaces in this locality to take advantage of the attention this area received from this ruling.
With IT hubs and industrial complexes occupying Porur, a western suburb in Chennai, real estate trends have been on an upward trajectory. There is massive realty buzz generated from its resident technology complexes such as the DLF IT Park, and WS-IT Park. With expansive commercial development in the pipeline, Porur is set to generate around 53,000 jobs by 2023, which, of course, will be followed by a huge demand for housing.
If you too are looking to invest in Porur, here is a detailed account of the various areas in the city and their potential of development in the times to come -
This area is in proximity to the Ramapuram DLF IT Park and is home to the world-class Meenakshi General Hospital. Alapakkam offers seamless social amenities in the form of reputed schools and entertainment avenues. Compared to other popular locations in Porur, the average capital values for 3 BHK apartments in Alapakkam range between Rs 5,500 per sq ft and Rs 6,500 per sq ft. The average rental values for 2 BHK and 3 BHK configurations vary between Rs 13,000 and Rs 23,000 per month, which are some of the lowest in Porur. The competitive prices and proximity to one of the biggest IT Parks in the locality make it a potential investment hub for the budget-sensitive buyers.
Situated along the Porur Link road, this region enjoys smooth connectivity with major industrial hubs of Chennai like Adyar and Thiruvanmiyur. Attracting traffic from these popular commercial business quarters of Chennai has led to consistent growth in property prices in this locality. Gandhi Nagar consists mostly of luxury apartment complexes where 3 BHK apartments are priced between Rs 15,000 and Rs 18,000 per sq ft.
Madhusudan K, Proprietor, KVK Realty, explains, “Gandhi Nagar is a premium area within Porur. The average monthly rentals go up to Rs 28,000-35,000 for 2 BHK apartments. For 3BHK apartments, the rent could be as high as Rs 65,000 to Rs 77,000 per month, excluding maintenance charges. Tenants need to deposit security fee of around Rs 2-3 lakh here, making it a suitable location for the top-level professionals working in the companies nearby."
This southern Porur locality enjoys round the clock water supply even in times when Chennai suffers droughts, due to its proximity to the Porur Lake. The area mostly comprises of independent houses available on monthly rents ranging anywhere between Rs 8,000 and Rs 14,000 for 2BHK homes, and between Rs 25,000 and Rs 30,000 for 3BHK configurations. Capital values for 3BHK apartments and houses hover around Rs 12,000-14,000 per sq ft.
Bharathidasan Nagar in Porur houses a famous church and a temple and is frequented by pilgrims from all over the city. The northern Porur suburb of Mettukuppam is well known across Chennai as a food haven as it is studded with eat-streets. Arunachalam Nagar is where the Porur Panchayat Office is located.
Gokul Bharath, Managing Director of Venkat Homes, Sakthi Nagar says, "The best thing about buying a home in Porur is that the floor space of 2 BHK apartments, the most popular property configuration in the area, is similar to the large sized 3 BHK apartments. For instance, a 3 BHK apartment in Balaji Nagar may have a floor space of 1,000-1,200 sq ft, while a 2 BHK independent house in the same locality may have floor space in the range of 900-1,000 sq ft. Independent houses tend to utilise a lot of this space for the living area."
Real estate in Porur is rising at an overwhelming rate. It will see more IT infrastructure development when new IT Parks like Raheja IT Park and ASV IT Park come up. The upcoming metro connectivity under the Phase II of Chennai metro will also play a major role in defining Porur’s residential and commercial growth in the times to come. Homebuyers must ensure due diligence before investing in a property and a particular location in Porur to reap the best returns.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. 99acres does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.