Urapakkam: Booming affordable housing destination in South Chennai

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Urapakkam

Whether it is government initiatives to trigger infrastructure growth or enhanced connectivity, Urapakkam in South Chennai has witnessed a massive transformation in the last few years.

Situated in the Kancheepuram district of Tamil Nadu and part of the Chennai Metropolitan Area (CMA), Urapakkam is a suburban and an upcoming locality in Chennai. Being situated close to Tambaram, Urapakkam is generally called the gateway to the southern part of Chennai and is situated close to areas such as Tambaram, Pallavaram, Chromepet, Chitlapakkam and Thiruneermalai.

Growth drivers

Urapakkam is one of the oldest and most well-planned cosmopolitan areas in south Chennai. Over the last few years, the locality has caught the attention of homebuyers on the back of rapid commercialisation, enhanced connectivity and developed social infrastructure constituting Saraswathi Matriculation School, Gold Souk Grande Mall and Arokia Annai Hospital. Moreover, the locality is witnessing a large influx of working populace from outside the city owing to the presence of various IT companies along with other Multi-National Companies (MNCs), which in turn has propelled real estate growth in the region. Arun Mn, MD & Founder, Casagrand Builder Private Limited avers, “With the government according infrastructure status to affordable housing and focus on ‘Housing for all by 2022’, the area will see higher levels of growth mainly in affordable housing.”

Connectivity adds to Urapakkam’s attractiveness index

Urapakkam enjoys easy access through a network of roadways and railways. Chennai Bypass Expressway, Grand Southern Trunk (GST) Road, Vandalur-Kelambakkam Road and Outer Ring Road (ORR) are some of the major roads passing through this region offering intra-city connectivity. In addition to this, robust bus and railways network through Tambaram bus stand and railway station respectively, further strengthens the transport network. Moreover, seamless connectivity to Chennai International Airport which is around 20 km away via Trichy-Chennai highway is an added advantage.

Capital and rental trends

Competitive capital values is one of the major growth stimulators for Urapakkam. According to data available with 99acres.com, out of 197 projects, around 86 percent are ready-to-move-in while the remaining 14 percent constitutes under-construction and new launches. At present, average capital values in the region are hovering at around Rs 3,300 per sq ft. Experts believe that ample of residential inventory in Urapakkam has kept capital value inflation in check.

Urapakkam

On the other hand, rental leasing in the region is majorly driven by IT professionals looking to stay close to their offices that has led to a robust demand for rented accommodations along with an increase in rental ‘asks’.

Configuration

Monthly rentals

2BHK

Rs 10,000 onwards

3BHK

Rs 13,000 onwards

 
Government initiatives to fuel growth in the region

The state government has announced several initiatives that will not only enhance connectivity but will have a positive impact on the real estate market of the region.

  • Urapakkam will gain from the state government’s plan to increase Chennai Metropolitan Area (CMA) seven-fold by bringing Kancheepuram & Tiruvallur districts as well as Arakkonam taluk in Vellore district under its limit. While this extension will happen across the north, west and southern part of the city, South Chennai is anticipated to see maximum growth.
  • Urapakkam’s realty market is also expected to benefit from the upcoming Phase II of the Outer Ring Road (ORR), which connects Minjur in north to Vandalur in south.
  • Experts further believe that the proposed satellite bus terminus planned over 50 acres of land will be a game changer for Urapakkam and its neighbouring region by adding to the convenience of thousands of students and employees who frequently visit this area and its surrounding localities. It will fuel further growth in the region.

Investment potential

With the government giving a thrust to affordable housing by announcing several key initiatives, areas such as Urapakkam are deemed to benefit. Investors are already attracted to this region considering the rise in demand for affordable properties and the growth potential it has. “2018 will see a momentum in the real estate market and Urapakkam will witness increased traction from investors due to its strategic location (along NH-45), nearness to employment hubs and upcoming infrastructure projects and commercial establishments,” adds Arun Mn.

With several factors working in Urapakkam’s favour coupled with the government’s focus on catapulting further growth in the region, it is to be seen whether the locality achieves higher level of growth in the years to come.


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.


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