Velachery in Chennai has emerged as one of the favourite real estate hotspots in Chennai, not just for buying properties but for renting as well. Here are some of the major factors that have made Velachery a desirous location for all those who are either looking to rent an accommodation in Chennai or invest in areas which guarantee a healthy appreciation in the years to come.
Nestled in South Chennai, Velachery has been a prominent hub for residential and commercial real estate development. It has emerged an IT hub over the years and thus, witnessed a huge demand for quality living spaces. Seamless connectivity and the growth of infrastructure in and around the area has fueled the demand for rented accommodations in the locality. Some of the prime offices occupying thousands of professionals include TCS, Flextronics, and Sutherland Global Services. The workforce of offices situated along the Old Mahabalipuram Road (OMR) or the Grand Southern Trunk (GST) Road prefers living here owing to the abundance of facilities available in the locality along with added proximity to their workplaces. Moreover, the locality is also preferred due to its affordability in comparison to the neighbouring counterpart Adyar, where home prices are almost double the rates prevalent in Velachery.
According to Saran Raj, Sales, BBCL Developers Private Limited, “Velachery is one of the most developing areas in Chennai, both in terms of residential and commercial real estate. The area has witnessed a significant boom post the establishment of several IT companies in its proximity. In fact, considering its connectivity with the Thoraipakkam Road, the region has evolved as a major IT hub, which was not the case earlier. It was a small town, back in 2010. The growth has almost been 500 times since then. Consequently, the property prices in Velachery have increased by manifold; nearly five times the earlier rates. Going ahead, the region is likely to witness a further appreciation of 10-15 percent in its capital rates in the next two years. Keeping the demand for rental houses in Velachery, the rental rates might witness a surge of up to 40 percent in the times to come.”
With inherent advantages for residential real estate development, property prices in Velachery have witnessed a marked appreciation over the years. As per the data with 99acres.com, the capital rates in Velachery vary between Rs 5,000 per sq ft and Rs 7,000 per sq ft. The location holds an advantage of competitive affordability over Adyar, and thus witnesses spill over demand for housing. The property prices in Adyar hover around Rs 12,000-14,000 per sq ft.
The rental ‘asks’ of a 1 BHK apartment in this locality start from Rs 8,000 per month. A 2 BHK and a 3 BHK apartment are available on rent for almost Rs 12,000-15,000 per month and Rs 16,000-22,000 per month, respectively.
Here are some other factors which make Velachery is a promising real estate destination in Chennai -
Enveloped by the reputed college IIT Madras in the North-East, and other developed residential localities such as Taramani in the East, and Pallikaranai in the South, Velachery is an ideal destination for buying a home in Chennai. Some of the prominent areas close to this locality include Guindy (3.3 km), Adyar (7 km), Perungudi (5 km), Thiruvanmiyur (6 km), and Madipakkam (4 km). Barring Adyar, all the other areas are established IT hubs, further fueling residential demand in Velachery.
Connectivity and transportation
Connectivity through roadways and railways is one of the strong points for Velachery. The locality is only 11 km from the Chennai airport via the Inner Ring Road and about 16 km via the Pallavaram-Thoraipakkam road. Additionally, the railways connect the area to prominent locales such as OMR, ECR, Besant Nagar, and Marina Beach. St. Thomas Mount Railway Station is the connecting point for the buses and the rails. Further, the region enjoys excellent connectivity through OMR and GST road. The planned monorail connecting Velachery to Vandalur is expected to further enhance the connectivity of the city to the developing suburban areas.
Adequate social infrastructure
Velachery houses a number of educational and medical institutes. The list includes Prashanth Super Speciality hospital, Xcellent care hospital, Helios hospital, Gurunanak College, and DAV School among others. The Velachery Aquatic Complex is one of the major attractions of the region. Phoenix Marketcity, which is one of the biggest shopping malls in India is located in Velachery. Besides these, the locality also has a number of IT companies who have set up their base here. Due to its proximity to the airport, Velachery also boasts of some of the finest hotels in its vicinity. These include Westin Chennai, ITC Grand Chola, and Park Hyatt.
Enhanced development in the form of connectivity and the presence of several commercial establishments are likely to attract homebuyers and investors in abounding numbers to Velachery. Consequently, the locality is expected to witness significant price appreciation 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.