Speculation on Property in Chennai: Location Adyar – 2
Chennai, the biggest commercial and industrial hub of the southern India has been growing in leaps and bounds, the astonishing coastline and ever growing IT sector have expanded the fringes of the old city leading to many new emerging destinations.
Real estate sector in Chennai has been recorded as the most profitable business. ‘High rise apartments for sale’, ‘Luxury villas in Chennai offered in your budget’, ‘Luxury apartments in posh localities with best amenities’ are common advertisements which can be seen throughout the city. Adyar is one of such regions, which has now completed its journey to become a real estate hotspot in South Chennai. If you are on the lookout for a flat for sale in Adyar then you need to keep some things in mind. Adyar in south Chennai is one of the best places to live in the city. The precinct scores over other localities on a number of fronts.
The affordable prices, decent infrastructure and easy connectivity of the region to the airport and railways station along with proximity with IT corridor and OMR has made Adyar a potential real estate hub in South Chennai. Adyar serves better for property buyers who can’t afford properties in the central areas like Anna Nagar, Kilpauk, Purasawalkam with quality living.
In South Chennai, Adyar is considered as one of the affluent localities of the city, situated on the southern banks of the Adyar River at a distance of about twelve kilometres from the centre of Chennai. The residential market of the location caters the needs of all segments buying properties with modern life style facilities and amenities.
Easy proximity with airport, railway station and working hub like OMR IT corridor has brought favoured demand to the Adyar region. The growing commercial sector of the region has also helped the residential market of the region. The increasing population due to growing IT/ITES sector has favoured the growth of the retail sector in the region giving rise to shopping centres like Lifestyle, Pantaloons, and other small outlets.
The first one being the air pollution level, which is the lowest here, thanks to its proximity to the sea and its two large green lungs – the scrub ever green forest at the Theosophical Society grounds and the IIT-Guindy National Park stretch.
Adyar has excellent social infrastructure with a large number of schools colleges and hospitals located here. It also offers a wide range of cultural activities and is relatively safer than other parts of Chennai.
Location and connectivity:
Adyar is situated on the southern banks of the Adyar River which is emerging as a cosmopolitan locality with the close proximity of the IT and industrial sectors along with proximity of prominent localities like Besant Nagar, OMR and ECR. Connectivity is a major factor why Adyar is a hot favourite with home buyers. Adyar is close to the Old Mahabalipuram Road (OMR) and the IT corridors. The area is well connected by bus and rail to other parts of the city. The airport is 12 km away and the railway station at a distance of 4 km.
The Adyar locality also provides an easy connectivity with locals and Metro train. Adyar houses few of the most happening joints and hangout places which are frequently visited by residents from all over Chennai. Developments like Rajiv Gandhi IT Expressway, Besant Avenue Road have helped Adyar to build an easy connectivity to and from the Adyar region.
Adyar is the most promising region of the South Chennai which provides outstanding, lavish and luxurious housing units at affordable prices. Adyar holds better future prospects in the real estate sector, being the most favoured real estate hotbed in the South Chennai.
Adyar houses variety of IT/ITES workforce migrating to the Chennai and provides a very hospitable atmosphere along with verdant green landscapes surroundings.
Real Estate Scenario:
Available market prospects have attracted many builders and developers to Adyar, numerous projects and developments are ongoing in the region which majorly targets the middle income segments. Adyar is also the most favoured residential destination for the upper middle class and upper class segments of Chennai city.
Although reducing available land parcels are scaring the real estate market of the Adyar, and hence the property prices in the region are growing day by day. Property owners are joining in the joint ventures with local developers and builders to create apartment complex. Many such projects can be seen in the Adyar which offer small size apartments.
Apartments in Chennai, particularly Adyar have always been more expensive than other parts of the city, barring Boat Club Road, of course. This locality caters to the more culturally aware upper-mid income group of home buyers. This is a good locality to make an investment in, as realty prices have been appreciating year on year. So it is prudent to invest in plots in Adyar for the land value is definite to appreciate.
Developers in Adyar offer 2bhk and 3bhk apartments in the region with sizes ranging between 1000 square feet to 1600 square feet and even more. Price range per sq ft starts from Rs 9,139 to 15,237 and average value prices between Rs 12,188 per sq ft. Rental values in Adyar vary according to the property locality and facilities, but mostly starting from Rs 10,000 per months to Rs 25,000 per month.
The prices for residential or commercial plots in Adyar have been rising steadily; as they have been in other parts of Chennai mainly because there are limited parcels of land for development. The last decade saw many of the independent houses in Adyar giving way to apartment complexes. Many prime residential localities, such as 1st Main Road, and Gandhi Nagar have become high streets where many brands have set up shops.
Adyar has become one of the most prime locations to buy a residential apartment in Chennai. The standard of people living in Adyar has risen considerably in the past decade. In upcoming years, there is a scope for upward growth in the real estate sector in this locality. As the growth in the locality is always towards the upward direction, it is wise to invest at Adyar to gain long-term benefits.