Speculation on Property in Chennai: Location Avadi
Chennai city has been expanding exponentially in the last few years. Since, it has exceeded its optimum size, a split from the city region becomes necessary to administer better and deliver quality urban services.
Avadi, one of its suburbs, has been growing rapidly and accommodates a bulk of the population. So, aggregating smaller local bodies of the Avadi municipality into an upgraded Corporation provides the institutional infrastructure for better governance.
This humble suburb of Chennai has been witnessing a fast growth in terms of real estate. The name Avadi was derived from the acronym ‘Armoured Vehicles and Ammunition Depot of India’. Situated 23 kilometres in the north east of Chennai, Avadi is surrounded by major defence establishments.
Located closer to Ambattur, Anna Nagar, Thirumangalam, etc, which are growing as commercial and industrial areas, Not only apartments in Anna nagar, properties nearby Anna nagar on the Avadi Main Road covering places like Paruthipattu are selling like hot cakes. The area is located at a driving distance of less than 15 to 20 km from places like T Nagar, Nungambakkam, etc and public transport is rapidly gaining momentum.
Priced lesser compared to the other side of the city, a lot of prominent builders have chosen this area to build multi-storied gated community apartments in Chennai. Spaces have also been allocated for malls and there are already a sizeable number of schools and colleges in the vicinity which makes this area a good option to invest in.
The major reason behind the rapid growth of real estate in Avadi is the affordability and the proximity of the location to the Ambattur industrial estate. As it is situated within a few kilometres from Ambattur, many employees from the IT parks of Ambattur prefer looking out for households at Avadi as they land up with comfortable and affordable ones.
The famous educational institutions have occupied the locality as it is very much connected to city through roads and railways. Avadi has well developed roadways with Maduravoyal Highway and NH4 being in its proximity. The monorail project of the government has targeted Avadi and the project is under the first phase of completion.
Avadi railway station is one of the oldest stations of Chennai suburban railway network. There are frequent trains from Avadi to Chennai central, Beach, Tiruvallur, Arakonam and Thiruthani. Bus terminus of Avadi is located very much near the railway station on the Madras Tiruvallur High road. There are frequent buses to various destinations such as Tambaram, Anna square, Mandaveli, Thiruvanmiyur, CMBT, Poonamallee, Periyapalayam, Arani, and Tiruvallur.
According to the survey as on April – June 2017, the average price value for properties is around Rs 3,607 per square feet whereas highest property price is around Rs 4,256 per Sq-ft, and lowest property price is approximately Rs 2,959 per Sq-ft. Price factor has eventually increased to almost 13 percent. The plot value has also witnessed a growth of around 14 percent from the regular bid.
As the growth in the locality is always towards the upward direction, it is wise to invest at Avadi to gain long-term benefits. Most of the reputed builders in the city have already extended their projects in and around Avadi and new projects commenced by budding developers are in development too.