Speculation on Property in Chennai: Location Velachery
Velachery, a residential area in South Chennai has witnessed an unprecedented growth in real estate market. Velachery has emerged as the key vicinity in South Chennai. The robust growth in the Infrastructure and IT sector has resulted in the demand for residential and commercial realty in this area. As this area is well connected to the other parts of the city, a rapid growth in residential and commercial property can be seen. Most of the residential apartments in Chennai are constructed in Velachery which provides better commutation for people.
Real Estate Scenario of Velachery:
Velachery is primarily a suburban area. The locality has many inherent advantages for the development of residential real estate. Infrastructure facility is one of the major reasons for the residential attraction. The erection of the twin flyovers has reduced the problem of traffic congestion.
The locality has been an important residential and commercial real estate market which is an outcome of the good connectivity that this area enjoys. Most of the land parcels are developed. Traffic congestion is a major problem here but the proposed infrastructural projects in the locality are set to ease traffic congestion.
Flats in Chennai are now termed under higher standards. Particularly in Velachery, the range and price of luxury apartments as well as villas is top notch. The housing area comprises of flats, townships, luxury villas in Chennai. Numbers of new projects are implemented in Velachery.
There is a huge demand for quality residential spaces in this area. Many home buyers are targeting Velachery for investment as it offers various amenities and facilities. People of all income groups can be seen settling in this vicinity. People who have come to the city for employment within the city are on the lookout for residential spaces. House for rent in Velachery finds prospective tenants due to its proximity to the IT corridor and other industries. The residential property prices are reasonable.
As on September 2017, price range in Velachery is categorized accordingly. Highest Locality Price starts from Rs 9,051 per Sq-ft, Average Locality Price starts from Rs 7,191 per Sq-ft and Lowest Locality Price starts from Rs 5,330 per square feet depending upon the amenities provided. There is also a growth of commercial real estate in Velachery. A number of new commercial projects are coming up in this locality. The area offers commercial spaces, malls, showrooms, and good retail shops. Some of the upcoming shopping malls in this area are Phoenix market City, Chennai which is said to be one of the biggest malls in Chennai and Grand Mall.
Velachery is also home of several well-known food joints. The area has many reputed schools and colleges. The locality is also rapidly emerging as a hospitality destination. Due to its propinquity to the airport, world-class 5 star and 7 star hotels like Westin Chennai, ITC Grand Chola, and Park Hyatt are sited in Velachery.
Velachery has become one of the prime locations to buy a residential apartment in Chennai. The standard of living in Velachery has risen considerably. In coming years, there is a scope for upward growth in the real estate sector of this locality.