Chennai is one of the important metropolitan cities with amplified real estate development in recent years. The real estate market in Chennai is end-user-driven. Buying a home in the city has not only become Chennaiate’s dream but also for people all around the country. Residential apartments have been the top ranking in terms of sales, for the past 5 years. With the number of buyers for residential apartments increasing, the demand for certain areas and certain amenities has also increased. One such area is Porur, in the West of Chennai. Plenty of home buyers migrating to Porur is palpable. The price appreciation in Porur for the last 6 months alone is 15%. Why, Porur?
It is the Next-Gen for Real Estate Investment in Chennai
OMR, being the IT corridor of Chennai, is fast filling. The entire IT population drives the residential real estate in OMR. As a result, the place has started to become crowded. Due to the high demand, prices of apartments have also started to increase tremendously. This is why, now, it is prudent to move to the secondary markets in and around OMR, Tambaram and Siruseri. Porur has huge potential just because of its location advantage. It is located close to areas such as Iyyappanthangal, Guindy, Koyambedu, Vadapalani, Tambaram and Taramani which act as a junction place in reaching these places.
Here are the reasons as to why buying a budget flat in Porur will yield better returns in future?
Best Amenities for Living:
#1.Uninhibited supply of water:
porur is one of the best places in entire Tamil Naidu where you will get an uninhibited supply of water mainly because of the nearby lake and moreover the city has sufficient level of ground water.
One crisis that keeps on increasing in Chennai would be the water crisis. Only a few of the lakes have not dried up and they provide water to the places nearby. One such lake is the famous Porur lake. Porur Lake is an important source of drinking water supply for the people in Chennai. Various measures have been taken by the government to make water available full-time in the lake. Thus buying a residential apartment in Porur ensures a 24/7 water supply. Also, the areas in and around Porur enjoy the perks of being close to the lake, as well.
The average price of an apartment in Porur as of today is Rs. 5000 to Rs. 5800 per sq. ft. Even though OMR is the IT corridor, the prices in and around the area have become too expensive. Porur is also a well-developed area that is home to various commercial centers, manufacturing plants, chemical industries and IT Parks. With all the necessary facilities and a varied range of apartments for all sectors, the price in Porur cannot be beaten.
Residential apartments- price trend in Porur:
|1 BHK||30 Lakhs – 50 Lakhs approx.|
|2 BHK||50 Lakhs -70 Lakhs approx.|
|3 BHK||60 Lakhs – 90 Lakhs approx.|
Porur is one of the most well-connected places in Chennai. It is one of the residential hotspots that is located just 12 km from the Chennai International Airport, via the Pallavaram road. Another important factor would the metro rail connectivity at Arumbakkam which can be reached through the Arcot road. The Flyover in Porur has also helped in the fast movement of traffic in the area; it connects to Kodambakkam, Mount-Poonamallee road and Arcot road.
There is a great metropolitan transportation service in Porur which offers bus facilities to major parts of the city. The Meenambakkam, Tirusulam, Palavanthangal, Pallavaram are some of the railway stations near Porur. Palavanthangal is located within 10km from Porur making it the closest railway station. By road, people are often seen commuting through autos, share autos and buses. Nearest metro would the one in Arumbakkam which is around 20-30 minutes away. Guindy metro is also a 30-40 minute ride away from Porur.
#5.Proximity to IT parks:
The DLF IT Park which is a host to a number of IT companies is located within 5km radius of Porur. Also, there is the IT SEZ, a huge space provider to the IT companies, thereby increasing the rental demand in the area, as well. So, if you are an investor, Porur would be a great way for you to earn rental returns.
Along with the increase in residential real estate grew an increase in social infrastructure in the area. Porur gives access to various entertainment and shopping centers for kids and adults. It includes New Saravana stores, Chennai trade center, Porur Corporation parks and other public parks. There are a good number of reputed schools in Porur. Achariya Shiksha Mandir, St. John’s Nursery & Primary School, Sri Krish International School, Velammal Vidhyalaya, Swamy School, Government girls higher sec. School, St. Paul’s matric hr. Sec. School and several other nurseries and primary schools are there, in Porur. Sri Ramachandra Institute of Higher education and research, one of the most prestigious deemed medical colleges in Chennai is located in Porur. Some of the hospitals in Porur include Parvathy Hospital, Kedar hospital, Dr Agarwal’s eye hospital & Navaladi Pet clinic. Many banks, ATMs, petrol bunks, utility centers
The proposed monorail project is also going to be very helpful to the people in Porur for easy commuting. Also, there are a number of small infrastructure projects that are underway in the area.
There is an assured rental return for investing in apartments in Porur. There are a number of factors such as the closeness to the three IT SEZs which guarantees inflow of people from various parts. People who can’t buy opt to rent homes in the area. For this reason, several investors have started investing in mid-segment housing to cater to rental needs.
Residential apartments- rental value in Porur:
|1 BHK||8,000 – 12,000 per month|
|2 BHK||12, 000 – 20,000 per month|
|3 BHK||20,000 – 30,000 per month|
Porur is a fast-appreciating area; buying an apartment now would be one investment that won’t let the investor down. Our suggestion would be to buy a residential apartment within a gated community as they come with several amenities and facilities.
Hope this article was helpful.
Also Read :- Effective Solutions To The Most Common Real Estate Investment Mistakes