Affordable Prices Realty Market Summary

With city limits now reaching its saturation points, potential home buyers are now heading towards lesser developed place. And one such suburb that has regained its mark on the realty radar is Avadi. Situated about 23 kilometers away from Chennai city, the neighbourhood is fast becoming one of the most sought after localities thanks to the growing industrial hub. Spread over 65 square kilometer, the area is home to many defence establishments like Indian Air Force, Combat Vehicles Research and Indian Army. One of the major factors that are flourishing the locality’s realty demand is its proximity to established areas like Ambattur and Anna Nagar. Local and national real estate developers are now tapping into the growing housing demand and are purchasing plots in Avadi in large parcels to build extravagant residential spaces.
Despite being 23 km away from the city, the area enjoys great connectivity. Arterial roads like Poonamallee High Road, Redhills High Road and the Chennai-Tirupati Highways improves intra-connectivity. The nearby Avadi railway station and the MTC bus stand eases access to other parts of Chennai city. Apart from major connectors, the locality’s nearness to developing areas like Sriperumbudur too have lured many home buyers. White collared professionals working in Tech parks in Sriperumbudur are now showing a lot of interest in investing in flats for sale in Avadi. Reputed builders have entered the realty market and are offering an array of housing options that suit the working professionals.
Compared to the hustle and bustle of the city, the area offers a serene and peaceful environment. The rapidly developing infrastructure and the growing commercial belt make this locality an ideal destination for many families and retired personnel. Attracting a pool of the student fraternity due to the presence of many engineering colleges, investors and second time home buyers are now purchasing properties only to rent them out on a later date. Apartments that spread across 1,000 square feet are capable of generating rental returns anywhere between Rs 8 and 12, depending if the homes are semi or fully furnished. The growing rental demand has also attracted a number of working professionals from industrial town like Ambattur.
Apart from offering the perfect blend of traditional and modern day needs, the area offers a number of housing options that are cited to be affordable. Compared to its neighbouring vicinities, capital values for Apartments in chennai are relatively cheaper. According to recent reports, the current ongoing prices for apartments are estimated to hover anywhere between Rs 3,200 and 4,000 per square feet. The appreciating capital values of residential plots and apartments are luring many potential investors to invest here. According to recent data, property prices of apartments have seen a hike of 28 percent in the past two years. For instance a 2 BHK apartment that was purchased at a budget of Rs 25 lakhs two years ago is currently valued at Rs 30 lakhs.
So if investing in a property that reaps high benefits is your call investing in apartments or plots in Avadi is a safe bet!

Sulabha Kulkarni is a freelance writer and an avid blogger, following the real estate sector and flats for sale in Noida closely for many years. Her areas of expertise are finance and real estate sector in India

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