Pallavaram, a Chennai suburb locality, is garnering greater attention of the real estate investors now. The locality, which is already home to many leading IT companies and a large working population, will further have greater job opportunities because of the new IT Park (International Tech Park Chennai (ITPC) – Radial Road) that is planned. This, in turn, is expected to further accelerate the demand for housing in Pallavaram.
Pallavaram has a major claim to history. Pallavapuram, Pallavaram has the distinction of being one of the oldest townships in South India, existing since the Paleolithic Age and its current name can be traced back to the Pallava dynasty, which had settlements here. Pallavaram was home to the military cantonments of both the Mughals and the East India Company. With the Pallavaram Forest and Hills as a resplendent backdrop, today, the area has turned into an active hive of residential colonies. Rich in greenery and history, Pallavaram can be considered a heritage zone. However, its urban infrastructure has made it one of the most respectably deserving areas for residential projects. The Pallavaram Market, one of the most massive vegetable markets known, has been in operation for over 75 years, and sells goods for low prices.
Today, Pallavaram is an attractive destination that holds excellent long-term potential for property investors. The rush of IT companies setting up shop here ensures unrelenting demand for office space, which is associated with the need for housing. Accordingly, social infrastructure and connectivity have grown around the area making it viable for both residential as well as commercial investment.
Some features of Pallavaram that deserves a special mention:
Connectivity: Pallavaram, also a cantonment area in Chennai, Pallavaram is also very close to other upcoming as well as mature neighbourhoods like Medavakkam, Madipakkam, Velachery, Perungudi and Nanganallur, making it suitable for families and young professionals alike. It is further connected with the Old Mahabalipuram Road (OMR), the East Coast Road (ECR) and the Main Road. The Outer Ring Road, the Pallavaram-Thoraipakkam Road, and the Trichy-Chennai Highway are also in its proximity that allows ease of travelling to and from the main city. A special mention of the airport being less than a 15 minutes’ drive or 4 kms away. Tambaram and Pallavaram bus stands are easily accessible as are the railway stations. Also in the vicinity are St Thomas Mount and Alandur metro stations. A significant portion of absorption in the city is concentrated along the OMR and the Guindy micro-market, which is closer to Pallavaram.
Real estate: One of the most attractive features of Pallavaram is its affordability with current prices ranging between Rs 3,146-7,188 per sq. ft. With the emerging of various IT industries, property prices in Pallavaram have seen a rise of 16.5 per cent over the last few years. An average price range of 1-3BHK apartments are priced between Rs. 35 to Rs. 1.2cr.
Rental opportunities: Employment opportunities are many with companies like Cognizant, Atos India, and others having their presence here. IT parks like the Olympia Tech Park, MPL Silicon Towers, the Chennai Trade Centre, and SIDCO Industrial Estate are all located within a radius of 10km. There is also a flyover that connects Pallavaram to IT hubs like Velachery and Thoraipakkam, which is a boon to professionals who work there but reside in Pallavaram. Massive employment opportunities and development of infrastructure in its locale, are some of the advantages that the real estate market in Pallavaram. Trends show that the average rental rates for various properties in Pallavaram, Chennai are presently very close to the city’s average .The average rental price of properties in Pallavaram is Rs. 24188 whereas the average rental of the city is Rs. 25762.
With development happening at such a rapid rate, there is no shortage of social infrastructure in Pallavaram. Given the continued demand for office space, areas in the vicinity of Pallavaram promise growth, in respect of transportation and social infrastructure in the years to come. OMR and localities in its neighbourhood will continue to attract companies and corporates from various sectors, including IT/ITeS, insurance, engineering and manufacturing. In short, the effects of a steadily improving office market are bound to influence the residential market and the demand for residential realty. The current social infrastructure witnesses educational institutions like Loyola Matriculation Higher Secondary School, Vel’s Vidyashram Senior Secondary School, and Narayana E Techno School among others. Leading hospitals in the area include Chennai Krishna hospital, Hindu Mission Health Services, and Shadithya hospital etc. Pallavaram already has many gated communities and luxury apartments.
Summary of advantages of buying a Apartments in Pallavaram
So, if you are planning to invest in Pallavaram’s real estate, here’s all you need to know about the locality:
- Affordable prices currently especially considering the growth curve expected.
- Excellent connectivity within the city and movement for in and out of the city
- Already existing admirable physical and social infrastructure
- Property prices in Pallavaram range between Rs 5,000 and Rs 6,000 per sq ft and 65 per cent of the residential demand is from this segment
- Metro rail network in the adjoining areas
- Presence of excellent employment opportunities and further investment expected for IT parks and other sectors
- Experts point out that a number of infrastructure projects are also in the pipeline in the adjoining areas, such as the proposed extension of the Pallavaram-Thoraipakkam Road up to ECR (East Coast Road) and the metro corridor along OMR-Medavakkam.
- Retail therapy – established retail showrooms along the belt that leaves one not asking for more.
- The airport is a 20 minutes’ driving distance from Pallavaram.
- The regions has numerous realty options for home buyers, as per one’s budget.
Thus, there is no denying that Pallavaram is certainly a good place to live in Chennai. Further, considering the price trends in Pallavaram and the rising demand, the locality will definitely prove to be a good investment region in future. The area will only grow further, with a number of projects being developed. This is likely to fuel excellent appreciation of property rates in the area.