The real estate market in Chennai has seen a lot of growth in recent years due to many infrastructural developments in various areas. However, the major reason for this growth is the presence of many IT companies and educational institutions due to which many people are investing in the residential real estate of the city.
With top real estate developers foraying into the housing sector of Chennai, a home buyer can get a good property in any of the posh areas which are close to city center too. So to ease your house hunt, here are the top five costliest residential localities of Chennai:
One of the busiest commercial localities in the city of Chennai, Teynampet major residential areas includes Gopalapuram, Poes road, Poes Garden, Seethamal Colony, Vellala Teynampet, and Ellaiyamman colony.
While Poes Garden is home to two of the most celebrated houses; residences of the late Tamil Nadu Chief Minister and AIADMK Chief J. Jayalalithaa and Cine actor Super Star Rajinikanth, Gopalapuram houses the residences of DMK Chief and former Tamil Nadu Chief Minister M Karunanidhi.
Many upscale hotels like Hyatt Regency and Marriott Courtyard also falls in this region. Several reputed schools also fall in this area. In terms of connectivity, Chennai central railway station is just 7.9 km away while the airport is roughly 13.5 kilometers from here.
Because of its well-structured neighbourhood, Teynampet real estate is sought-after among home seekers. One has the option to choose from 2, 3, 4 and 5 BHK apartments, size of whose ranges from 606 to 5,225 sq ft. In the last five years, property prices have seen a massive rise of 120 percent, from Rs 14,400 per sqft in April 2013 to Rs 32,000 per sqft in April 2018. Spacious units with all the luxury facilities cost here between 7 crores and 15 crores.
Falling in the center of the city, Alwarpet is another plush locality of Chennai. The area is home to famous personalities like M. K. Stalin, Tamil movie actor Kamal Hassan and house of Sir C. V. Raman, the famous Indian Physicist and Nobel Prize winner. Some of the famous schools like MCTM Chidambaram Chettyar International School are also located in the area.
Chennai Railway Station is 9 kilometers via Anna Salai/Tiruchi Highway. The area also enjoys metro connectivity and the nearest Station at a distance of 1 kilometer (via Anna Salai/Tiruchi Highway and Cenotaph 1st Street). International Airport is 12.1 kilometers (via Grand Trunk Road/Tiruchi Highway).
Due to thriving location and well-developed infrastructure, many top realtors like Green Valleys, Constructions, TVH, Casa Grande and Vishranthi Homes have marked their feet in the area. Alwarpet has seen a 30 % rise in the property prices in last 5 years. The average price of an apartment in the area is Rs. 19,000 per sq. ft., the minimum price is Rs. 15,000 per sq. ft. and the maximum price is Rs. 23,000 per sq. ft. with unit sizes ranging from 1,333 sq. ft. to 3,000 sq.ft. A home buyer can get a 2, 3, 4 and 5 BHK luxury or ultra-luxury apartment in the price range of 4 to 7 crore.
Another centrally located residential area is Abiramapuram. Some of the areas located close to Abiramapuram are Marwadi Thottam, Narasimha Puram, Natesan Colony and Vidya Thirtha Nagar. The Chennai central railway station is located at a distance of 9.6 km (via Kamarajar Promenade). On the other hand, Metro Station is just 2.2 kilometers from the locality (via dasan Road). The International Airport is, however, 13-kilometer drive via Grand Trunk Road/Tiruchi Highway.
Some of the prestigious schools, hospitals and malls are also located in this area. Prominent developers in the area are ETA Star, Krishna Constructions, Sumanth, NAPC, Navin Housing, AGP Housing and Swathi Builders.
One can get spacious 2, 3 and 4 BHK homes here sized between 1,500 sqft and 2,500 sqft. The property price of the residential units comes from 3 to 5 crore.
Raja Annamalai Puram
Popularly known as R. A. Puram, the place is named after famous banker and philanthropist, S. Rm. M. Annamalai Chettiar who owned most of the property at one time. The area today extends along the northern banks of the Adyar River from Saidapet to the Bay of Bengal coast.
Raja Annamalai Puram is well connected to other regions of the cities via various transport facilities. Guindy Railway Station is located at a distance of 7.4 kilometers via Sardar Patel Road and the Metro Station is 3.2 kilometers drive via Chamiers Road. Chennai International airport is 13.8 kilometers away via Trunk Road/Tiruchi Highway.
Many renowned schools, malls, and hospitals are located in the area. Also, due to the presence of various IT and automobile companies, the real estate market has seen a lot of growth at a fast rate.
Realtors who invested in the area are Real Value Promoters, Shreenivas Housing, ETA Star, Oyester Homes, Swathi Builders and Navin Housing. Many famous High rises are also located in R. A. Puram which offers 2, 3, 4, 5 and 6BHK spacious and luxurious apartments. The average property prices are Rs 20,100 sqft. Based on the configuration of the units, an apartment can cost between 2 crores to 15 core to a home buyer.
Royapettah is another expensive residential hub located 3.5 kilometers south of Egmore – which lies on phase 2 of Chennai Metro route. Major neighbouring areas are Mylapore, Nungambakkam, Alwarpet, and Abiramapuram.
The area lies in the center of the Chennai city and hence enjoys good connectivity to all the parts of the city. Central railway station, international airport, and central business districts are easily accessible from this area. Royapettah is also home to many famous malls, shopping centers, schools, and hospitals.
Royapettah houses many ready-to-move-in properties. Apart from them, the area also offers some under-construction projects for home buyers. Property prices have risen to 25 percent in the past five years. Currently, the average rate of a residential property is Rs 19,300 per sqft. Several contemporary 2, 3, and 4BHK homes sized between 1,500 sqft and 3,000 sqft are also available in the area, prices of whom vary from 2 crores to 4 crores.