Emergence of Chengalpet
In 2017, during the delimitation process Chengalpet, a locality in the Kancheepuram district of Tamil Nadu was bought under the jurisdiction of the Chennai Metropolitan Area. However, this area had already marked its presence on the real estate map as various developers and IT companies have entered in this locality.
Presence of Real Estate Market:
Chengalpet located 22kms away from the Chennai city and prior to its addition in Chennai metropolitan area, this locality was used to fall under the Gram Panchayat. Thus, acquiring land in this part of the Tamil Nadu required lesser formalities. All this led to land acquisition by various developers and IT companies. Hence, the Chengalpet started to grow and have multiple housing projects and workspaces.
Expansion and Demand for Rental Properties:
Down South, this locality also came under the influence of proposed urbanization and infrastructural development. Thus, the radius of commercial space witness growth and this now led to an increasing demand for rental properties in the area. Another important factor that makes Chengalpet the emerging hub of affordable properties is all over developments such as the establishment of educational institutions.
Factors that make Chengalpet a perfect Affordable Housing Locality:
- Connectivity: The seamless road connectivity to the state capital city Chennai. Apart from the cars and two-wheelers, the sufficient availability of buses and trains to various southern cities make this one of the best areas for affordable housing properties. The Chengalpet railway station is a must-halt for the trains destined to southern cities.
- Infrastructure: This locality had various educational institutions and commercial spaces even before getting added to the Chennai metropolitan region. Thus, the earlier infrastructure, under-construction infrastructure projects and the proposed infrastructural development has paved towards the making of a safe, secure and socially developed area for living.
- Multiple Amenities: A family needs to have proper schools and colleges, nearby shopping markets, healthcare centres and security. Thus, the presence of various reputed educational establishments, entertainment arcades and medical facilities such as hospitals make this a perfect locality for living with the family. Apart from this, round-the-clock security makes this location an ideal place to be a residential address.
Property Purchase and Rental Rate in Chengalpet:
According to the report, the property market of this area recorded an increase of 3 percent in 2018 and the home loan disbursal also recorded a high. This reflect to the homebuyers attraction towards this southern locality as you can easily own 1/2/3 BHk housing unit at a starting price of Rs. 11 lakh, Rs. 20 lakh and Rs. 28 lakhs.
The rental amount per month for all the three units stands at Rs. 8,000, Rs. 10,000 and Rs. 12,500 respectively.
Factors attracting Homebuyers to Chengalpet:
- OMR-Chengalpattu Link Road: The NHAI i.e. the National Highway Authority of India is working to expand the Chengalpattu-Thiruporur road as a 4-lane stretch to make commutation easy. The completion of this stretch expansion will allow people to commute between Thuraipakkam, Sholinganallur, Thiruvanmiyur, Medavakkam, Pallikaranai and Neelankarai to Chengalpet with entering into Tambaram.
- Chengalpattu-Airport Elevated Flyway: The 26-km elevated stretch is proposed to connect this locality straight away with the international airport. This elevated flyway will cut down the travel time by 1 hour 10 minutes.