Why should one prefer Poonamalle for property investment?
Located in South Chennai, Poonamalle is one of the upcoming micro-markets in the city that has been brimming with several real estate activities in recent times. When compared to other emerging residential suburbs in the city, Poonamalle has witnessed a huge appreciation in the price of the residential properties. Seamless connectivity, proximity to IT hubs and availability of good infrastructure has been some of the major factors that have increased the realty demand here. Apart from these factors, sky-high prices in Porur and Anna Nagar have resulted in demand for housing shifting towards Poonamalle, which is located close to these residential areas. According to the realty sources, the current price of property in Anna Nagar is about INR 10,000 per sqft while in Porur it ranges between INR 6000 to INR 7,000 per sqft. However, one can buy apartments in Poonamalle within the price range of INR 3,000 to INR 4000 per sqft.
Apart from affordable price range, the locality also has proximity to IT hubs such as DLF and Larsen & Toubro Infotech. Owing to this reason, this region is witnessing a good demand for residential properties among the working professionals who opt to buy or rent a property close to their work locations. Particularly, the apartments within the budget range of INR 3545 lakh are getting a good demand here. Though the residential demand here is driven by end-users, the locality also grasps the attention of the property investors as well. In the past few years, the price of the apartments in this locality has almost doubled and this price trend is likely to similar in the future with more upcoming developments here in terms of both social and physical infrastructure. Some of the on-going and completed residential projects in this locality include Palm Grove by Godrej Properties, Golden Homes, Roma Housing, Kaalash Foundations, Chandru Gardens, etc. Moreover, several schools and colleges are also coming up in the area. Besides, the Outer Ring Road which is one of the major physical infrastructure developments is likely to be operational in another two years. This would certainly enhance the connectivity of this region. Once this project is complete, the prices of properties in Poonamalle are expected to increase further. Thus, if you are looking to buy a residential property in Chennai for investment purpose then preferring Poonamalle would be an ideal choice.
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