Though there is a lull in realty in many areas, South Chennai seems to have had good progress with many new apartments in Perumbakkam, Adyar, Velachery, ECR, Sholinganallur and Medavakkam. These Perumbakkam Flats and other homes in South Chennai seem to have a particular demand due to the proximity to the IT corridor, and the availability of good physical and social infrastructure and civic amenities.
The spurt in these areas could also be attributed to the increase in the employment market and growth of commercial spaces in the area. NRIs are also attracted due to the future appreciation value predicted in these areas. Properties in these areas are comparatively cheap and stand good for long-term investment plans. Infrastructure development plays a vital role for an area to witness realty growth to such an extent. The State government plans to complete the four-lane stretch of a 33.5-km section on ECR between Akkarai and Mamallapuram by March 2016. Social infrastructure along the IT Corridor on OMR is also expanding rapidly. The ongoing construction of Phase II of the Outer Ring Road, linking the suburbs, and the proposed peripheral ring road project, are expected to improve the demand and capital values of the projects located in far-away suburbs.
There are all kinds of properties in the Southern stretch, catering to all segments of the population ranging from college students to senior citizens. Majority of the buyers fall under the middle and upper-middle group, with a monthly income between Rs. 50,000 and Rs. 1,00,000. This does not leave out the luxury home seekers as there are plenty of luxury villas and homes along the ECR stretch for the needs of the upper income segment people.
