Chennai is counted among one of the expensive property markets in India, with average values standing at Rs 5,221 per sq ft at the end of May 2020. The average prices in the posh areas in Chennai, where the HNIs and the city’s prominent people have their residences, are much higher. Which are those localities and what are the average prices of properties there? Let’s find out.
Average price: Rs 40,000-50,000 per sq ft
Chennai’s who’s who have homes in this affluent locality. Lying close to the Adyar River and surrounded by lush greenery all around and within, Boat Club, a posh residential area in Chennai, where the residences have high-end automobiles such as Rolls Royces, Lamborghinis, Porsches, Jaguars and Audis, is home to politicians, business tycoons and film stars. The city’s rapid expansion has had little impact on this residential area, which has managed to maintain its glory, charm and serenity, and proudly bears the remnants of the colonial heritage, as it has remained out of bounds due to sky-high values and lack of new developments.
Over time, there has been an astronomical increase in property values in this location, with costs of a ground running into multiple crores. Since there has been no new residential development, properties in the area are only available in the secondary market and that too is rare.
Among the famous people with properties here are N Srinivasan (of India Cements), Venu Srinivasan of TVS Motors and Kalanithi Maran of Sun TV.
Properties for sale in Boat Club: While properties are hard to find in this location, they are available at nearby areas. These would have asking prices involving multiple crores.
Properties for rent in Boat Club: Supply is extremely limited, with current prices going to lakhs of rupees.
Average price: Rs 30,000-40,000 per sq ft
Even though Boat Club has registered higher value appreciation over time, since both these localities first underwent a branding exercise during the 1950s, both these ultra-premium areas were promoted as layouts during the British period, where exorbitantly-priced plots were sold to those having the means to purchase it. It is no coincidence then that Poes Garden is home to owners of large business houses and film stars. Among the famous people with properties here are late TN chief minister J Jayalalithaa, superstar Rajinikanth, Pepsico CEO Indira Nooyi and cricketer Dinesh Karthik. Unlike Boat Club, Poes Garden does have a limited number of apartment complexes.
Properties for sale in Poes Garden: Properties currently available for purchase near Poes Garden can command as much as Rs 20 crores.
Properties for rent in Poes Garden: Properties currently available for rent near this area can command as much as Rs 1.50 lakhs a month.
Average value: Rs 18,600 per sq ft
Also a locality which was developed during the British period, Nungambakkam still bears a European vibe, the limited new-age developments in the current times notwithstanding. This upscale neighbourhood in the south-western part of Chennai has turned into a hub of commercial establishments, government offices, foreign consulates, high-end shopping malls and cultural establishments, in recent times.
Even though property values are comparatively much higher than an average locality, here projects by some of the most reputed names in Nungambakkam provide buyers an option to make this affluent their address as well.
Properties for sale in Nungambakkam: Properties currently available for purchase may cost a buyer up to Rs 99 crores.
Properties for rent in Nungambakkam: Average rents in the locality might go as high as 2.50 lakhs per month, while some stretches have rental homes for as less as Rs 7,000 per month.
Average value: Rs 17,000 per sq ft
Another British-era locality, Besant Nagar, located in the southern part of Chennai, was developed by the Tamil Nadu Housing Board between the 1970s and 1980s. Named after the famous theosophist Annie Besant, the area, teeming with upmarket eateries, also houses wealthy residents. Owing to its heritage value that mixes seamlessly with new-age commercial and residential developments, property values in this locality have appreciated, with a slowdown having little bearing on it.
Properties for sale in Besant Nagar: Properties currently available for purchase may cost a buyer up to Rs 42 crores. Certain stretches do have properties in a more affordable range, as well.
Properties for rent in Besant Nagar: Average rents in the locality might go as high as Rs 3 lakhs per month, while some stretches have rented homes for as less as Rs 10,000 per month.
Average price: Rs 12,000 per sq ft
Located on the southern banks of the Adyar River, this quaint area, also known as Adaiyaaru, is counted among the most expensive areas to live in Chennai. Also carrying its own colonial-era heritage by way of hosting some of the oldest buildings in Chennai, Adyar has properties that are priced five times as much as a similar property in an emerging area.
The area also sports some of the finest eateries and shopping centres in Chennai. Additionally, it also lies close to another affluent neighbourhood, Besant Nagar.
Properties for sale in Adyar: Properties currently available for purchase may cost a buyer up to Rs 30 crores. Certain stretches do have properties in a more affordable range, as well.
Properties for rent in Adyar: Average rents in the locality might go as high as Rs 3.50 lakhs per month, while some stretches have rental homes for as less as Rs 8,000 per month.
What is the average property price in the Boat Club Chennai area?
Average rate of property in this location is Rs 40,000-50,000 per sq ft.
What is the average property price in Chennai’s Poes Garden Chennai?
Average rate of property in this location is Rs 30,000-40,000 per sq ft.