Posh Areas in Chennai: 5 Expensive Residential Areas in Chennai

Chennai is counted among one of the expensive property markets in India, with average values standing at Rs 5,400-5,600 per sq ft at the end of 2021. 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 us find out about the five most posh areas in Chennai.

Table of Contents

Posh areas in Chennai #1

Boat Club

Average property prices in Boat Club: 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.

See also: Stamp duty and land registration fees in Tamil Nadu

Posh areas in Chennai #2

Poes Garden

Average property prices in Poes Garden: 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.

Also check out: The most posh area in Delhi

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.

Posh areas in Chennai #3

Nungambakkam

Average property prices in Nungambakkam: 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.

See also: Top 10 IT companies in Chennai

Posh areas in Chennai #4

Besant Nagar

Average property prices in Besant Nagar: 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.

Posh areas in Chennai #5

Adyar

Average property prices in Adyar: 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.

Once the hunting ground for the British, the area today sports some of the finest eateries and shopping centres in Chennai that multiply its already existing charm.

Aside from the fact that it continues to be one of the greenest areas in the city, because of the presence of the Elliott’s Beach nearby, it also lies close to another affluent neighbourhood, Besant Nagar, making it even more desirable as a residential spot.

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.

See also: How to apply for TNEB new connection?

FAQs

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.

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Sunita Mishra

An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.

In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
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