Velachery property market: An overview

Velachery is a residential area located in the southern suburbs of Chennai. Nearby Velachery localities include many famous areas of the city such as Madipakkam, Medavakkam, Nanganallur, Adambakkam, Tambaram, etc. A variety of projects are available in the area and range from affordable to luxurious. There are a lot of reputed builders like the Arun Excello Group, Rammiyam Group and Navin Housing, who are working on their different projects in Velachery. Some of the premier projects in Velachery include Paramount Pearls, Navin Housing Jasmine Buds, Phoenix Royal Crest Apartments, Ramaniyam Marvel, etc.

 

The area lies very close to the IT hubs of Chennai. As a result, there has been a surge in the demand for residential apartments in Velachery. Although prices of the flats in Velachery are going up at a rapid pace, still, affordable housing to suit the needs of the mid and the junior-level executives of the various companies, can be found here. The locality is a major commercial and residential centre and forms a link to the IT hub of Chennai.

 

Velachery has been recently brought under the purview of the City Corporation of Chennai and the plans for a number of infrastructure projects have been drawn up. The civic amenities have also improved here. The industrial and IT sector growth have led to the development of retail and hospitality sector as well.

 

Connectivity with nearby Velachery localities

• There are a few major roads which run through the area i.e., the MKN Road, Inner Ring Road, Grand Southern Trunk Road and Velachery Main Road.
• The area has an extensive bus service and the Adambakkam Bus Stand, Guindy Bus Stand and Chrompet Bus Stand lie in close vicinity.
• There are railway stations at Tambaram and Guindy and both of them are approximately 16 and 4 kilometres (respectively) from Velachery.
• The Alandur metro station and St Thomas Mount metro station also lie in close vicinity.
• The international airport is nearby Velachery too.

Check also: Property rates & trends in Velachery, Chennai

 

Employment hubs near Velachery

• The MPL Towers is located at a distance of approximately 2 kilometres.
• Bahwan Cyber Tek IT Park is located approximately 5 kilometres from the area.
• ASV Suntech Park and Prince Info City are also approximately 7 kilometres away only.
• Shapoorji Pallonji Info City is located approximately 6-7 kilometres away from the area.

 

Schools in Velachery and other social amenities

Velachery offers very good social infrastructure to its residents. Some of the reputed schools in Velachery include the Sivashakthi Matriculation School, New Prince Matriculation Higher Secondary School, Abacus Montessori School, etc. Some of the leading hospitals in Velachery include the Dr Kamakshi Memorial Hospital, BM Hospital, Velachery KS Hospital, etc. The shopping needs of the residents are catered by malls in Velachery such as the Phoenix Market City, Vantage Plaza, Matrix Mall, etc.

 

Price trends in Velachery

• Price appreciation—Around 36% in the last one year.
• Current property rates—Rs 4,612-Rs 8,015 per sq ft.

 

Reasons to invest in Velachery

Velachery lies very close to the IT Parks and industrial zones of Chennai. Also, Chennai City Corporation has recently taken over the administration of the area, so the scope of development of infrastructure facilities is good in the region. Further, considering the price trends in Velachery and the rising demand, the locality will definitely prove to be a good investment region in future. There will be excellent appreciation of property rates in the area and with a number of projects which are being developed, the area will only grow further.

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