If you’re someone out there on the hunt for a residential property on a budget of Rs. 40 lakh in Chennai, then you would be thrilled to know that there are areas within Chennai that offer the same within your specific budget limits such as Vandalur – Kelambakkam Road – Urapakkam – Padur and Madambakkam and if you’re interested to invest further, please do continue reading so you could gain an idea on how such investments are quite reliable and substantially important.
Residential properties holding a value of Rs.25 lakhs or in other words affordable housing and residential properties of value ranging from Rs.25 – 40 lakhs falling under the category of mid – income housing were the most preferred in Chennai specifically during the first quarter of 2016, according to an observation by 99acres.com in its most recent insite report (Jan – Mar 2016). It can also be stated that segments quite well witnessed an attribute of equilibrium as the market demand was very well in line with the supply as testified in recent times resulting in occupation of a large share of mid – income and affordable housing units in Chennai’s southern suburbs.
Given below are the details of residential properties in a few localities within a budget of Rs. 40 Lakhs :
Convenience of a residential property in a good location is highly in demand. Urapakkam, located on NH4 is well – connected to other primary areas in Chennai such as Tambaram, Outer Ring Road (ORR), Sriperambudur, Vandalur, Oragadam, Guduvancheri, Old Mahabalipuram Road(OMR) is a prominent locality with a lot of options and offers in store for the affordable and mid – income housing segment.
This particular locality witnessed a capital appreciation of four percent during Jan – Mar 2016 , the sole reason being excellent connectivity due to its convenient location as previously stated and proximity to IT corridors according to the Insite Report. Post-proposal and construction of the Guduvancheri bus terminus, the locality will gain wide fame and recognition states AV Murali of Green Earth Properties. This respective locality has turned out to be a favourable spot due to its economical feasibility and reliable physical and social infrastructure for both end – users and investors. The average capital rates round upto Rs. 3650 per square feet based on the listings of 99acres.com.
A few upcoming projects listed on 99acres.com, for example, are JBM Mahi valued between Rs. 17.7 Lakhs to 26 Lakhs and Urban Tree Superb Rs. 19.61 to 40+ Lakhs among the offered housing units within Rs. 40 Lakhs located at Urapakkam, Chennai.
Kelambakkam Road – Vandalur and Kelambakkam are connected by an 18 km long stretch which also happens to connect the OMR and Grand South Truck (GST) road and this one aspect has led to a boost in this locality’s demand, popularity and demand among end – users and investors and so on and so forth. In proximity to airport located about 25 kms away via GST road, Vandalur railway station and regular buses journeying to and fro from Tambaram, Poonamallee and other significant locations, this locality does overcome inconvenience to easy access to places.
Those working in IT firms and industrial sectors may find this region favourable as it is well – connected to IT corridors and has well organized education and healthcare amenities. Residential properties in and around Vandalur – Kelambakkam Road are valued at prices ranging from Rs. 2975 to Rs. 3570 per square feet in accordance with the listings on 99acres.com and it is interesting to know that with the upcoming second phase of ORR which has almost been completed, the realty segment in this region will witness a boom and ultimately progress and secure the attention of end – users and investors.
A few projects within a budget of Rs. 40 lakhs available in this region are Adinath Shantiniketan ranging from Rs. 35.5 lakhs to Rs. 39.29 lakhs and Saravana Sri Brihadeeswar Residential Park at Rs. 19.39 to Rs. 40+ lakhs.
A locality attributed by economical feasibility, excellent connectivity and access as well as healthy expected returns would evidently make the same an important consideration by customers and such factors can be stated as the sole reason for Padur’s popularity in Chennai’s Real Estate Market which has grown to be a popular affordable housing segment in the last few years.
Well in close proximity to major locations in Chennai such as Tambaram, Kelambakkam, Sholinganallur, Siruseri IT Park and Urapakkam as well as OMR, this widely recognized locality houses several hospitals, schools, colleges and entertainment zones situated in its vicinity. Its closeness to IT corridors has a majority of its residents working in the same.
The capital value of Padur has witnessed a four percent growth in the first quarter of 2016 and is currently priced at Rs. 4250 per square feet.
A few projects within Rs. 40 lakhs among the offered units in Padur are Color Berry ranging from Rs. 28.7 to 38.3 lakhs and Akshaya Adena at Rs. 27 lakhs.
Flaunting a wide availability of residential properties for customers within a budget of Rs. 40 lakhs is another suburban locality in Chennai, known as, Madambakkam. The enhanced demand for affordable and mid – income housing units has rendered the locality the chance to witness a capital appreciation of 5 percent during Jan – Mar 2016.
The current capital values of the locality are priced at Rs. 4000 per square feet according to a recent insite report.
“Essentiality of providence of good water supply, lush greenery in and around, a peaceful atmosphere and surrounding and close proximity to surrounding regions such as Velachary and Tambaram is what makes Madambakkam a very enjoyable and attractive locality”, says Murali. Easy availability of transportation and good social infrastructure with basic education and health care facilities portrays it to be a good and wise investment choice for end – users.
A few projects offering apartments below Rs. 40 lakhs in the area are Rajparis Crystal Springs 2 ranging from Rs. 27.99 to Rs. 40+ lakhs and Golden City Shree Vishakan ranging from Rs. 22.52 to 40+ lakhs all listen on 99acres.com.