In our earlier report for the last quarter Chennai Residential Apartment Market – a Report by Spini for July- Sept Quarter, we highlighted the consumer interest in buying properties along the GST road, Chennai. We would like to cover the growth of the property market along the GST road over the last five years.
In 2011, the apartments were in the range of Rs 2400 to Rs 2800. It was primarily for the businesses that had come up around Chrompet, Pallavaram, and Tambaram. The property price has grown thanks to the number of business centers, IT parks, restaurants, star hotels, hospitals around the region, we are looking at Rs 5000 – 5500 per sq ft.
An investment made in an apartment on the GST road eight years ago would have given more than double the value. According to our research, the trend wouldn’t stop at this level. We are sure to see at least 6% year on year growth in the property prices.
Apartments at Tambaram which were at Rs 2600 in 2011 have moved up significantly to Rs 5500 per sq ft.
Improvement in infrastructure from 2010
Governments investments in infrastructure in this region have helped in the property boom in the region. Starting with the by-pass road from Redhills to Perungaluthur, outer-ring road from Nimillichery to Vandalur, train connectivity and frequency improvement have helped in the significant growth of the property price in the region. Chennai airport was also modernized during this period. The GST road became important connectivity to most of the National and State Highways owing to easy access to neighboring districts.
Here is the list of properties coming up on GST road:
- Sheltor Anantham
- XS Real Centra Chennai
- Aura Stone Villas
- Alliance Galleria Residences
- DAC Swastik
- Selvams Lankmark
- Vijay Rajas Classic
- Krishna Mithila
- Agni Pelican Heights
- MHC Park Avenue
- MP June
- Indiras Sun Ville
The trend has also been moving towards premium villas, gated community, and properties with a school attached. Customers have started looking at additional features and facilities to ensure they get all the facilities within their reach. We are now moving towards community living, and along with OMR, GST sees a lot of interest in this space.