Pallavaram in Chennai is currently experiencing a notable increase in property values, largely fueled by its strategic connectivity to key IT hubs.
CHENNAI: A site of significant historical relevance, Pallavaram carries its legacy from the Pallava dynasty. However, today’s home buyers are more concerned about the rapid escalation of property prices in the area.
Several factors contribute to Pallavaram's rising status as one of Chennai's most sought-after residential locales. Positioned just 17 km from the Chennai city center and conveniently linked to the bustling IT corridors of Thoraipakkam and Shollinganallur, it offers an attractive option for professionals in the IT sector.
With the surge in demand for housing, property prices have climbed considerably in response. Living in Pallavaram provides a reprieve from the chaotic city lifestyle, being situated a mere 7-10 km from these job hubs and enabling easier commutes for IT workers.
R Ruby Manoharan, CMD of Ruby Builders, based in Chennai, noted that the area has seen capital value appreciation rise by approximately Rs.2000 per sq. ft. over the last two years, reflecting the heightened demand.
Despite the potential, some regions within Pallavaram suffer from critical water shortages, rendering them unsuitable for residential development, which in turn creates a scarcity of residential land parcels, further driving up property prices.
Among the most desired housing options are 2BHK apartments, with the preferred price range for potential buyers typically falling between Rs.35 lakh to Rs.50 lakh.
Mr. Manoharan emphasizes that the prospects for property investment in Pallavaram are favorable, as the area’s value appreciation makes it an appealing choice for investors.
Moreover, Pallavaram is expected to be integrated into the Chennai Municipal Corporation limits, which could lead to an even sharper rise in property prices in the area. Such developments assure investors of promising returns.