Overview of Sholinganallur, Chennai

Location and Connectivity

• This part of South Chennai is on the famous Old Mahabalipuram Road (OMR).
• People can get around easily due to better metro links, drawing buyers from IT and the neighboring East Coast Road (ECR).

Real Estate Growth

• In recent years, real estate in the area has boomed with over 8,300 new homes from 2018 to Q3 2024. Right now, 69% are still being built while the other 31% are ready to move into.
• Another 5,000 luxury homes in tall buildings are planned for the next year.

Property Prices

• The average cost per square foot for apartments is ₹6,750 to ₹7,641, ranging between ₹3,600 to ₹15,028.
• For landed properties, the prices run from ₹4,600 to ₹7,450 per square foot, and for builder floors, ₹6,100 to ₹10,450 per square foot.

Types of Properties

• 66% of new projects in the area cost between ₹40 lakh and ₹80 lakh. Still, there’s a growing interest in pricier homes costing between ₹1 crore and ₹2.5 crore.
• There’s a variety of property types available, including villas, apartments, and different sizes of land.

Rental Market

• Affordable rents (< ₹16,000/month) are rare. Some mid-range rents (₹16,000–₹21,000/month) also exist. Over 110 premium options (> ₹21,000/month) are available, with typical rents between ₹20,900 and ₹43,800/month.
• Examples include:
  • 1 BHK apartments at ₹4,000/month
  • 2 BHK apartments for ₹20,000–₹45,000/month
  • 3 BHK apartments for ₹25,000–₹45,000/month.

Amenities and Infrastructure

• Properties often come packed with extras like municipal water, drains, continuous power, CCTVs, clubhouses, swimming pools, gyms, and kids’ play areas.
• Yet, residents demand more infrastructure to back up the rapid real estate boom.

Investment Potential

• Property investment in Sholinganallur can be profitable, as shown by a few projects:
  • DRA D Elite: 40.4% annual growth
  • Casagrand First City: 32.1% annual growth
  • ASV Alexandria: 12.8% annual growth.
• An 8.9% yearly rise and a 42.6% increase over the past decade in real estate values is also noted.

PropertyWala's Conclusion

Sholinganallur, Chennai, stands out as a good bet in the real estate market thanks to its strategic importance, improved metro access, and many new high-end homes. It’s a smart place to invest. However, you should keep an eye on infrastructure needs aligning with this swift expansion. The range of property types and price brackets suits varied market segments. Despite some initial oversupply problems, the area now shows reliable demand and strong price growth.