Overview of Velachery, Chennai

Position and Popularity

Velachery stands out as one of Chennai's top neighborhoods, boasting strong infrastructure and a prime location. Found in Chennai's southern section, it lures both buyers looking to purchase homes and renters eyeing rental spaces.

Types of Properties and Pricing

Residential Properties

• Apartments: Prices in Velachery's apartment sector range from Rs 7,000 to Rs 10,700 per square foot, with an average rate of about Rs 9,087 per square foot.
• Builder Floor: Expect builder floors to cost between Rs 6,000 to Rs 9,100 per square foot.
• Independent Houses/Villas: These types of properties are also accessible, but pricing varies based on factors like size and features.

Land Rates

• In Velachery, land rates hover from Rs 9,000 to Rs 13,050 per square foot.

Change in Prices and Value

• Year-on-Year Growth: Flat costs have changed by 10.2% in the last year, 22.7% in the last three years, and 55.9% over the past decade.
• Builder Floor: In the last year, prices rose by 5.4%, by 17.4% in three years, and by 24.1% over five years.
• Land Rates: Land prices have increased by 7.3% in the past year, by 27.9% in the last three years, and by 39.2% over the past decade.
• Current Patterns: Reports suggest property costs have fallen slightly, with a 4.33% decrease over the last year.

Rental Market

• Apartments: Rental costs for apartments vary. A 1 BHK flat costs about ₹17,000 to ₹21,000 a month, while a 2 BHK unit is around ₹23,000. A 3 BHK can range from ₹30,000 to Rs 1.6 Lac, and a 4 BHK might reach Rs 2.5 Lac per month.
• Extras: Many rental places offer perks like parking, air conditioning, microwaves, washing machines, and security.

Services and Amenities

• Connections: Velachery connects well to other parts of Chennai via public transport and main roads.
• Shopping and Fun: The location hosts several malls, like Phoenix MarketCity, and has plenty of entertainment spots.
• Schools and Colleges: This spot is home to numerous good schools and educational bodies.
• Healthcare: Excellent healthcare is close by, with hospitals and medical centers readily reachable.

PropertyWala's Conclusion

Velachery, Chennai, represents a good spot for real estate for both buyers and renters. With its solid setup, great links, and diverse housing options, it's a great spot to invest in or live in Chennai. The area has a good track record for price growth and is still growing. That said, keeping up with price changes and market trends is key for intelligent investment. Whether you're after a place to live or an investing spot, Velachery combines affordability with luxury, making it worth a closer look.