Pallavaram in Chennai is growing very fast due to its connectivity to the IT hubs. The area also enjoys close connectivity to Chennai as well.
CHENNAI: Pallavaram in Chennai, a place of historical importance, enjoys a highly strategic location. This area has close connectivity to many IT hubs. This is considered as one of the main boosting factors of the area.
Though Pallavaram is associated with Pallava dynasty, it seldom boosted its growth. Its historical importance did nothing to boost the growth. However its close connectivity to two IT hubs in Chennai is what make all the differences.
Property prices here are surging very fast. The demand too is growing. As the area is close to two IT hubs- Thoraipakkam and Shollinganallur, those IT professionals working here consider it as one of the most preferred home destinations. Thus they raise huge demand. All the more they can reach Chennai with a small drive.
Due to all these- connectivity to IT hubs and the city center, there is a higher demand for the residential properties here. Noticeably the area is ideal for leading a peaceful life as it is slightly away from the hustles and bustles of the city.
Pallavaram is 7-10 km away from the IT hubs and 17 km from Chennai. So those who work in these IT hubs can stay here.
Chennai based Ruby Builders’ CMD R Ruby Manoharan revealed that the value appreciation in the area has improved well. He added that there has been around Rs.2000 per sq. ft. value appreciation in the past two years.
Another important aspect which fosters the property prices is acute water-shortage. In some of the areas, water shortage is so severe that they are no more preferred for living. This leads to the land shortage and the unreasonable hike of property prices.
In the opinion of Mr. Manoharan, Pallavaram is a good area for property investments. Pointing to the fair value appreciation, he added that it is a good investment option. In his opinion 2 BHK apartments are the most sought after housing units.
