Guindy, Pallikaranai and Poonamallee have, over the past year, emerged as residential hotspots in the city, according to a report released by Jones Lang LaSalle (JLL).
The report, titled ‘JLL’s Tour of India’s Top Residential Hotspots’, credits good connectivity with other key locations in the city, a robust road network and well-developed social infrastructure for these localities performing better than others.
Fifteen locations were selected and analysed based on parameters such as infrastructure, real estate and future growth potential.
The demand along the Guindy-Mount Poonamallee High Road is driven by business park developments in and around this location. The Commercial Grade A office market is strong in Guindy and along Mount Poonamallee High Road and it drove the residential demand as did the launch of residential projects by reputed developers. Although Pallikaranai-Thoraipakkam and PTR Road are not connected to Chennai Metro or the suburban railway, the road connectivity with other parts of the city is good. PTR Road is well connected with OMR and this improves the connectivity of the submarket with the IT hub of Chennai.
Siva Krishnan, Managing Director-Chennai and Residential Services, JLL, said the water crisis had no impact on the real estate market.
The analysis done by JLL also pointed out that Perambur, Pallavaram- Madipakkam and Navalur-Kelambakkam have the potential to be future residential hotspots due to the ongoing development of good quality physical and social infrastructure.
The report by JLL also said that developers continued to focus on clearing the existing inventory in ready-to-move-in and under-construction properties. Despite the notification of the Tamil Nadu Combined Development Regulations (TNCDR) and Building Rules 2018, which clarified the increase in FSI, developers adopted a cautious approach. This also added to the slowdown in new launches.
However, in terms of sales, Chennai witnessed a robust sales volume of more than 7,500 units in H1 2019 and grew by 24 % over the second half of 2018.