Chennai’s real estate landscape has witnessed a dynamic shift in the first quarter of 2024, with the southern suburbs emerging as the front-runners in residential property registrations. Data reveals a substantial 40% increase in residential unit registrations from the previous quarter, totalling 7,218 new units. Of these, the southern suburbs contributed 29% of the total registrations, surpassing central Chennai’s 26%.
Experts attribute this surge to a combination of factors enhancing the attractiveness of southern suburban locales. Anarock Group’s Senior Director, Research, highlights that affordability and spacious living are key drivers. Despite an overall rise in property prices across Chennai, the southern suburbs offer comparatively lower prices and larger living spaces. This makes them an appealing choice for first-time buyers, young professionals, and families seeking value for money. The rapid development of infrastructure and amenities is another significant factor. The southern suburbs are experiencing a boom in residential townships, shopping malls, and entertainment hubs, creating self-sufficient and convenient living environments. Improved road networks, the expansion of the Chennai Metro Rail, and the development of IT parks along Old Mahabalipuram Road (OMR) and Grand Southern Trunk (GST) Road have bolstered connectivity, further increasing the region’s appeal.
Among the notable areas seeing increased interest are Guduvancheri, Sholinganallur, Kelambakkam, Perumbakkam, and Navalur. Guduvancheri benefits from enhanced road infrastructure and connectivity through the Chennai Outer Ring Road (CORR) and Guduvancheri Railway Station. Sholinganallur’s position along the IT corridor on OMR and its connectivity through multiple routes, including the upcoming Metro Corridors 3 and 5, have cemented its status as a prime location. Kelambakkam has transformed into a bustling residential and commercial hub due to its proximity to IT parks, while Perumbakkam and Navalur are thriving due to their strategic locations and ongoing infrastructure developments. In summary, Chennai’s southern suburbs are not only witnessing a surge in residential registrations but are also positioned for continued growth, driven by affordable housing options, burgeoning infrastructure, and increased connectivity.
