Chennai Adyar premium apartments at high price
Chennai – People who are looking for a quality life should click to Adyar which is one of the most premium and well developed residential areas of Chennai.
The property prices in the locality has been increasing in the past year and the locality has got only limited land for any new developments. Hence the property prices have been soaring due to limited land supply and infrastructural development.
The developed infrastructure of the locality, its well connectivity to Railway station and Airport, proximity with the IT corridor, and OMR attracts middle and upper middle class people. It is also close to Elliot’s Beach which also attracts property buyers from different working class. To sum up in one line its location adds value to overall investment.
Residents of apartments in Adyar area are now transiting to newly renovated classy residential apartment blocks. It is also seen that individual plot owners are creating a nice stilt plus three floor apartment complex with the help of local developers. Few residential projects in Adyar are Kumaran Bhaaghya, Casa Grande Mapple, Crescent Castle etc.
Due to the space constraints for development and high land prices, the area is witnessing developments by small builders who are constructing 2 and 3 BHK apartments with amenities and facilities. The land price in the locality depends upon the location, frontage, and other features of the property. Currently, the average price of land starts from Rs 3 crore.
Developers are restricted to construct more than four kitchens on one ground of land which results in smaller unit size apartments. The average size of a 2 and 3BHK apartment ranges between 1000-1200 sqft and 1400-1600 sqft respectively. And the average price of apartment ranges between Rs 11,000-Rs 13,350 per sq ft with premium of Rs 1,500 to Rs 3,000 per sq ft.
It is seen that this area also raised the demand for properties on lease resulting into continuous increase of 10-25 percent in rental value annually. For example the rent of 2 BHK unfurnished apartment of size 1000 sq ft- 1200 sq ft varies between Rs 20,000 and Rs 25,000 per month.
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