Chennai’s premium residential area – Adyar
Real estate potential of Adyar has been appreciating owing to its affordable prices, sound infrastructure and proximity to Tharamani, Besant Nagar and Guindy. For those who cannot afford to invest in the central areas of Chennai like Anna Nagar, Kilpauk, Puruswalkam, etc Adyar is a good choice.
The large neighborhood of Adyar is situated towards the south of Chennai. Adyar is listed as one of the posh localities of Chennai. The locality is situated on the southern banks of the river Adyar ; which is now being reconstructed as Adyar Eco Park or Adyar Poonga. The Buckingham Canal bounds Adyar to the west, while Tiruvanmiyur lies to the south and Besant Nagar to the east.
Adyar is a cosmopolitan locality with close proximity to the beaches of Besant Nagar, ECR and OMR (IT Highway). Employing the services of the local or metro train, one can easily commute to the heart of Chennai city in minutes. Some of the most visited and popular restaurants and eateries are located at Adyar. The region is also disseminated by a multitude of happening joints and hangout places which are regularly frequented by the beach combers as well as residents from all over Chennai.
Adyar, referred to as ‘the Gateway to Mahab’s’ is strategically situated on OMR and offers direct connectivity to Puducherry. It is situated at a distance of roughly twelve kilometers from the center of Chennai city, approximately fourteen kilometers from Chennai International Airport and 13 kilometers from the railway stations of Egmore and Central. Puducherry is around 142 kilometers away from Adyar. The industrial hubs of Sri Perumbudur, Ambathur and Gummidipundi are at a distance of about 44 kilometers, 22 kilometers and 55 kilometers respectively.
The recently constructed Rajiv Gandhi IT Expressway, Besant Avenue Road followed by OMR and ECR towards the south enable easy accessibility to and from Adyar. MTC buses ply from Adyar to various parts of the city at regular intervals ranging from 7 to 25 minutes. Local trains service Adyar via Kasturba Nagar Station; which is at a distance of about three kilometers. Adyar has been bestowed with an appropriate and adequate number of academic institutions, hospitals, public parks and gardens.
Adyar’s commercial space too has been witnessing a rapid growth. Sundry mall complexes such as Wills Lifestyle, Pantaloons, City Center Mall, Shopping Plaza along with office spaces homing legions of multinational companies have blossomed and continue to prosper in Adyar. The locality is also popular for catering to those with big sweet teeth. A myriad of the floating population which finds either work in the IT/ITES corridors of OMR or pursuing higher studies tend to relocate to Adyar. Due to this, Adyar is very hospitable to people belonging to other states as well as the non-Tamil speaking gentry.
Adyar proffers and extends all modern lifestyle facilities and amenities of Chennai city. With the depreciating value of Indian Rupee a growing number of NRI’s have been showing interest in purchasing properties in Adyar. Due to this, the flow of Foreign Direct Investment (FDI) has also increased in the region.
Being a well-developed and premium residential area of Chennai, Adyar serves to those looking for quality living. The area’s easy accessibility to the airport, railway station and its proximity with the IT corridor of OMR has championed Adyar as the most preferred residential areas among the upper middle and upper class. The locality of Adyar which has been witnessing consistent appreciation in realty prices in the previous fiscal year is left with a limited land supply for any new development. The property prices have been constantly raised due the limited supply and developed infrastructure of the locality.
Moving forward from HIG blocks to recently renovated classy residential apartment blocks the real estate market of Adyar has undergone a sea of transformation. The current trends suggest that the majority of the individual plot owners sign up for joint ventures with local developers and take advantage of FSI in creating a nice stilt plus three floor apartment complex. Owing to limited space for development and high land values, small developers who buy small land parcels have brought their projects in the area.
On an average, a 2 BHK apartment is sized between 1000 to 1200 square feet, while the sizes of 3 BHK units range between 1400 to 1600 square feet. The locality also offers limited number of options in large size developments. Properties located within gated communities attract a premium of Rs. 1,500 to Rs. 3,000 per square feet. The average rental values of apartment ranges between Rs 11,000 and Rs 13,350 per square feet. A healthy demand for properties on lease is generated due to high presence of investors and end-users. An unfurnished 2 BHK apartment of 1,000- 1,200 square feet can command a rental ranging from Rs. 20,000 to Rs. 25,000 per month.
Depending upon the location, frontage and other attributes of the property; the current average price of land starts from Rs. 3 crore per ground. 2 and 3 BHK apartments with facilities dominate the upcoming project lists of the area. A horde of small builders along with Manikandan Builders, Prestige, Sobha, TVH etc are all coming up with residential projects in Adyar. TVH’s Quadrant is one of the most popular upcoming project in Adyar.
Owing to healthy demand for properties on lease, there is consistent increase of 10-15 per cent on annual basis in rental values. The area is poised to witness healthy demand in future.
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