Red Hills: An emerging locality
Red Hills
Chennai is the fourth most populous metropolitan city in India. The city houses numerous industries which include automobile, hardware, healthcare industries, information technology, etc. The amalgamation of infrastructural betterment, reforms in Government policies and other supportive factors have translated into the expansion of Chennai’s real estate sector. In spite of the rampant economic deceleration, the demand for commercial and residential spaces has been steadfastly growing.
Red Hills is an emerging neighborhood of Chennai to witness development and appreciation in real estate. The locality is stationed at an approximate distance of twelve kilometers from the city center. Thanks to its proximity to the city center, it is easily accessible by numerous modes of transport.
MTC Buses travelling to Red Hills are available at regular intervals of fifteen to twenty minutes from Broadway, Poonamallee and Ambathur Estate, while Vandaloor Zoo, Koyambedu, Avadi etc have buses transporting passengers to Red hills at regular intervals of thirty to forty minutes. The major bus stop/station of Red Hills is the Red Hills Market Bus Stop.
The locality of Moolakadai located at a distance of nine kilometers is the nearest proposed metro station from Red Hills. The Chennai International Airport lies at a distance of thirty kilometers from Red Hills. The Ambathur Railway Station located around eleven kilometers away from Red Hills is the nearest station with access to local trains. Red Hills Road, Eluru Bypass Road 2 and 100 feet road are some of the major roads that connect Red Hills.
The locality of Red Hills is situated at the banks of the Red Hills Lake or Puzhal Lake. Hence, Water scarcity rarely occurs in the area. Moreover, this micro market is evolving into a new residential as well as commercial destination. A multitude of social infrastructures is present in this locality. Schools such as Jain Vidhyashram, Vivekananda Matriculation School, Government High School, Gojan School of Business And Technology among others cater to the academic requirements of the locality’s residents. Gardens, parks and open spaces can be found aplenty in and around the lake area. Primarily a residential area, Red Hills is bestowed with a host of commercial spaces such as malls, theatres, Banks, ATMs, restaurants, eateries, hospitals and other health care facilities.
Red Hills proximity to some of the major commercial hubs of Chennai, comparably cheaper rate of land, availability of developable land, good infrastructure, non-existent water shortage problems have all combined to catapult the real estate market in this neighborhood. The average rate per square feet is around Rs. 3000. With rentals ranging between Rs. 3,500 – 4,000 per month for 1BHK’s and Rs. 4,500 – 9000 for 2BHK’s. As per reports the property prices in Red Hills have increased by 20% when compared with the fiscal year of 2012. According to commonfloor’s analysis, almost 67.26% of the total land in Red Hills is comprised of layouts and plots, while 7.96% of it is apartments; villas take up 1.33% and the remaining 23.45% is divided among the various residential properties. Apartments with unit sizes of 1 and 2 BHK dominate the skyline. Developers like Unitech Group, GBI Builders, Devi Builders and many more are coming up with projects in and around Red Hills.
With the commencement of work on the elevated four lane link road that connects Maduravoyal to Chennai Port; residential real estate indicates positive space absorption. The micro-markets of the city witnessed newer segments emerging in the backdrop of the IT and ITES, logistics and Manufacturing sectors. The current inventory of Chennai’s commercial real estate is around 49 million square feet. The locality of Red Hills has been benefited by the ever expanding boundaries of Chennai city. Current real estate trends suggest that the area has growth potential and should have positive returns on investments.
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Chennai, Maduravoyal Chennai, micro-markets of Chennai, Moolakadai, Puzhal Lake, Real Estate Trends of Red Hills, Red Hills Chennai, Red Hills Connectivity
