Pallikaranai

One of the fastest growing residential areas in India, Pallikaranai is a hot favourite destination for investors. Located in South Chennai, the locality is in close proximity to the OMR (Old Mahabalipuram Road), which is one of Chennai’s biggest IT/ITeS corridors. On the other side, there is the GST Road (Grand Southern Trunk Road), which is yet another major IT/ITeS Corridor in South Chennai. Simply put, the area has a lot going for it in terms of demand for residential space. And to top it all, it is also close to the Chennai International Airport, located only 12 km away.

The southern half of Pallikaranai is where the residential market is booming. One of the biggest wetlands in South India, the Pallikaranai Marshlands, occupies the northern half. Although this makes half of Pallikaranai useless to builders and real estate investors, the residents and visitors can appreciate one of the last natural wetlands South India has to offer. It is one of the last surviving wetland ecosystems in Chennai, and birds from around India and other countries migrate here during different seasons.

Key Projects in Pallikaranai : 

Connectivity and Transit Points

The major road that runs through Pallikaranai is the Velachery Main Road, which leads to Velachery to the North. Buses on this road can be caught to go through Velachery, onwards to the many key locations in Chennai, like St. Thomas Mount, Koyambedu, Besant Nagar, T Nagar, Nungambakkam, Egmore, Central, and Marina Beach – commuters may need to change buses once along the way, rarely twice. The primary bus stops to catch buses at are the Pallikaranai Bus Stop, Narayanapuram Bus Stop, and Balaji Dental College Bus Stop.

The nearest railway station is the Velachery MRTS Station, which can be reached by catching a bus on the Velachery Main Road and getting off at the Velachery Station Bus Stop. The railway station is part of the MRTS (Mass Rapid Transit System), and trains from here go to OMR, ECR, Besant Nagar, and Marina Beach.

Another major road that runs through Pallikaranai is the Pallavaram-Thoraipakkam Radial Road or 200 Feet Road. It runs from GST Road (Grand Southern Trunk Road) to OMR (Old Mahabalipuram Road), intersecting the Velachery Main Road in Pallikaranai. This road can be used to travel to the IT/ITeS corridors in South Chennai and the airport. There is a bus stop at the intersection, Kamakshi Hospital Bus Stop, which can take commuters to their destinations.

Landmarks

•        National Institute of Ocean Technology
•        Pallikaranai Bus Stop
•        Sri Nagathamman Kovil
•        Dr. Kamakshi Memorial Hospital

Factors for Growth in the Past

Pallikaranai’s growth has been a simple and recent one. Back in the 2000s, the growth of the neighbouring IT/ITeS corridors, Grand Southern Truck Road, and Old Mahabalipuram Road set off the demand for residential property in Pallikaranai. Within a decade, the builders and investors built the locality up. In 2011, Pallikaranai became a part of Chennai Corporation and further development ensued.

Residential Market Analysis

Given the rapid growth this locality witnessed over the past decade, most of the residential buildings are already built and ready-to-move. Among these, the most common buildings are multi-storey apartments, while there are a substantial number of individual houses. Land plots are also available for purchase, as well as builder floor apartments. Villas are very few in numbers.

The sales rates for apartments in Pallikaranai sits around Rs 4,215 per sq. ft. to Rs 4,842 per sq. ft., and has been steadily increasing over the past couple of years to get here – a good sign for future growth. Rent for apartments is more or less even, ranging from Rs 11 per sq. ft. to Rs 12 per sq. ft.

The price for buying an individual house in Pallikaranai ranges between Rs 5,653 per sq. ft. and Rs 7,651 per sq. ft. Land plots come cheaper, at Rs 3197 per sq. ft. to Rs 3860 per sq. ft.

Major Challenges

The major concerns here are regarding garbage. First is that the government continues to allow burning of garbage in Pallikaranai even though the High Court has directed against it.

Second is that garbage is being dumped into the Pallikaranai Marshlands, disrupting the ecosystem of the marshlands. In response to this, more than 500 residents formed a human chain for a protest. The High Court firmly suspended all garbage dumping in the Marshlands, and the residents are resting easy.

Factors for Growth in the Future

Pallikaranai is expected to grow further. In fact, according to a report by Knight Frank, a global property consultant, the locality was placed 13th in the top residential localities in the country.  The report estimates the locality to grow by 93 per cent over the next five years.

The monorail, which is to be set up in Chennai, will have a line that will pass through Pallikaranai. The line, which will run from Vandalur to Velachery, will be 23 km long and help the locality in connecting with other regions of the city. The CMDA has also planned to develop Medavakkam to Karapakkam Outer Ring Road, which will go through Pallikaranai. These two infrastructure projects will have a huge impact on the connectivity of the locality to other regions of the city, and in turn propel growth in the future.