Velachery – the hottest growing destination for property search in Chennai !

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Velachery – Last few months, there are hectic activity, people are searching properties to buy as well rent in this location. So, this post is for people who are not familiar about Velachery. Also. the following information might help you to know, why this location is most sought and why we should buy a home here!

 

Velachery is one of the important business districts of Chennai, which is growing at its fastest pace in recent times, despite demonetization, market slump etc. Velachery is surrounded by IIT Madras on the North West, Taramani on the east, Pallikaranai on the south, Perunkudi on South East and Madipakkam on south west. This place which is a mix of old and new generation people and is maturing well, due to the close proximity of OMR, where all the IT companies are located.

  1. Transport Connectivity: This is one of the well connected locations in Chennai. International airport is just  8 -10 kms reach from Velachery. By road, there is a 100ft byepass road which connects Guindy, Taramani link road on North East- connecting OMR and 100 feet Inner ring road connecting Guindy. Vijaya Nagar Bus Stand is one of busiest and important bus stand in Chennai connecting all parts of Chennai. We also have Velachery MRTS railway station, operated by Indian Railways. Every 10 – 40 mts time interval, we have trains from Chennai Beach to Velachery. Once Mono Rail project is completed,  Velachery will get connectivity to Vandalur, a suburban of Chennai District.
  2. City Civic Infrastructure: No infrastructure project without Velachery is being planned by Chennai Corporation. Extension of MRTS project, construction of twin flyovers near Vijaya nagar bus stand, construction of storm water drainage connecting South Bukingham canal are some of the initiatives the govt is serious in implementing. Regarding Water This place has a good ground water levels due to the proximity of Velachery Lake. Since this is major reason for the ground water recharge, the govt has come up with a detailed blueprint to preserve and beautify the lake and make it a tourist attraction. Soon this will be a reality.
  3.  Recreational and Entertainment Factor : Aquatic Sport complex, Phoenix Market city, Grand Mall, popular 5 star hotels like Westin, Park Hyatt, Luxe and PVR Cinemas are all located in Velachery. Also, every prime brand in the market has their own retail outlet in this place. Popular colleges and schools are also present in this place for people to keep in mind while buying a home here.

Risks – This place is a flood prone zone, where it was hugely affected during last November floods. But I guess its an one-off situation, in future this will not recur again as storm water drainage connecting to Buckingham canal construction is in full swing and will solve this issue.

Traffic is also one of the main issues, which will be eased after completion of twin flyover projects around Vijay nagar bus stand. Open air dumping grounds for garbage also pose a concern in 200 ft road. I guess this is the only open issue, that has to be sorted out quickly.

On buying your homes in Velachery, the most sought after is flats ( mostly 2bhk’s valued around 60L), followed by plots, independent houses and Villas. People who have bought properties recently have witnessed 30% appreciation.
The price range for flats is around 5000 – 8000 Rs/ Sq ft. Flats with 2bhk are available from 12 – 25k rent in this place.
The Palladium, Velachery is one of the significant projects under construction in Velachery in premium segment. I will come up with a next post on popular residential communities, apartments, where one can buy their homes after doing a little research.

 

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