The neighborhood along the Pallavaram – Thoraipakkam arterial road in Chennai has been witnessing significantgrowth in commercial and residential real estate. The Pallavaram – Thoraipakkam Road is the primary link between (Grand Southern Trunk) GST Road and Old Mahabalipuram Road (OMR), which makes it a preferred destination for people working in nearby industries and offices. A recent report published by a leading realty research firm indicates that this area will emerge as the new growth center of South Chennai. Here are some more reasons, as to whyPallavaram – Thoraipakkam is a hot location for property investors.
Price growth potential:Property prices along Pallavaram – Thoraipakkam Road witnessed growth in the range of 20-35 percent during the last year. This appreciation in property prices is much higher, as compared to that of neighboring areas such as Velachery, Chromepet, Sholinganallur, etc. This trend is likely to continue, as the neighborhood is attracting variousmultinational companies and small and medium enterprises (SMEs). If you invest in a property in this area, you can expect to get average returns of up to 20 percent over the next 5 years. Your overall return on investment could be even higher depending on the exact location and the housing project you finalize.
Rental yield: There’s a growing demand for rental properties in the Pallavaram – Thoraipakkam neighborhood. The area is central to both GST Road and OMR, which are dotted with numerous industries and offices. While GST Road is known for its automotive and manufacturing companies, OMR is often referred to as the ‘IT Corridor of Chennai’. The Pallavaram – Thoraipakkam neighborhood itself is home to various leading companies such as TCS, Cognizant, HCL Technologies, Tech Mahindra, Infosys, etc. Rental yield in the area for 1 BHK is currently in the range of Rs 5,500 to Rs 10,000; 2 BHK – Rs 15,000 to Rs 21,500; and 3 BHK – Rs 16,500 to Rs 29,000.
Infrastructure projects: Both the state government and the municipal corporation of Chennai are aware of the potential of the Pallavaram – Thoraipakkam neighborhood. This is why a number of infrastructure projects are being planned for this area. Some projects are already nearing completion, some have just been launched and various others are in the pipeline. Here are some of the important infrastructure projects that will boost real estate in the Pallavaram – Thoraipakkam neighborhood.
- 5 m-wide road between OMR and ECR: This project will start at the Thoraipakkam – Pallavaram Radial Road junction on OMR and it will provide improved connectivity between OMR and ECR. It will be a world-class road with dedicated footpaths, service lanes and storm water drains. Currently, there is no major road connecting OMR and ECR. The new road will ease traffic congestion in the area, which will be beneficial for residents living in the neighborhood.
- 6-laning of Pallavaram to Keelkattalai road: The existing 4-lane road from Pallavaram to Keelkattalai will be widened to 6-lane to ease traffic on this route. Service lanes will also be added to the new 6-lane road. This would be beneficial for local residents travelling for shorter distances.
- 3-lane flyovers: A couple of unidirectional, three-lane flyovers are nearing completion at both sides of the Pallavaram – Thoraipakkam Road. This project will significantly reduce traffic snarls and accidents at the point where Medavakkam Road intersects the Pallavaram – Thoraipakkam Road. Traffic used to increasesubstantially at this junction during the rush hour. With the new flyovers, residents can expect a major relief from the busy traffic.
- Metro connectivity in Phase 2: Metro Rail Phase 2 will connect most of the IT Parks in OMR and Manapakkam with the rest of Chennai. Metro Phase 2 in Chennai will cover 108.4 km and have 104 stations along the three corridors. One of the stretches will be the 45.2-km-long corridor from Madhavaram Milk Colony to Sholinganallur. This will be beneficial for residents in neighboring areas such as Medavakkam, Perumbakkam and Madipakkam, which are close to the Pallavaram – Thoraipakkam Road. Another important stretch will be the double-decker corridor that will connect Taramani to Siruseri. The double-decker corridor will feature a 4-lane elevated road and an elevated Metro Rail on top of that. The double-decker corridor will connect various locations such as Tidel Park, Perungudi, Okkiyampet, Infosys, Sathyabhama University, Siruseri and SIPCOT.
Proximity to Chennai International Airport: The Pallavaram – Thoraipakkam Road is in close proximity to Chennai International Airport, located on GST Road in Meenambakkam. This is one of the key reasons why professionals and businesses prefer this neighborhood. If we consider the center of the Pallavaram – Thoraipakkam Road, it would take just around 20 to 30 minutes to reach the airport.
Pollution-free environs: The residential neighborhoods along the Pallavaram – Thoraipakkam Road enjoy fresh, clean air flowing from the vast oceans. There’s plenty of green vegetation as well in the area, which supplies good quality air. The Nanmangalam Reserved Forest and Pallikaranai Marshland are located in this neighborhood. A number of lakes and water bodies are also present in the area.
Well-developed social infrastructure:The Pallavaram – Thoraipakkam neighborhood features a well-developed social infrastructure. One can easily find good schools & colleges, hospitals, branches of all major banks, and shopping and entertainment centers.
Easy access to beaches: The Pallavaram – Thoraipakkam Road provides easy access to various beaches such as ECR Beach, Akkarai Beach, and Olive Beach. These are great places to chill and relax and to spend quality time with family and friends.
As can be seen from above facts and figures, the Pallavaram – Thoraipakkam neighborhood has good potential in terms of property price appreciation and growth in rental yield. With various infrastructure projects already underway and several more being planned, the area would provide for high standards of living. This would make it attractive for both homebuyers and tenants. The Pallavaram – Thoraipakkam Roadlies almost equidistant from the main city and the suburbs, which is another major advantage of this neighborhood. If you buy property in this area, you can get good returns in the next 5-10 years.