Chennai’s walk-to-work hubs june 2019

With cities growing rapidly and infrastructure not keeping pace, the daunting work commute has given a massive impetus to the ‘walk-to-work’ concept in India. Cities like Bengaluru, Pune and Hyderabad were the forerunners of this primarily IT/ITeS-driven phenomenon. Chennai is the next city to follow suit.

Top hotspots

Along OMR, locations such as Perungudi, Thalambur and Perumbakkam offer multiple advantages including a short commute to workplace hubs and an upmarket lifestyle at a comparably lower cost. These options make perfect sense for buyers employed in and around Taramani and Perungudi.

As per Anarock data, the average property prices in Perungudi range from Rs. 5,300 to 7,500 per sq. ft. — nearly one-third of the prices in Adyar, and significantly lower than Thiruvanmiyur, where prices are in the Rs. 8,400 to Rs. 12,200 per sq. ft. range. Perungudi’s property prices are also comparable to those in Velachery (Rs. 5,200 – Rs. 8,200 per sq. ft.).

Demand and supply

Alternately, Perumbakkam (close to Shollinganallur ELCOT SEZ) and Thalambur have also upgraded their liveability quotient in recent years, even as property prices maintained status quo. The average property prices in these localities range between Rs. 3,400 and Rs. 5,000 per sq. ft., which is comparable to those in projects located beyond Kelambambakkam — around 10 km away from the employment hub of Siruseri.

Affordable locales

With Porur likely to see the influx of more IT Parks by players like RMZ Corp, K Raheja Corp and ASV, demand for housing in and around the area will gain momentum in the coming quarters. Besides being in close proximity to workplaces, prominent micro markets around this employment hub such as Iyappanthangal and Gerugambakkam offer a compelling buy proposition.

Property prices in the localities range between Rs. 3,600 and Rs. 6,000 per sq. ft. and their social and lifestyle facilities are comparable to those in central Chennaii. With the upcoming Metro rail till Poonamallee, existing world-class hospitals and big box retailers and as F&B outlets in place, these locations are attractive investment options.

New growth areas

properties located closer to the central city are priced above Rs. 8,000 per sq. ft., while those closer to major employment hubs are priced within Rs. 4,000 per sq. ft.

Similarly, Mogappair, Vanagaram, Ambattur and Nolambur — located close to Ambattur Industrial Estate — have also seen steady improvement in social infrastructure and overall liveability. Today, these locations have more than adequate lifestyle amenities and also offer a short commute to employment hubs — at real estate prices almost half of those in Anna Nagar.

To conclude

At this stage, Chennai may not have caught up with Bengaluru in terms of walk-to-work housing options; however, the concept is definitely emerging. Developers have realised its untapped potential and are eyeing affordable areas close to Chennai’s employment hubs to unleash such options.

Most importantly, these locations are seeing steady improvement in their social and civic infrastructure profiles, even as slower price growth in these erstwhile outskirts create a strong value proposition for home buyers today.