Chennai is one of the most modern and developed metro cities in India. The people in Chennai embrace both modern lifestyles, but at the same time hold close to their heart, the traditional values of their culture. This is also reflected in their real estate preferences. The citizens of this metro city are known to choose location above any other attributes of a home and this drives most of the real estate demand in the city. Integrated townships and gated communities are yet to be accepted completely by the city as the people here believe in no walls and complete openness amongst neighbours.
Ambattur is one of the Chennai’s most prominent and fast developing suburbs. It houses an equal mix of both industrial as well as residential properties and is highly preferred among workers and professionals working here.
Earlier, Ambattur belonged to the Thiruvallur Taluk, began showing immense growth in 1960 when the state government decided to establish various small scale industries here. Many prestigious companies like the TI Cycles and Britannia set up production units here and many settlements mushroomed around it catering to the need of the workers here. Closer to the more affluent regions like Anna Nagar and Padi, Ambattur is in much demand as it gives some experience of a luxurious life to the people here.
After 2005, Ambattur came to be known as another IT hub in the city. This has attracted yet greater real estate in the surrounding area. Even today, this area hold great potential for IT and MNCs to set up office and many prestigious companies like the Dell, and HCL have rooted here. This has led to an upsurge in the demand for luxury homes.
Located in Southern Chennai, the area is rapidly developing year after year. It is currently attracting the more affluent crowd in the city and its luxury and ultra modern living spaces are in much demand.
The prices in the area have shown an appreciation of 10 to 20 % in the past two years. The reason for the rapid development of the locality is due to the presence of one of the most important IT hub in the city – Old Mahabalipuram Road (OMR).
Velachery is also easily accessible via roads, rails and metros. The area is also blessed with well developed infrastructure and physical amenities. There are a number of good schools, colleges, malls and hospitals in the locality catering to all the needs of life.
The demand for living spaces is mainly coming from the IT professionals who wish to live close to their workplace. Another group are the NRIs who buy home here due to the location advantages and the high return on investment. The main two categories of living spaces in demand are villas and studio apartments.
Both the locations are rated well for living, however, the prices in Velachery is higher as the area is more affluent than Ambattur. Ambattur is mainly preferred by those in the middle income groups.