In the Past few months, Poonamalle, a suburb in South Chennai, sees a boost in residential property segment. The reason behind it is its easy access, proximity to IT hubs and connectivity to major parts of the city. The apartments are available within the price range of Rs 3,000-Rs 4,000 per square feet. Apart from a reasonable price range, the locality also offers propinquity to IT hubs such as DLF and Larsen & Toubro InfoTech. Even though end users are driving the residential demand here, investors have also shown a keen interest in the locality. Several completed and on-going projects by developers such as Godrej Properties, Golden Homes, Roma Housing, Kaalash Foundations, Chandru Gardens, etc are present in the Poonamallee.
Several schools, colleges, malls, etc are coming up in the locality. Moreover, physical infrastructure such as the Outer Ring Road is to be operational in another two years. This would enhance the connectivity of the locality. According to N R Amarnath, managing director, Smart Choice Realty, “The prices for apartments have almost doubled in the past two years and a similar trend are expected in the future with both social and physical infrastructure coming up in the area”.