 "Primarily caters to affluent, mid-income buyers")
Chennai has been growing exponentially. The coastline, along with the constantly-growing IT sector, has expanded the peripheries of the old city. This has led to the emergence of many new real estate destinations in and around the city. Adyar, located towards the south of Chennai, is one of such hotspots.
Situated on the banks of the Adyar river, this micro-market is becoming a cosmopolitan neighbourhood close to the city's IT and industrial hubs. Proximity to prominent localities such as Old Mahabalipuram Road (OMR), Basant Nagar and East-Coast Road (ECR) is an added advantage that is driving real estate demand. Developments like the Rajiv Gandhi IT Expressway, Besant Avenue Road and numerous entertainment outlets have also helped Adyar. The adequate transit infrastructure here provides excellent connectivity with the key city centres via buses, local trains and Metro.
Adyar offers a wide spectrum of residential options primarily catering to the affluent and the upper middle class buyers. The prices range between Rs 9,000-17,000/sq ft. Easy travel time to the airport, railway station and business districts such as the OMR IT corridor have worked well for Adyar's property market. The growing commercial sector in the region is a big contributor to real estate activity here, with many noted developers present venturing into the region with quality projects across all asset class.
Adyar is a treasure-trove of attractions for home-seekers. Adyar has a host of option such as gated communities, high-end apartments and villas to choose from. Developers in this area offer quality housing across all verticals, with the supply geared at buyers from the IT sector. The growing cosmopolitan population in the region has also favoured the growth retail in the region.
Adyar is emerging as a promising real estate destination in South Chennai, providing lavish and luxurious housing units at relatively affordable prices. However, the constant depletion of available land is causing property prices to surge, and affordability is slowly being eroded.
The significant IT influence in Adyar, the presence of good social infrastructure, rapidly improving physical infrastructure with top-quality educational institutions and healthcare facilities in the vicinity make Adyar a highly desirable location in all respects.
The writer is managing director - Chennai, JLL India
