Buyer interest in residential real estate is picking up in Chennai, as the prices of houses have remained flat and interest rates have softened. The interest is mainly from the end users who avail of housing loans to invest in houses; so experts say that this sector would get a fillip if lending rates are lowered further. On the same note, the general consensus is that prices of houses are unlikely to come down.
Besides the old residential areas such as Anna Nagar, Adyar, Egmore and Nungambakkam, areas which were once on the periphery of the city like Alandur or Vandalur, are now becoming popular with home buyers.
According to research, about 25% of flats launched in the last seven quarters in Chennai have not been sold. Contrary to expectation, housing prices have not dropped, but have not increased either. This has brought cheer to the home buyer who intends to use the house for his own purpose.
So where is Alandur?
Though Alandur is one of the zones within the Chennai Corporation limits, it is a taluk in Kancheepuram district. This locality is close to the St Thomas Mount Cantonment and the Officer Training Academy. The distance between Alandur and Guindy, an industrialized locality, is 3 km, while Adambakkam is just 1.4 km away.
Alandur’s proximity to Information Technology parks as well as many industrial estates has been a plus point for those who are employed in these places. It is also a good locality to buy a house as an investment, as it would be easy to it rent out. Since the area falls within the limits of the Chennai Corporation, it has civic amenities such as sewerage connections, garbage disposal, electricity and so on.
Kathipara Junction is in Alandur, so there are several interstate buses as well as buses to other cities in Tamil Nadu which halt here. The nearest railway station is at St Thomas Mount. The Alandur Metro station will be on Line 1 and 2 of the Chennai Metro.This will be one of the two metro stations where Corridor I (Airport to Washermanpet) will intersect Corridor II (Chennai Central – St Thomas Mount, via Egmore) and the Chennai Mofussil Bus Terminus. It is slated to be Chennai’s multi level railway station and the only station where passengers from the two corridors can change their direction of travel.
The Alandur station has been identified as one of the five stations of the Chennai Metro which will be converted into commercial hubs. The station will also have a 1.18 lakh sq ft building with a basement and stilt for parking is also being planned.
In addition to this, the Cantonment Board plans to set up three air conditioned bus shelters at Asar Ghana junction, near the metro station. This would become an intermodal transport hub. The shelters are to cover an area of 370 sq ft where 32 passengers can sit and more than 40 can stand. These shelters will have an ATM, CCTV security guards, public urinals, drinking water and coffee vending machines.
Impact of transport infrastructure on housing
Research has shown that land prices are likely to appreciate especially near Metro and Railway stations. So it is a good time for those who wish to buy property in Alandur; those who have already purchased property are on a good wicket.
Phase I of the Chennai Metro rail from Koyambedu to Alandur has become operational since July 2015. This development has generated the interest of home buyers all along the 10 km stretch starting from Anna Nagar West, Koyambedu, Vadapalani, Ashok Nagar, Ekadunthangal and Alandur.
Alandur has a number of good schools such as PSBB Millennium School and Montfort High School, to name just two. Some of the old places of worship are also located here. The area also has a 200 year old grocery market.
Nina Varghese for IndiaProperty.com
Image: By Prateek Karandikar (Own work) [GFDL (http://www.gnu.org/copyleft/fdl.html) or CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons