With so many infrastructural developments taking place, Vandalur near Chennai seems to be busy attracting investors and property developers for across the city
Imagine telling someone 10 to 15 years ago that you are moving to Vandalur, everyone would have given incredulous looks. But, to day, the picture seems to have changed. The idea of moving or even investing in Vandalur is considered as a 'smart move'.
Over the last decade, Vandalur has undergone a makeover.From converting empty fields to prospective homes, the area has become of the best localities in the city to buy a budget home.
According to Mr. Arun Kumar, Managing Director and Founder, Casa Grande, there are numerous factors that have led to development of the area. “The boom in the area can be attributed to factors like IT, industrial growth and quality healthcare institutions. Since Vandalur enjoys good connectivity to GST & OMR, the accessibility to IT companies and industries is convenient. With educational institutions like SRM, VIT and Crescent University in the area, the demand for houses have gone up over the years.“
Residents of the area comprises of youngsters working in the IT companies and industries situated in and around the area. A majority of the people in the area will belong to the age group of 20 to 35. With many townships coming up here, investors are looking for investment opportunities in the area.
“The area has seen organised development with high demand for 2 BHK. In the past 5 years, an average of 2550 housing units has reached the completion stage. Out of which, 2300 units have been bought already,“ shares Mr. Ananth Vummidi, MD, BBCL.
He adds that the Vandalur-Kelambakkam road sees an annual capital value appreciation of about nine to ten per cent.
Well developed social infrastructure is also key to the rapid growth of the area. The construction of 6-lane highways and flyovers has enhanced the connectivity in the area impacting the residential growth of Vandalur.
“In the past 5 years, various educational institutes, infrastructure developments such as the Vandalur-Walajabad flyover, expansion of roads and faster accessibility from Vandalur & the presence of reputed schools, colleges and institutes has enhanced the social development in the area. With the first phase of Monorail connecting Vandalur to Velachery, a 30-acre bus terminal at Vandalur and the second phase of Outer Ring Road, the real estate scenario along the stretch is set to change,“ says Mr. Chandan Kumar, Managing Director, Vijay Shanthi Builders.
Looking at the transformation, Mr. R Narayanan, a financial advisor, has already invested in a residential space in Vandalur.
“With so many social infrastructural developments taking place, I decided to invest in a house in Vandalur last year. The demand in the location is vigorous now days given the lower capital investment and good connectivity.It is easily accessible from both OMR and GST so I decided to invest there,“ says Mr. Narayanan.
Src: TOI
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