Tuesday, 15 September 2015

Mantri Developers Reviews- Why Velachery is a preferred area in Chennai

Velachery offers a host of amenities that makes it one of the most preferred locations in the city. Velachery has been declared as the most preferred locality in Chennai by PropIndex (Apr Jun 2015), an India Apartment Index by Magicbricks. The availability of wide residential options, presence of different housing configurations, upcoming new properties, and an existing developed infrastructure is some reasons behind its popularity.

Before we indulge in the pros and cons of Velachery, it is imperative to mention that Apr-Jun 2015 quarter noted an interesting trend. Consumers preferred a price sensitive market, therefore, cities like Chennai, Bengaluru and Hyderabad fared well comparatively, this quarter.

Choose your locality as per your budget

The southern and western parts of Chennai witnessed real estate growth during these three months. Among the localities that did exceedingly well are Velachery, Adyar, Porur and Madipakkam. While Velachery offered maximum residential options in diverse budgets, Adyar followed closely in offering a variety of residential choices.

What does Velachery offer

Since apartments are the most demanded by buyers, let us further analyse what kind of configuration the buyers preferred. The average capital value prevalent is 5,900 to 7,800 per sq ft. According to the PropIndex report, 2BHK category was the dominant choice among buyers followed closely by the 3BK category. If these two BHK categories are compared historically, it can be seen that preference for the 2BHK format has comparatively fared better than in the last few quarters. The reason could be the rise in capital values making people opts for smaller sized formats to acquire homes in their budget. The 3BHK segment has witnessed a slight increase in consumer preference.

Infrastructure

Improving road infrastructure, good quality apartments by renowned developers along with proximity to the Rajiv Gandhi IT Expressway is keeping the real estate market ticking in the locality. The locality is connected to almost all major parts of the city via the MRTS rail network with a station in Velachery itself. The airport is just 10 km away with the opening of the Pallavaram Highway, which leads to the International Airport at Meenambakkam.

"Velachery is situated close to less premium residential localities, yet it has a lot of greenery and planned roads, as compared to these areas. Also, most of the upcoming projects are re-developed constructions of large sites, originally inhabited by middle-class people, who today, are aiming at getting regular income,"says R Arun, a real estate broker.

Marked with a wide gamut of residential options across budget categories, relatively good infrastructure and an old world charm, it seems Velachery has all the elements to enjoy the status of the 'most sought after' locality in the city.

Source From- http://content.magicbricks.com/industry-news/chennai-real-estate-news/why-velachery-is-a-preferred-area-in-chennai/82795.html

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