The development and progress of Kelambakkam, a simple suburb of the State of Tamil Nadu, can be clearly attributed to the boom in the Information Technology (IT) industry and the huge official campuses developed by the MNCs setting up offices here. The face of the city was changed, and the last 7-8 years have seen rapid developments in both residential and commercial properties in Kelambakkam. From a nondescript village to an IT professional’s hub, Kelambakkam has been making big strides towards development and owning a 3 bhk flat in Kelambakkam is a good option for a buyer or an investor.
When the Old Mamallapuram Road were being developed into a well-known IT corridor; popularly known as the Rajiv Gandhi Salai, Kelambakkam’s real estate was heading towards development and growth. With the huge campuses being built, large IT parks being laid, commercial areas being developed around the IT hub; the residential property here got a major push and evolved majorly. Never before like infra developments and commercial activities; boosted the local economy tremendously.
Tamil Nadu realty
The real estate of the State of Tamil Nadu is already rollicking with the infrastructural developments and software industry taking the realty to another level altogether. IT giants like Infosys, Wipro, Cognizant, Tata Consultancy Services etc. have set up their offices in various parts of Tamil Nadu and also in Kelambakkam.
The overall realty is witnessing a growth of 4 to 10 per cent (January to April 2013 figures) and this growth is likely to continue across the State. As we all know that demand generates supply, the IT professionals working with these new generation MNCs, require decent and furnished accommodations which suit a global professional. The demand for luxurious, well planned and well maintained flats went up and hence the need was felt to develop them. Top builders saw a huge market and potential for real estate growth and they launched their projects in the area. A 3 bhk flat in Kelambakkam today is a hot property because of the spacious flats one gets at a reasonable price.
Kelambakkam is popular among residents for its proximity to the Rajiv Gandhi IT Corridor. This being an IT professional’s hub, owning or renting a flat in Kelambakkam tops the priority for an employee in the IT corridor. The prices for a 3 bhk flat in Kelambakkam range in Rs 2700 per square feet to Rs 5500 per square feet (January to May 2013 figures). The constructions are new and the prices differ according to the location, size and amenities provided along with the property.
One common trend that is likely to catch on the investors, is buying residential land, develop into a property and re-sell it, earning almost double prices. That opportunity is currently abundantly available here as the rates of the plots are cheaper as compared to the multistory buildings. The price range of plots varies between Rs 800 per square feet to Rs 1800 per square feet (January to April 2013 figures) and hence provide investment opportunity to all kinds of investors.
Investors are gradually realizing the business proposition that a land bought today for Rs 8 lakhs can fetch Rs 32 lakhs within 3 years, upon being developed and resold, the plots are becoming expensive and have already registered a growth of around 15 to 20 per cent in the last quarter, January to April 2013. The multistory flats are too rising at the rate of 8 to 10 per cent per quarter and hence buying a plot or a 3 bhk flat in Kelambakkam is a sound investment for future.
Mary Yohanan writes on behalf of 99acres.com, which is an internet portal dedicated to meet every aspect of the consumers’ needs in the real estate industry whether it is House, Land, Villa, Studio Apartments etc. It is a platform where buyers, sellers and brokers can exchange info. 99acres covers buy and rent information of properties for almost all major locations like Hyderabad properties, Delhi properties and many more.