Real estate market in Poonamallee

Poonamallee is a premier residential area located in the western suburbs of Chennai. Nearby Poonamallee localities include many famous areas of the city such as Guindy, Avadi, KK Nagar, Ambattur, etc. Poonamallee enjoys a rich heritage of tradition and culture and one can find many temples and legendary folk lore here. It is even perceived that the name Poonamallee has probably been derived from “Poovirundavalli”, meaning “the place where jasmine is cultivated”. Poonamallee is aflutter with a frenzy of real estate activity and there is exhaustive road and infrastructure development going on around here. The prices of plots and per square foot rates in residential apartments have seen a double digit increment because of the increased guideline values and the construction of the four-lane state highway. Due to the advent of various IT majors and other multi-national corporations, Chennai has been witnessing a rapid influx of working population from outside. As a result, there has been a surge in the demand for residential apartments in Poonamallee, being one of the noted suburbs of Chennai. Poonamallee is advantageously situated on the end of the Mount-Poonamallee High Road and one can find that there are a multitude of transportation options because of the connectivity to the National Highway 4 as well as the state highway. The manpower working in the commercial districts of Sriperumbudur, Irungattukottai and Katupakkam are the key drivers for the boom in real estate in Poonamallee. People residing here find it easy to reach nearby locations such as Avadi, Paruthipattu, Ambattur, Annanur, Chembarambakkam, Porur, Anna Nagar and T Nagar. he steady growth in infrastructure and road connectivity has lead to the establishment of leading industries. Poonamallee draws investments as it offers well established healthcare and recreational facilities, besides shopping centres and many renowned educational institutions and professional colleges. Many developers and homebuyers were hesitant about investing in Poonamallee due to its distance from the heart of the city. However, thecompletion of the 62-kilometer, Outer Ring Road in 2015 has connected fourhighways from the north to the south of the city – making commuting a breeze. You can now travel to the city, the Central Business District at Guindy, the IT hubs and industrial belts around the city, all in less than an hour’s time without having to worry about traffic. There is also talk of introducing a metro/mono rail transport system, which will only increase Poonamallee’s attractiveness. Thanks to its affordable prices and location Poonamallee has become a hit with young professionals who are looking at investing in high-quality, affordable homes in the region. This micro-market offers avariety of homes ranging from apartments to individual houses to Villas at Poonamallee at an affordable price, when compared to the other realty hot spots in the city. here are chances of good appreciation of property rates with a number of projects being developed here. The Chennai City Corporation having recently taken over the administration of the area, makes the scope of infrastructual improvemets and projects better for Poonamallee.