Thiruvanmiyur is one of the most coveted residential destinations amongst the neighborhoods in southern Chennai. The area has witnessed a rapid rise in prices by 10% over the last couple of years and there is healthy demand for residential property here. Usually, whenever prices increase in any micro-market, it means that there may be some new infrastructure being developed in the area. Trends highlight how localities with high consumer demand have witnessed an increase in prices over both the short and long terms. There has been major development, which has spurred growth of the realty market in Thiruvanmiyur.
The area has also witnessed the highest appreciation in terms of capital values as compared to other areas such as Velachery, Porur, Madipakkam and Medavakkam. The higher budget housing segments have also witnessed major volatility in terms of prices in recent times. The localities, which have prices of Rs.11,000 per sq. ft. and above are witnessing a price increase from the base in September, 2013. Thiruvanmiyur is one of these areas witnessing similar price movements. The current movement in prices is because of potential infrastructural development. The locality has witnessed a spurt in economic activity. The construction sector has grown due to the IT boom in the area. The Tidel Information Technology Park was at the forefront of this boom and this led to the concentration of offices, research centres and technology businesses nearby. The Software Technology Parks of India (STPI) is another major hub, which has driven demand here.
The area is also accessible from several other locations. It can be accessed easily through state transport buses, Metropolitan Transport Corporation buses and other public transport facilities. The railway station is also located opposite to the Tidel Park. The social infrastructure in the locality is also very robust and there are several food joints surrounding the area along with markets, hotels, shops, banks, hospitals and supermarkets. Transport facilities are also pretty good here. Anybody working in the area can find easy accommodation in Thiruvanmiyur, which is a prime residential zone and well linked to other parts of Chennai.
A positive aspect of the locality is its strategic location between OMR (Old Mahabalipuram Road) which is a major commercial hub and the ECR (Eastern Coastal Road) which is an upcoming residential zone. This makes it a perfect location for investments. There are more than 200 properties available for sale in the locality. You can easily come across ready-to-move-in multi-storeyed apartments along with builder floor apartments and independent houses here. There are several under-construction properties which will also be ready for possession this year itself in Thiruvanmiyur.
2 and 3 BHK units are widely available in Thiruvanmiyur and the sizes usually range between 700 and 1200 sq. ft. for 2 BHK units with prices ranging between Rs.1-1.6 crore. The 3 BHK housing units are priced from approximately Rs.1.52 crore onwards with sizes ranging between 1300-2000 sq. ft on an average.
