Perumbakkam, a suburb in Southern Chennai, is benefiting from the fast-developing IT corridor in Old Mahabalipuram Road (OMR). The locality also enjoys proximity to other prominent areas like OMR road, Medavakkam, Velachery, Sembakkam, among others.
The Perumbakkam Road which also connects Velacherry-Tambaram Road and OMR is about 6 kilometres. It starts from Medavakkam and terminates at Sholinganallur. Perumbakkam is about 1 km east from Medavakkam Main. The locality is well-connected to Tambaram through the Velachery-Tambaram road and to Sholinganallur through the Medavakkam-Sholinganallur road.
The capital value of apartments are on steep rise.Formation of financial city, township for the IT employees in Perumbakkam and Sholinganallur was recently announced by the Tamil Nadu government. He added that the area is a developing locality with all basic needs for everyone. “The connectivity to all parts of the city is the mile stone. The land and the rent rates have increased in recent times.”
The TN government has launched TN Financial City in Perumbakkam vicinity. All finance-based companies are expected to come here and this will give a boost to the infrastructure developments in Perumbakkam district. A Tamil Classical Institute is also expected to be launched in the locality. Sabharinath said that schools, colleges and hospitals are also available in the vicinity. State-level local builders are more active compared to prominent builders in the locality. Some projects in the locality are Isha Homes, Harmony Residencies, and India Bulls Greens, among others.
Multi-storey flats are more in demand in Perumbakkam compared to independent houses and plots. “Rental demand is set to increase because of neighbouring IT work-force migrating to the locality for jobs,” Sabharinath said. The rental value of a 2BHK is about Rs 12,000 per month for a 800 to 1,000 sq ft apartment, while a 3BHK apartment is from Rs 15,000 to Rs 17,000 per month. From December 2010 uptil now, there has been a price increase of Rs 1,000 per sq ft in the apartments of this locality.
With the neighbouring IT companies like Wipro and Accenture, there is a demand for both rent as well as buying because the locality is affordable, accessible, and well-connected.
An overview of consumption of materials and unit rates is needed. One quick way to assess the cost is to use the square meter or square feet rates, writes S.Krishnamurthy
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