A suburban locality of Chennai, Sholinganallur, has witnessed a rapid growth due to the developing IT corridor. Located in the Southern zone of the city, the real estate market here has witnessed a boom both in the residential as well as the commercial sphere. The developing IT business parks and the Special Economic Zones (SEZs) have fueled growth not only in Sholinganallur but also the neighbouring suburbs such as Perungudi, Taramani and Siruseri.
The residential offerings in Sholinganallur include multi-storey apartments, single floor apartments, residential house and villas. Residential plots are also available to consumers who plan to invest in the locality. The value of these residential properties is within Rs 35 lakh to over Rs 1 crore. The commercial property market consists of commercial office space, commercial land and industrial land. The value of commercial properties is within Rs 9 crore to Rs 60 crore. Madhu S, Owner of a commercial space in Sholinganallur says “Sholinganallur is an upcoming locality in Chennai, placed along the OMR Highway, which is the home to technology companies. The increasing monetary appreciation of land, residential and commercial holdings due to its location advantage has benefitted us tremendously.”
The social and civic infrastructure of Sholinganallur is well developed. Schools, colleges, hospitals and hotels are present in abundance. It is well connected by the OMR Road and the East Coast road to other parts of the city. Metropolitan Transport Corporation (Chennai) Ltd buses and autorickshaws are modes of public transport for the residents. Velachery MRTS Railway Station is the nearest railway station.
The major demand drivers in this locality are its close proximity to the IT hubs and availability of apartments in the economically weaker section (EWS) category as mandated by the Chennai Metropolitan Development Authority (CMDA).
Sholinganallur is an important locality of south Chennai. The demand for both residential and commercial properties has risen significantly in the last couple of years. Several factors such as easy connectivity, employment opportunities and close proximity to holiday destinations such as ECR beach have attributed towards its growth in demand.