A suburb located in the north-eastern part of Chennai is marching steadily to attain the urban status in a few years. It is none other than the fast-paced residential hub of the city, Vanagaram. The reason why it can attain an urban status is that this location is fulfilled with all the mandatory requirements that are suitable for a family, such as schools, colleges, hospitals, and supermarkets. Many reputed developers have started to build varied types of residential apartments in Chennai ranging from 1,2, 3 BHK and much more. People who want to buy in this location prefer 1BHK or 2BHK meanwhile, from an investment point of view 3BHK apartments are preferred generally.
The following are a few of the reasons why Vanagaram is emerging as a new spot for residential real estate investment in Chennai.
#1. SOCIAL INFRASTRUCTURE
Whether it is an urban area or a rural area, social infrastructure is one of the factors which determines the real estate price in Chennai. In Vanagaram there are many multi-speciality hospitals are emerging in the past few years, like the Apollo speciality hospital, Serene life hospital, and KKR ENT super speciality hospital. Along with a number of Hospitals, Vanagaram is also dotted with many educational institutions such as Vedanta Academy (CBSE) school, Velammal Vidyalaya school, TS Srinivasan polytechnic college and DR. MGR University. With the simultaneous growth of social infrastructure and residential apartments in Vanagaram, the demand for housing in the area seems to be booming every day.
#2. ECONOMICAL INVESTMENT
The residential land value in Vanagaram ranges from 3400 to 4167 ₹ per sq. ft (as per today’s price). This is very economical when compared to residential property rates in urban locations. In urban locations such as Mogappair and Anna Nagar, the property value goes above 10,000₹ per sq. ft. which is not affordable for everyone. In addition to this, the residential apartments in Vanagaram currently cost between 4,350 and 5518 per sq. ft only, and it is expected to have a paramount increase in a few years. This price right now is affordable as well, as there are a number of affordable housing in the area. So, if you buy a 2 BHK flat for 50L now it will double in the next five years. This is possible because of the many developers who offer luxurious amenities such as multipurpose hall, mini theatre, international standard gyms, and swimming pools and also the location advantages.
#3. RENTAL BENEFITS
People who work around Porur and Ramapuram are choosing Vanagaram as their prime location for their rental housing needs. Because of this reason, the rental values in this location have reached a greater level from the past few years. The average rental value in Vanagaram comes around 8000₹ per month for a 1 BHK apartment and 13000₹ per month for a 2BHK apartment. This rental value is quite similar to some of the primary locations like Villivakkam and Royapuram. This indicates that residential apartment value in Vanagaram is growing steadily and it is competing with the rental status of urban locations.
Vanagaram has better connectivity to many prime locations such as Poonamallee high road, Porur, Ramapuram, and Ambattur. One of the biggest IT parks in Chennai the DLF is just 6 km away from Vanagaram; which is roughly a 15 to 20minute drive. Most of the people working at DLF prefer residential apartments in Vanagaram as their option for housing, and so the demand for housing in that location is expected to be more in the coming days. In addition to this, Public transport (Government buses) facility is available in Vanagaram through which you can travel to places like Chennai Internationals airport, central railway station and CMBT bus terminal within an hour’s time.
#5. ENTERTAINMENT FACTORS
From Vanagaram it is much easier to reach several entertainment hubs in Chennai like the Ampa skywalk mall, Forum Vijaya mall, ECR road, and Guindy National park. The ECR road (which is just an hour drive from Vanagaram) is one of the preferred weekend destinations for most of the working people at Chennai because it has many beaches, adventure park, crocodile bank, and high-end resorts. All the above-mentioned destinations are just less than an hour’s drive from the Vanagaram location. Considering the growth process of Vanagaram we can except some malls and theaters to be built within the territory, in a few years.
#6. FUTURE BENEFITS
One of the most anticipated construction projects in Chennai is the ‘20 km elevated corridor bridge’. This project connects the Chennai port and Madhuravoyal, especially for freight transportation. The amount allocated by the Indian government to finish this project is between 2600 and 3000 crores. If this project is completed as per the plan then Vanagaram will be experiencing a better rise in its property value. This is because Vanagaram is situated at a distance of just 3KM away from Madhuravoyal. So, if the property value gets increased in Maduravoyal, there will be a property value rise in Vanagaram too. This is one of the reasons why investors are keen to invest in residential apartments in the area.
#7. MODE OF INVESTMENT
When it comes to an investment in real estate, the three major options are the plot, individual homes, and residential apartments. A developing suburb usually requires more facilities and amenities so that people will be driven to reside in that location. In this point of view, Vanagaram has been transformed into a location where many reputed builders have started building their apartments which will result in Vanagaram as a much-facilitated housing zone.
- Investing in a residential apartment in a suburb location like Vanagaram gives you a good capital hike.
- Investing in a residential apartment in Vanagaram gives income tax benefits to the affordable housing segment (up to 50 L).
- Vanagaram locality is surrounded by lush greeneries. If you are a nature lover then this could mean a lot to you.
- Vanagaram has excellent groundwater reserve because of the presence of many lakes in this region.
So, there are umpteen reasons for both first time home buyers and investors to buy apartments in Vanagaram.