Is Ambattur Realty Market Heading Towards A downfall?

We all know Ambattur as the next big IT and industrial hub of Chennai after the Old Mahabalipuram Road (OMR). It was definitely the favourite of many corporates as the rentals were much lower compared to the city and the fact that Ambattur is not very far away from the centre of the city. The locality has a great mix of residential, industrial and commercial real estate and everything seemed to be stable and balanced in this micro market in western Chennai. However the current residents have pointed out many concerns living in this part of the city.

Many also suggest that if things do not improve it is definitely headed towards a downfall. Ambattur was charted out in the 1960s and has been slowly progressing since then. It was essentially an industrial location started with a number of small scale industries set up there. The locality saw rapid growth and development during this time. A number of home buyers working in these industries also considered investing in plots in Ambattur and thus opened up the market for residential real estate here.

However the realty market here wasn’t taken too seriously until the last decade. Corporate biggies like TI Cycles, TVS, Britannia and Dunlop set up units here and that’s when the real growth cycle of Ambattur began. It attracted a lot of investment even from the IT sector. Close proximity to premium residential localities in West Chennai like Anna Nagar was the unique selling point here. Government also charted out a number of industrial zones facilitating industries in the locality. Commercial land for sale in Ambattur therefore saw a sharp rise over the past decade. Today TCS, Dell, HCL and many other big IT companies have campuses in Ambattur.

"With a rise in employment opportunities, Ambattur started to develop as a popular residential area. Though it was always considered far from the city, the price of real estate steadily grew in the locality from 2000 onward. Apartments that sold for 1,200 sq ft in the area today cost 6,000 sq ft to 7,000 sq ft. "It is still easy to sell apartments in the locality because the prices are still much lower than in neighbouring Anna Nagar," says realtor Mohan Raj to the Times of India.

Inspite of all this the question remains, as of what has stopped the growth of Ambattur in a full-fledged manner. Many residents in the area have seen complaining around proper motor able roads, congested roads, and lack of proper social infrastructure.

There are hardly any open spaces and transport facilities are also poorly managed by the government. Only the near future will determine if the lack of infrastructure in here will affect the realty prices here. As per latest data by IndiaProperty.com apartments and builder floors in the region will come at a hefty price of INR 4200 to 4500 per sq ft. However fetching rental income will be a task because of poor infrastructure and connectivity in the region.

I am writing for Indiaproperty.com. IndiaProperty.com is the one stop destination to all queries and searches related to real estate. Indiaproperty.com proudly is the No.1 portal for real