Porur – The Fastest Growing Suburb in the Property Market of Chennai

Occupying a crucial position on the Mount-Poonamallee Road, Porur a suburb of Chennai is famous for its manufacturing plants, chemical industries, residential colonies as well as wholesale vegetable markets. A neighborhood that holds much importance, the existence of Porur can be traced back to the Pallava Period (2 - 9 century AD). The locality was upgraded into a Panchayat in 1977. Porur got is identity with the establishment of the Ramachandra Medical College and Hospital in 1994. With the passage of time, the population also increased that led to the state government taking measures to improve the infrastructure of the neighborhood. The area has recorded a growth of 63% in its population over the last decade. The higher decadal growth has led to the populace hunting for jobs in the Chennai suburbs and Porur scores above all other Chennai suburbs. This growth in turn has bolstered the Chennai Realty Market and today some of the best flats/apartments in Chennai are available in Porur.

With the existence of three IT Special Economic Zones (SEZs), Porur is being gradually transformed into an IT hub of Chennai. Currently, companies like Zoho, IBM, Mphasis, Cognizant have their offices in this locality. The next IT Patk TCH that is coming up has already been taken over by HP. The SEZs already employs more than 1000 employees. The social infrastructure like schools and hospitals has further accentuated both the commercial as well as the residential realty market of the area. All these developments have led to the emergence of Porur as preferred residential areas of the city of Chennai. Residential Realty Market Porur is witnessing both large as well as small scale residential developments. One can choose from both ready-to-move-in properties and properties that are under construction. An upcoming locality within Chennai's property market, one can choose from 2BHK or 3BHK apartment in Porur that are available in various architectural designs and different floor areas. Apartments fitted with the basic facilities are available within the price band of INR 3700 to 4200 per square feet as of March 2013. Whereas properties within the gated communities in the same area will come at a cost of INR 4500 to INR 5200 per square feet because that are equipped with some of the best amenities that a modern-day end user would look out for. There is a huge demand for 2BHK and 3BHK apartments in Porur and the surrounding areas. Since there has been an increase in the number of working professionals, a demand for properties on lease has also increased. Large projects that house apartments command a premium of 20-25 per cent over builder floors.

The average price band for a rented property in Porur will come at a cost of INR 11000 to INR 13000 per month. Connectivity and Infrastructure Porur acts as an important junction between the neighboring commercial areas like Guindy and Vadapalani. It also acts as major link areas between Kundrathur and Poonamallee. The neighborhood of Porur is well connected to other regions through all kinds of transport. The government has plans to construct a metro railway connection in the same area and once the under-construction flyover is open to the public, the realty market is expected to record a boom. With proposed infrastructural developments growing at a fast pace, the area is expected to witness further boom in its realty market. Going by the current trends in property, it can be said that the investing in a property in Porur is worth as it is bound to yield good results in the coming future.