From being an edge city, to an attractive residential hotspot
Southern Chennai’s fastest-growing town, Chengalpattu, flourished significantly when it emerged as a preferred location for Mahindra Group’s first World City in India, catering to IT/ITES and Manufacturing industries. With Office and Residential markets expanding towards South and Southwest of Chennai, the residential micro-markets along -Grand Southern Trunk (GST) corridor - Guduvanchery, Urappakam, Perungulathur, Singaperumal Koil, Maraimalai Nagar, and Chengalpattu have witnessed significant interest from buyers and investors.
Besides, the growing housing demand and skyrocketing rates inside the city limits have forced homebuyers to explore new residential avenues. As a result, affordable housing along the GST corridor started to trend as one of the key demand drivers in the micro-markets, outstripping factors such as - good connectivity, prominent infrastructure, among others. Residential pricing across micro-markets in the GST Corridor have witnessed a steady growth irrespective of the pandemic, reflecting a prolific capital appreciation over the years.
Mahindra World City (MWC), being a self-sustaining city within Chengalpattu district has made its mark with several distinguished residential projects catering to a wide consumer segment. With the advantage of manufacturing and IT industries generating employment and investment opportunities, Mahindra World City has an upper hand for comparatively higher Capital Value appreciation and rental yield among other micro-markets in the proximity.
In this report, we delve into how Chengalpattu has evolved as a Satellite town over the years, post the establishment of Mahindra World City. How the post-pandemic era is likely to witness a multitude of changes across the residential markets – concerning shift in preferences towards Integrated townships and Affordable housing.