Guindy-Mount Poonamallee High Road has emerged as one of the top two residential locations in Chennai, with Guindy being termed as a “self-sustained residential location” according to a report released by leading real estate service firm Jones Lang LaSalle (JLL).
JLL has recently released the Chennai edition of their report on the top residential hotspots in the city. Guindy and Pallikaranai were named the top two locations in the city based on parameters such as infrastructure, real estate and future growth potential. Guindy was also named among the top 15 residential hotspots in Chennai.
Guindy-Mount Poonamallee High Road and its neighbourhood locations are situated in Central and Western Chennai, with Guindy being one of the greenest locations in the city, courtesy the Guindy Race Course and Guindy National Park.
The report observed that Guindy was well connected to the city through a combined network of roads, railways and metro and houses key IT hubs in Chennai, popular among them being the Olympia Technology Park.
In terms of connectivity, Guindy topped the list of top 15 residential hotspots, with the location ranking between good and excellent in each of the seven parameters that include access to nearest MRTS station, distance from nearest established business hubs or workplaces, travel time in peak hours, distance from nearest intercity railway station, distance from international airport, proximity to proposed infrastructure projects and access road.
According to the report, the demand for people for residential property in Guindy was driven by the development of business parks in the area and the ease of access to manufacturing and IT business hubs, with an average rental growth of 4 per cent observed over the past five years.
The report stated that good social infrastructure, youth-friendly facilities and high-speed internet at low costs were other factors driving residential demand for the area.
Guindy also topped the list in terms of quality of life, after ranking excellent based on eleven parameters that were set by JLL.
The report further stated that the Unique Selling Proposition (USP) of Guindy was the fact that it was centrally localised. The sub-market for real-estate in Guindy saw an appreciation of about 7 per cent over the last five years, with land available even now for further development, thus earning Guindy the title of ‘most attractive location’.
This appreciation can allude to the fact that Guindy was found to be the best residential location in Chennai in terms of real estate parameters, after securing an excellent rank in all four criteria set by JLL.
While the general appreciation in the price of real estate in Chennai ranged from 1 per cent to 5 per cent over the last three years, Guindy saw the highest appreciation due to the development of infrastructure.
JLL listed out Chennai’s diverse base of manufacturing and service industries, large IT exports, development of oil refineries and ship-building industry, healthcare, tourism and Kollywood as certain factors that made the city the perfect cradle to catapult the growth of the residential sector.