Chennai, a lively city in South India, has snowballed in recent years, leading to a high demand for housing. This makes it tough for those on a budget to find a home. But with careful planning and research, you can still find affordable housing in Chennai that fits your needs and budget. The good news is that several developers, including Lancor, are stepping up to meet the demand for affordable housing while maintaining quality and value.
Let’s explore the affordable housing options in Chennai, highlighting some of the best picks for budget-conscious buyers.
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Why Choose Affordable Housing in Chennai?
Before getting into the specifics, it’s essential to understand why affordable housing is a smart choice in Chennai. For one, Chennai’s infrastructure is improving steadily, with new metro lines, highways, and commercial hubs cropping up across the city. This development makes it possible to live comfortably in budget-friendly areas without sacrificing accessibility or convenience.
Additionally, the cost of living in Chennai, while lower than in some other Indian metropolises, can still add up. Affordable housing allows you to allocate more of your budget towards other essentials like education, healthcare, and leisure activities.
Factors Driving the Affordable Housing Market in Chennai
Several factors drive the affordable housing market in Chennai:
- Rapid urbanization and population growth
- Rising incomes and aspirations of the middle class
- Government initiatives like the Pradhan Mantri Awas Yojana (PMAY)
- Improved connectivity and infrastructure development
- Availability of land in the city’s outskirts and suburbs
What to Consider When Buying Affordable Housing in Chennai
While affordability is a significant factor, there are other aspects to consider when purchasing a home in Chennai. Here are some tips to keep in mind
Location and Connectivity
Ensure that your chosen area has good connectivity to your workplace, schools, hospitals, and other essential services. Proximity to public transport like buses and trains can significantly impact your daily commute.
Infrastructure and Amenities
Check if the area has a well-developed infrastructure, including roads, water supply, electricity, and sanitation. Look for nearby amenities like markets, schools, hospitals, and recreational facilities.
Future Growth Potential
Consider the future development plans for the area. Investing in a locality with upcoming infrastructure projects or commercial developments can lead to higher property appreciation in the long run.
Legal Aspects
Ensure that the property you’re interested in has clear legal titles and necessary approvals from local authorities. This step is crucial to avoid any legal complications in the future.
Resale Value
If you plan to sell the property later, consider the potential resale value. Locations with ongoing or future developments tend to have better resale values.
Top Picks for Affordable Housing in Chennai
Guduvanchery
Guduvanchery, located on the outskirts of Chennai, is becoming a popular choice for homebuyers on a budget. With prices between ₹3,400 and ₹4,500 per square foot, the area offers affordable apartments and plots. It’s well-connected to the city through the GST Road and an upcoming metro line, making it a great option for those working in nearby IT parks. The area also has schools, hospitals, and shopping centers, making it a convenient place to live.
Sriperumbudur
Sriperumbudur, especially around Thathanur, is a growing area for affordable homes. Its location near major industrial zones makes it perfect for buyers looking for budget-friendly options. Prices start as low as ₹4,500 per square foot, making it accessible to many. The presence of large companies in the area also creates plenty of job opportunities.
Kanchipuram
Kanchipuram, especially the Erivai area, is a great choice for those who want affordable homes with a touch of culture. Known for its historic temples and famous silk, Kanchipuram offers reasonably priced housing in a culturally rich setting. The prices here are competitive, making it attractive for families.
Chengalpattu
Chengalpattu, particularly in the Esoor area, is becoming a good option for buyers on a budget. It’s connected well to Chennai and offers a peaceful environment. With prices similar to Guduvanchery, Chengalpattu is ideal for those wanting to live away from the city’s hustle but still have easy access to urban amenities.
Moulivakkam and Thirumazhisai
These areas offer affordable housing, with prices typically up to ₹4,500 per square foot. They are great for families looking for bigger homes with good schools nearby. The improving infrastructure and easy access to major roads make these areas a solid long-term investment.
Tambaram
Tambaram is a busy suburb about 27 kilometers from Chennai’s center. It’s well-connected by train and bus, and prices for homes start as low as ₹35 lakhs. With many schools, colleges, hospitals, and shopping centers in the area, it’s a good choice for families looking for affordable homes.
Chromepet
Chromepet, located along the Grand Southern Trunk Road, offers a mix of affordability and convenience. It’s a growing area popular among young professionals and families. Home prices start around ₹40 lakhs, making it a good option for first-time buyers. The area has several well-known schools and colleges, plus great connectivity through the suburban railway and proximity to the airport.
Avadi
Avadi, located in the western part of Chennai, is a well-developed area offering affordable homes starting around ₹35 lakhs. It has good schools, hospitals, and shopping centers, and is well-connected by road and train, making it easy to travel to different parts of Chennai.
Perumbakkam
Perumbakkam, near Chennai’s IT corridor, is a good option for homebuyers on a budget, especially IT professionals. With homes starting at ₹35 lakhs for a 2BHK, it’s an affordable choice close to major IT parks like Sholinganallur. The area has schools, hospitals, and shopping malls, offering a comfortable living environment.
Oragadam
Oragadam, an industrial area on Chennai’s outskirts, is known for its affordable housing and growing infrastructure. With prices starting at ₹25 lakhs for a 2BHK, it’s one of the cheapest areas to buy a home. As development continues, property values are expected to rise, making it a smart investment.
Some of the Latest Affordable Housing Projects in Chennai
Lancor Lumina
- Location: Guduvanchery
- Price Range: ₹30 Lakhs – ₹45 Lakhs
- Configuration: 2BHK Apartments
Lancor Lumina is focused on providing affordable homes in a growing area. With amenities like a clubhouse, gym, and landscaped gardens, it offers a peaceful and modern living environment. Guduvanchery is fast becoming a preferred location for budget housing due to its excellent connectivity to key areas like Tambaram and the GST Road.
Lancor Harmonia
- Location: Sriperumbudur
- Price Range: ₹20 Lakhs – ₹35 Lakhs
- Configuration: 1BHK, 2BHK Apartments
Lancor Harmonia is designed for first-time buyers and small families. This project offers compact, budget-friendly homes in Sriperumbudur, a rapidly developing industrial hub. The project includes basic amenities like a community hall, landscaped gardens, and a gym. Its proximity to industrial zones and excellent connectivity to major roads make it ideal for working professionals.
Lancor Townsville
- Location: Sriperumbudur
- Price Range: ₹25 Lakhs – ₹40 Lakhs
- Configuration: Plots, 2BHK Apartments
Lancor Townsville is a residential project offering plots and affordable 2BHK apartments in Sriperumbudur. The project includes amenities like landscaped gardens, a children’s play area, and a community hall. The location is ideal for those working in nearby industrial zones, offering affordable yet comfortable living options with good connectivity to Chennai’s core areas.
Casagrand Smart Town
- Location: Thalambur
- Price Range: ₹30 Lakhs – ₹50 Lakhs
- Configuration: 2BHK, 3BHK Apartments
Casagrand Smart Town is a gated community that offers affordable homes with smart designs and ample amenities such as a swimming pool, gym, and kids’ play area. Located in Thalambur, this project benefits from proximity to the OMR IT corridor, schools, and shopping centers, making it a great option for families looking for value-for-money homes.
TVS Emerald Green Enclave
- Location: Porur
- Price Range: ₹35 Lakhs – ₹55 Lakhs
- Configuration: 2BHK and 3BHK Apartments
TVS Emerald Green Enclave offers modern amenities such as landscaped gardens, a clubhouse, a swimming pool, and more. Located in Porur, a growing suburb with excellent connectivity to IT hubs like DLF IT Park and educational institutions, it is an ideal choice for young professionals and families seeking affordable housing in a well-developed area.
Wrap-Up
Chennai’s affordable housing market presents numerous opportunities for budget-conscious buyers looking to invest in their dream homes. With a range of projects catering to various income levels, the city offers a mix of well-designed apartments and spacious homes at competitive prices.
Key takeaways for buyers
- Explore emerging localities like Guduvanchery, Sriperumbudur, Kanchipuram, Chengalpattu, and Moulivakkam, which offer affordable housing options with good connectivity and amenities.
- Consider factors such as location, size, amenities, and price when selecting a project that suits your needs and budget.
- Take advantage of government schemes like PMAY to avail financial assistance and make homeownership more accessible.
- Conduct thorough research on the developer’s reputation, project details, and legal compliance before making a purchase decision.
If you aspire to reside in a truly remarkable home, Lancor Home is the ideal selection.
Explore stunning properties in and around Chennai, encompassing areas like Sriperumbudur, all within Lancor‘s portfolio.