Perungudi in the suburbs of Chennai has seen a sea change in the last decade. Starting as a government landfill, the area has transformed into an IT hub, drawing in businesses and home buyers alike. And the icing on the cake is that fact that it is an affordable housing market, making it a great buy for those on a budget. We list 5 reasons why investing in Perungudi makes sense.

1) Location, Location, Location

It is just a 15-minute ride from Adyar, Thiruvanmiyur and Velachery. Perungudi also scores thanks to its great connectivity to the heart of the city, with its proximity to office spaces along the IT corridor making it a desirable location for employees. The highlight of course is its scenic lake view with residents in the neighbourhood proudly conducting a Perungudi Lake Festival annually.

2) It is a jobs hotspot

With more and more developers opting for quality office spaces before the toll along the OMR, Perungudi has been seeing huge demand on the commercial front. Perungudi is home to firms like Cognizant, Lotte, Amazon, and Hyundai. What’s more, the Brigade Group has recently announced an Rs 1000 Crore project to construct a World Trade Center (WTC) alongside residential units.

3) It has every amenity possible

Well connected by buses and suburban trains, the presence of several reputed schools and colleges, easy access to markets and retail shops in Velachery – all of this has made Perungudi a favourite, especially for someone working in the IT corridor.

4) Luxury on a budget

Perungudi earlier offered only single-storey and independent homes, but seeing the potential of the micromarket, developers have come up with a wide range of housing options here. Like the penthouses offered at ‘Falling Waters’ by Flying Elephant Corp which spell out pomp, luxury and style. The average price of an apartment here ranges from Rs 5,500 to Rs 8,000 per sq. foot. Big players in the region include Jain housing, Real Value Promoters and Doshi Housing.

5) Pallikarnai dump to be cleared

What has kept this locality from growing is the adjacent Pallikaranai marshland which is now a garbage dump. The government has planned to convert this into an eco-tourism destination and close down the dump-yards permanently. While this has been in the works for a while, experts say it might gain speed thanks to the pace of growth in the region and the government coming into power in the state once again.

Reporter : Smitha TK, NDTV
Web Editor : Nikhil Narayan Sivadas, NDTV