October 17, 2013

T. Nagar: A Good Commercial and Residential Haven

Theagaraya Nagar, popularly known as T. Nagar, is one of the popular, developed and crowded residential and commercial destinations in Chennai city. This part of Chennai was constructed between 1923 and 1925 by the Madras Presidency Government and was named after Sir P. Theagaraya Chetty, Justice Party leader. Mostly all the streets, parks and localities in this neighbourhood are named after important officials in the provincial government. This locality is located to the west of arterial Anna Salai (Mount Road) and is surrounded by Saidapet to the south and southwest, Kodambakkam to the northwest, West Mambalam to the west, Nungambakkam to the north, Nandanam to the south and Teynampet to the east.

 Theagaraya NagarT. Nagar, being a main shopping hub of Chennai, is very well-connected to all parts of the city through its extensive transport network system. Chennai Airport is about 10 km away and Chennai Station is just 8 km away from this locality. The main modes of transport here is the bus and train. The nearest rail station is Mambalam Railway Station from where people throng in thousands to shop here and this station also serves as a major junction for passengers who are travelling from other cities of Tamil Nadu to Chennai. One can easily find direct buses from T. Nagar to anywhere in Chennai including Broadway, Central, Thiruvanmiyur, Tambaram, Velachery and Mylapore.

Apart from having a good connectivity, this locality can boast of sharing space with some of the best schools of Chennai. A few of them are Ramakrishna Mission, Sir Mutha Venkatasubba Rao School, Padma Seshadri Bala Bhavan Senior Secondary School, Angels higher secondary school for girls, Sri Sankara Bala Vidyalaya Sec School, T. Nagar High School Adarsh Senior Secondary School, Shrine Vailankanni Sr. Sec School, Vidyodaya Schools, Karnataka Sangha school and MCN School. As schools are in near proximity, many apartments in T. Nagar are ideally located near schools and colleges, that students find it easier to commute. Leading hospital like Bharathirajaa Hospitals & Research Centre, Ganga Nursing Home and Apollo Hospital are part of this residential hot-spot.
 T. Nagar: A Good Commercial and Residential Haven
There is no dearth of entertainment in this locality. This locality has good number of multi-cuisine restaurant, fast food joints, shopping malls and lifestyle shops scattered over. Some of the finest recreation centres in the neighbourhood include: 8-acre Panagal Park, which is the most prominent park in the locality with all the six arterial streets of the neighbourhood, namely North Usman Road, South Usman Road, G.N. Chetty Road, Sir Thyagaraya Road (Pondy Bazaar), Venkatanarayana Road, and Doraiswamy Road, converging into it. Other well-known parks in this are Dr. Natesan Park and Jeeva Park, all these parks are popular spots for morning walks for the local residents. Well, one cannot complete a location like T. Nagar without the mention of Ranganathan Street which is famous for apparels, jewellery and utensil stores. Few of the shops worth mentioning are: Saravana Stores, Jeychandran Textile, Textile India, etc. As per the reports, around 500000 shoppers visit this area every day. Some of the major landmarks of Chennai city are associated with T. Nagar like Thyagaraya Nagar social club, Vani Maha, Krishna Gana Sabha. Residents of flats in T. Nagar who are interested in carnatic music or spiritual events can visit these to get a complete makeover of a week stress.

As this locality is rich in cultural heritage, has good roads and water supply, and is a perfect shopping hub to meet the demands of the residents, people are looking out to invest in real estate in T. Nagar. Another reason for booming real estate is its strategic location, many of the IT parks like Olympia IT Park, DLF Tech Park are in close proximity of this location. A large amount of young student population migrating from different parts of the country and even from across the world has further added to the requirement.

Some of the ongoing projects in T. Nagar are Srestha Pranavam by Sumath and Co; BBCL Ojas by Bharath Building Construciton, MSR Eclave by Pearl Construction, GRN Sarvesh, GRN Pine Wind, and GRN Trinity Park by G R Natarajan and Co. Builder are coming up with premium, luxury and ultra luxury flats in T. Nagar. Ultra Luxury flats are coming up with facilities like 100% power back up, semi-furnished with wall-splits ACs in the bedrooms and lounge, modular kitchens are few among others.

Price Trends:

Commercial property

The highest locality rate for rent for commercial office space is approximately Rs. 55 per square foot, the average is Rs. 50 per square foot and the lowest rate is Rs. 45 per square foot. Commercial property in T. Nagar is witnessing a decrease of 2% in q-o-q, when compared to the previous quarters.

Residential property

Similarly, the flat for sale in T. Nagar is also seeing a downtrend of 1% in q-o-q. The highest locality price is Rs. 12300 per square foot, the lowest being Rs. 10700 and the average cost per square foot is Rs. 11500. The rent for houses and flats in T. Nagar is Rs. 24-27 per square foot.
Investing in T. Nagar is like sitting on a gold mine. Investing here is a great opportunity, even though it’s a costlier affair, it will lead to good returns in near future.