AnnaNagar scope & development
Anna Nagar, situated 4 km towards the north-western part of Chennai, has multiple property investment options and displays budding growth with immense potential. Surrounded by localities such as Shenoy Nagar, Arumbakkam, Kilpauk, Anna Nagar West, Anna Nagar East, and Konnur, Anna Nagar is blessed with an unyielding realty market, perfect for short and medium term investments.
Initially developed by Tamil Nadu Housing Board in the 1970s, this locality has proven its real estate potential in the past. Anna Nagar is flanked by the city’s drainage outlet, aka Cooum River in the south which passes through the neighbourhoods of West Naduvankarai, MGR Colony, TNHB Flats and Sabari Nagar. There’s a plethora of residential complexes, commercial projects, wide roads, bus terminus, schools and beautiful green parks situated within its boundaries. The structure of this locality is designed as such that it resembles the development patterns of the West. All the roads are laid parallel and perpendicular to each other, neatly connecting Avenues one through seven.
The subdivided regions of Anna Nagar enjoy good social infrastructure development signifying the locality’s self-sufficiency. Chinmaya Vidyalaya is a prominent school located within the locality, while SBOA, Leo Matriculation Higher Secondary School, and ANCONS International are well-established schools situated within a 2 to 3 km radius from the locality’s centre.
Kandaswamy College is a noteworthy college here and colleges such as IOB Staff College, Valliammal College for Women and DG Vaishnav College are situated 10 to 15 minutes from the heart of Anna Nagar. Important medical and commercial establishments here include Sundaram Medical Foundation Community Hospital and Natesan Institute of Cooperative Management respectively.
The prominent locality of Anna Nagar harbours the historical landmark constructed in the late 1960s; the iconic Tower Park. This goes to show that the locality has come a long way from its solitary days of quietness and minimal population to a branched-out locality, rich in commercial, residential, educational, medical, and industrial units, along with buzzing life and an insatiable appetite for growth.
● Anna Tower Park
● Blue Star
● Central Revenue Quarters Grounds
● Natesan Institute of Cooperative Management
● Sundaram Medical Foundation Community Hospital
● Chinmaya Vidyalaya
● Kandaswamy College
● Anna Arch
● Thirumangalam Junction
Factors for Growth in the Past
Back in the good old days, Anna Nagar was known as ‘Naduvakkarai’ and was a quiet and quaint locality devoid of significant commercial and residential developments. Only after the locality had hosted the 1968 World Trade Fair, did it gain prominence and develop to this extent. Skimming through past pictures of this locality depicts how structured and well planned this locality was, even 40 years ago.
Residential blocks were sequenced as per alphabetical order and each was intelligently laid with roads lacking dead ends, evenly spaced footpaths, rows of independent houses, reserved spots for commercial zones, and green parks for each street.
Anna Nagar Tower Park constructed during the period of the world expo remains to this day the biggest attraction of Anna Nagar. This park has spruced commercial, residential, educational, and entertainment activities around it, and is one of the major contributing factors for high property demand in this locality.
Early experiences of overcrowded streets, noise and air pollution, and increasing property prices were a stimulant that encouraged people to move towards Chennai’s outskirts for property investment options. In Anna Nagar they found undeniable scope, and this locality since then had one of the top realty markets of the city.
Residential and Commercial Market
Anna Nagar’s real estate market is a manifestation of Chennai’s soaring property prices. The last quarter of 2013 witnessed a 10 per cent price hike within a span of three months. Residential rent prices for different apartment types rose to a range of Rs 9,000 to 15,000 per month from a range of Rs 8,500 to 10,000 per month.
Anna Nagar is a prime residential locality, exclusive to luxury apartments and gated communities. Most of the demand here is driven by the upperincome groups,while the middle and lower income groups find it difficult to afford property here.
The dominant property type here are multi-storey apartments. As per Q2 2014, the sale price varies between Rs 9,500 sq. ft. to Rs 10,500 per sq. ft.
A plethora of resourceful office spaces are present for sale and rent in Anna Nagar. Commercial property prices range between Rs 30 per sq. ft. and Rs 50 per sq. ft., although this can be more than Rs 100, depending on the type of office space and the facilities provided.