Placed in central part of the city, Chennai’s Kodambakkam is recognized as one of the full-fledged localities and currently it is witnessing rise in demand for multistorey apartments. According to a recent data of Magicbricks.com, the region has recorded 67% demand for multistorey apartment over the last three months.

The reasons behind this sudden spur in demand are:

Demand versus supply
Being a well-established region, the lack of land is one of the major reasons for the demand. The data by Magicbricks.com revealed that in the third quarter of 2013 (Jul-Sept), the region witnessed 67% in demand but the supply was only 34%, which shows the variance between the demand and supply.

Preferred Location
Mr. Venkat Reddy of Vshagna Developers and Dealers says that Kodambakkam locality houses well-to-do people of Chennai that include movie directors, producers, television stars, and famous musicians, as many Tamil movie studios are located in and around the locality.  With the provided statistics of Magicbrick.com, Kodambakkam has seen a rise of 6% in Jul-Sept quarter of 2013 and presently, the property prices in and around the locality ranges between Rs.7,500 and 8,600 per sq. ft.

IT hubs and social infrastructures in the locality
The reason behind the drive in the demand is also the social and civic infrastructures in and around the locality that includes a number of schools and colleges hospitals and nursing homes that offer 24 hours medical facilities. Furthermore, the location is close to many IT companies, malls and local as well as is provided with cyclical and well-developed amenities such as drainage and sewerage system.

Accessibility
This locality is also easily accessible to many other hotspots in and around the city; it is also close to Grand Southern Trunk Road (GST), which connects it to the other parts of the city.  This area is also well-connected to major city centre areas, such as Nungambakkam, T Nagar Vadapalani and Koyembedu that are just 5 to 15 kms away. On the other hand, Kodambakkam is only 4 kms from the Chennai centre, 12 kms from the Chennai International Airport, and 29 kms away from railway station. Ingersoll Surya of Property Shoppe says that the Rangarajapuram flyover also serves as ease traffic conditions for Kodambakkam. Some owners in the locality say that the region is ideal for residential living as it presents security, infrastructure and easy accessibility.

The sudden surge in demand in the Kodambakkam locality shows that the growth in real estate in any locality largely depends on the civic and social infrastructure, connectivity, which the buyers more often look for while buying a property.