Chennai: Sholinganallur, the hub of real estate activity along the Old Mahabalipuram Road (OMR), is set to see the addition of over 5,000 high-end residential units in highrise buildings by next year. The locality, once a hub primarily for IT professionals, is now attracting a surge of interest from non-IT buyers, especially from adjacent areas along the East Coast Road (ECR), thanks to enhanced metro connectivity. However, residents stress the need for infrastructure upgrade to support the real estate growth.
As one of South Chennai’s prominent residential markets, Sholinganallur witnessed approximately 8,300 residential unit launches between 2018 and the third quarter (July-Sept) of 2024. Of these, 69% of projects are still under construction, while the remaining 31% are ready-to-move-in units.
The supply of residential units in Sholinganallur saw a significant spike in 2020, capturing 34% of South Chennai’s total housing supply. “This sharp increase led to a temporary oversupply, prompting developers to hold back new launches in 2021, resulting in a dip in housing launches that year. However, starting from 2022, Sholinganallur’s market share steadily rebounded, reaching 23% by Q3 2024. This steady recovery indicates a return to consistent demand in this micro-market,” said Sanjay Chugh, director, Anarock Property Consultants.
Between 2018 and Q3 of 2024, the mid-segment market, priced between `40 lakh and `80 lakh, dominated with 66% of residential launches. However, there is now a growing demand for high-end properties priced above `1 crore to `2.5 crore.
Sholinganallur is gradually shedding its image as a preferred location solely for IT professionals. “Buyers from Adyar, Thiruvanmiyur and ECR are now investing in homes here due to good schools, social infrastructure and metro connectivity. Additionally, larger apartments can be bought for a lower price compared to other parts of the city. The preference is 3 to 4 bedroom apartments. Most of the apartment complexes are 18 to 24 floors high,” said Ranjeeth Rathod, managing director, DRA Homes.
Despite this growth, residents emphasise the urgent need for improvements in basic infrastructure, such as roads, sewage systems, and water supply.
“Sholinganallur was integrated into the Greater Chennai Corporation 13 years ago, encompassing 20 wards and seven village panchayats. However, the area still lacks proper water supply and sewage connections. Overhead power lines have not been converted to underground systems, leading to frequent accidents,” said D. Raman, President of the Confederation Sholinganallur Residents Welfare Association.
