Poonamallee enjoys a rich heritage of tradition and culture and one can find many temples and legendary folk lore here. It is even perceived that the name Poonamallee has probably been derived from “Poovirundavalli”, meaning “the place where jasmine is cultivated”.
Today, Poonamallee is aflutter with a frenzy of real estate activity and there is exhaustive road and infrastructure development going on around here. The prices of plots and per square foot rates in residential apartments have seen a double digit increment because of the increased guideline values and the construction of the four-lane state highway. Add to it the positive development that is happening in Chennai by and large, the trade opportunities presented by virtue of being a port city, the influx of billion dollar multinationals and the fact that Chennai is considered as the largest manufacturing hubs in South India, have collectively contributed to create a healthy upswing in demand for quality housing.
3 reasons for Poonamallee’s success story- Location, Location, Location
Poonamallee is advantageously situated on the end of the Mount-Poonamallee High Road and one can find that there are a multitude of transportation options because of the connectivity to the National Highway 4 as well as the state highway. The manpower working in the commercial districts of Sriperumbudur, Irungattukottai and Katupakkam are the key drivers for the boom in real estate in Poonamallee. People residing here find it easy to reach nearby locations such as Avadi, Paruthipattu, Ambattur, Annanur, Chembarambakkam, Porur, Anna Nagar and T Nagar.
The steady growth in infrastructure and road connectivity has lead to the establishment of leading industries such as Hyundai, Saint Gobain and L&T among other manufacturing, chemical and IT industries who’ve chosen to set up their base nearby. Poonamallee draws investments as it offers well established healthcare and recreational facilities, besides shopping centres and many renowned educational institutions and professional colleges such as St. John’s International Residential School, Saveetha Dental College and SA Engineering College.
Trajectory of growth
It is estimated that Chennai’s IT workforce is nearly 4.5 lakh and growing. For an investor or a home buyer this means that non- city centre locations are preferred hotspots as they are affordable and provide quick access to commercial offices such as the recent IT enterprises which have been started in the Ambattur Industrial Estate (AIE), in addition to the upcoming automotive and electronic manufacturing hubs nearby. Poonamallee has filled this requirement precisely and it continues to be the preferred destination for realty investments.
The new 200 feet bypass road that connects Maduravoyal to Red Hills through Ambattur and Ponamallee has further put this locality in the public eye and there is an upbeat consensus that residential prices will skyrocket, especially along the IT corridors due to the upcoming Chennai Metro Rail project which will perhaps be complete by the end of 2015 along with the Monorail project.
Leisure and recreation is close at hand with the Marina Beach Road at a mere distance of approx. 20 kms from Poonamallee, the Thiruvanmiyur beach is an hours drive away and the Adyar Beach is just 18 kms away. This proximity to beaches also results in creating a favourable climate for residents and there is a palpable difference in temperatures. During summers, while the rest of Chennai is usually blazing hot, Poonamallee experiences a veritably cooler temperature.
Families residing in this area enjoy leisure time at Queens Land- a huge theme park covering an area of nearly 70 acres is located by the Chennai-Bangalore Trunk Road between Sriperumpudhur and Poonamallee.