50 years ago Vadapalani was to Chennai what Hollywood is to Los Angeles, the heart of its movie industry and the go-to address for those dreaming of making it big. But now, Vadapalani is set to turn into Chennai’s latest residential hotspot with its once famous studios giving their land up for redevelopment.
Chennai’s Movie Hub Shuts Shop
Real estate consultants in the region say that many studios here are struggling to cope with losses and cannot afford to maintain their massive complexes anymore. Sources tell NDTV that several studios including Bharani, Vijaya-Vauhini, Vikram, Prasad and the legendary AVM studios have listed their properties for sale.
“You have a lot of studios that are running into financial troubles and losses. With their buildings and spaces deteriorating, these studios are going to be worthless soon enough. And with the land prices so high now, this is actually the right time for them to sell out and settle all their dues”, says Amit Damodar Chugh, President, Chennai Real Estate Agents Association.
Vadapalani: New address for Chennai’s high-flyers?
While this will open up a lot of land for redevelopment, Vadapalani will not be the best choice for those looking for budget housing. The average prices for a 1000 sq. foot apartment here is around Rs 1 crore and rents have doubled in the last five years. Experts expect this trend to continue once the area is opened up with developers rushing to capitalize on Vadapalani’s location and name.
“We are seeing a lot of interest from developers. In terms of physical infrastructure and social infrastructure, this micromarket is established. Plus there is the metro line that is definitely going to add colour to the location. So I expect all of this to boost Vadapalani as a residential location,” claims Kanchana Krishnan, Director, Knight Frank – Chennai
Apart from the studio lands, Vadapalani is also set to see the redevelopment of many old residential complexes which will add to the amount of housing stock in the area. Real estate analysts are expecting property prices here to increase by 10-15% once redevelopment is done, making Vadapalani a good option for investors too.
Smitha TK, Reporter, NDTV