by THO
Movie star Dhanush recently broke silence and hit back at critics for the flak he received over his recent purchase of a ₹150 crore bungalow in Chennai’s Poes Garden. The posh locality hosts residences of veteran actor Rajinikanth and late former Tamil Nadu Chief Minister J Jayalalithaa.
“If I knew buying a house in Poes Garden would have become such a big topic of conversation, I would have got a small apartment instead. Should a person like me not buy a house in Poes Garden? Should a person who was born on the streets remain living there till the end of their life?” he said at the audio launch event of his upcoming film “Raayan”.
Recounting his younger days, Dhanush narrated an incident which sparked the desire in him to someday own “at least a small house in a posh locality.” The house in Poes Garden is a gift to his younger self, he said.
Poes Garden is a prime locality in Chennai’s Teynampet area. Besides celebrities and politicians, the high-security area is also home to many industrialists and lawyers.
While some called out the actor as a “Nepo kid”, many came to his support, leaving the internet divided.
Property market in Chennai
Chennai ranks amongst the top three residential and commercial property markets in southern India, and amongst the top six markets across the country.
A majority of the residential sales in this capital city is concentrated in the ₹50 lakh – 1 crore bracket while luxury homes typically account for anywhere between 20-30% of the overall sales during a year.
Also Read: Brigade Group to invest ₹400 crore to develop office space in Chennai
According to a report by property consultancy Knight Frank India, residential property prices in Chennai increased by 5% annually during the January-June period of 2024. Average real estate price per square feet currently hovers around ₹4,560 in this coastal city.
The city is also experiencing significant infrastructure enhancements, such as the Chennai Metro Rail Phase II, which are expected to boost property values in well-connected areas, going forward. Chennai’s booming manufacturing, hospitality and logistics sectors are attracting a larger workforce, leading to increased demand for affordable housing.
However, despite sustained recovery, residential sales in Chennai are yet to breach pre-Covid levels, as per data available in the public domain.
Also Read: Share of luxury homes’ sales now almost at par with affordable housing units
