Top property investment hubs in Chennai

Before couple of years, Chennai has been witnessing a sluggish real estate market. As the metropolis is considered to be an end-user market, the unattractive property prices and home loan rates have delayed the home buying plans of home buyers.

However, with the interest rates on home loans were reduced recently, the residential real estate market has started to witness an upward trend in Chennai. Alongside, the rapidly growing infrastructure also playing a major role in booming the realty market of the city. Further, the city has been witnessing a heap of developments when it comes to Information Technology (IT) and automobile sector thereby increasing the number of job opportunities in the city. Eventually, this has increased the demand for housing in the city especially among the migrants from other parts of the country.

If you are looking out for a property in Chennai then investing in below mentioned localities are considered to an ideal choice for investment;

Medavakkam

According to a recent report by a leading real estate consultant, Medavakkam would witness close to 80% appreciation by 2018. Some of the major factors that drive the housing demand of this region include widened roads, seamless connectivity to major localities such as Old Mahabalipuram Road, Velachery, Pallavaram and Tambaram. When it comes to property preference, the demand has been equally high for both apartments and villas in Medavakkam . The locality’s proximity to IT parks lures many working professionals to prefer this region to either buy or rent a property.
Some of the major factors that drive the demand for housing in Medavakkam include affordability, good return on investment, proximity to ECR and OMR, easy access to IT hubs, good social infrastructure.

Madipakkam

Madiapakkam is yet another emerging destination in Chennai, which has been brimming with major residential development in recent years. With proximity to several IT hubs, the region witnesses a good demand for residential properties among the working professionals. Further, the locality boast with good social infrasstructure in terms of schools, hospitals, malls and much more. Besides, the locality has good accessability to both railway and bus stations.

According to realty sources, the current prices of of apartments and villas in Madipakkam start from INR 5,000 per sqft.

Tambaram

With the major developments in terms of IT and commercial sector over the past decade, Tamabaram has emerged as one of the most suburbs for property investment in Chennai. Affordability is one of the major factors that drive the housing demand of this region. With easy accessibility to to major roads such as Chennai-bypass and GST Road, the locality enjoys seamless connectivity, as well. Also, the locality is well connected via road and rail. The current prices of properties here range between Rs 3,700 to Rs 4,500 per sqft.