Which are the emerging real estate destinations of Chennai?

When compared to other metros in India, Chennai has been witnessing a steady property market over the past few years. As Chennai is a major hub for many automobile companies and IT bigwigs, the number of migrants to the city has been increasing to a great extent.

As a result, the demand for residential properties in Chennai has also increased in recent times. Apart from it, the initiatives by the government in terms of physical and social infrastructure have helped the real estate market to grow here. Particularly, the development of metro rail network has been boosting the realty market of the Chennai city.

Especially, the areas which are located on the city’s outskirts are witnessing a huge demand for residential properties. As the property prices in the prime locations of Chennai are so high, the mid-income and low-income groups are preferring properties in suburbs owing to affordable prices.

Besides, there is a lot of industries and IT hubs in the outskirts, which means it grasps the attention of the working professionals as well.

According to indiaproperty.com, following are some of the upcoming micro-markets in the city which are considered to the best investment destinations;

The emerging localities like Guduvancheri, Tambaram, Medavakkam, Avadi, Kolathur, Porur, Ambattur, Poonamallee, Madipakkam and Chromepet are considered to be top investment destinations of Chennai.

Improved connectivity and good accessibility to MTRS & suburban rail network are some of the reasons for the realty growth in these localities. The micro markets that are likely to witness a good price appreciation include Guduvancheri, Kelambakkam, West Tambaram, Oragadam, Katankulathur, Urapakkam to Sriperumbudur.

If you are planning to make a property investment in Chennai then preferring these localities would be the best choice. There are several ongoing residential projects in these localities which include The Royal Castle, MCB Blossom Rich, Ananthaya, Agni Bala Raga and much more.

Also, the development of 400 Outer Ring Road is also playing a pivotal role in booming the property market in these regions.

Avadi

• 83% of home buyers here prefer the properties that fall under the price range of INR 30 lakhs.

• When compared to apartments and plots, villas have good demand here. More than 60% buyers prefer villas

• The proposed high-speed railway network between Chennai - Coimbatore and Chennai - Kanyakumari will make Avadi an important junction of Chennai

Guduvancheri

• 47% of buyers prefer 2 bhk homes in this locality

• 61% of home buyers prefer villas over flats and lands

• 42% of end-users prefer investing in properties that are under construction

Medavakkam

• 31% of home buyers prefer properties that are priced between INR 50-80 lakhs

• 36% of buyers prefer buying property in ready to occupy projects

• 45% of buyers prefer apartments over villas and plots
So, these are some of the emerging residential hubs in Chennai. On considering the above-mentioned factors, investing in these micro markets is certainly an ideal choice.