The demographics of the realestate buyer in Chennai has changed a lot in the last 10 years. According to some builders, 65% of home buyers are buying their second home and are looking for better value for money in their investments. Some areas have seen a sharp increase in sq.ft rates compared to other areas.
Factors considered for buying Apartments for Investment in Chennai
- Resale Value: The property must appreciate rapidly and must bring better returns within a period of 5 years.
- Demand: The demand for realestate in the region caused due to jobs availability in the vicinity
- City Limit: The property must be within or at the edge of the City limit.
- Mixed Landuse: Have all types of facilities like recreation, markets in nearby vicinity.
- Water: Uninterrupted Metro Water and good ground water.
- Electricity: The area must have un-interupted power supply without any low voltage and fluctuation issues.
- Safety & Security: No crime bolstered by the presence of Police
- Schools: Must have good schools in vicinity.
- Transport & Connectivity: The location must be accessible from all parts of the city by all modes including public buses and trains.
Based on the above criteria, we have shortlisted some locations that a good investment locations for buying apartments in Chennai.
This is also reflected in the updated guideline value of the Government. Some major locations in Chennai that have seen a spike in Realestate rates in the last few years are:
1: Perumbakkam / Sholinganallur
Perumbakkam is located on the road connecting Sholinganallur with the Medavakkam Junction. Proximity to Tidel Park, Siruseri, ECR make it a
Distance from Chennai Airport: 15 K.M via Velachery- Tambaram Main Road
Average Sale Price / sq.ft: 4400-4600 Rupees.
Landmarks: Sholinganallur Junction, Chemmenchery, Perumbakkam Lake, ECR
The Arcot Road connects Porur with Vadapalani. Accessibility to Chennai Bypass road to reach GST and Ambattur zones makes this location highly desired among home buyers.
Distance from Chennai Airport : 13.1 K.M
Average Price/sq.ft: 5300- 5500 Rupees.
Landmarks: SRM Hospitals, Cognizant, Dell and etc.
Medavakkam is the 6th largest destination for housing investment in India and also predicted that housing prices over here are expected to increase at an exponential rate of 103% from 2013-2017. Medavakkam is located near Sholinganallur and is easily accessible with other parts of the city as well. The area serves as a junction connecting several areas of the city such as Chrompet, Pallavaram, St. Thomas Mount and etc. IT companies have provided the boost for real estate development at Medavakkam.
Distance from Airport: 13.5 K.M
Average Price/sq.ft: 4500-4700 Rupees.
Landmarks: Dindigul Thalappakatti, Sangeetha Veg Restaurant, The Steak 1 and etc.
Perungudi is fast becoming a great place for real estate investment. Accessibility via the MRTS also increases the transport and connectivity valuation of this location. Buses and Share Autos connect Perungudi with important IT centers such as Sholinganallur and Siruseri. The area is also likely to have a dedicated BRTS lane soon according to plans by the Department of Transport, Government of Tamil nadu.
Distance from Chennai Airport: 9.5 K.M
Average Price/sq.ft: 5900-6100 Rupees.
Landmarks: Cognizant, Ford, Donut House, Savoury Sea Shell, Hotel Saravana Bhavan and etc.
Thoraipakkam is located at the IT Expressway and in close proximity to Perungudi, Pallikaranai, Palavakkam and Karapakkam. Quick connectivity to the GST via the pallikaranai Radial road gives a great philip to this place.
Distance from Chennai Airport: 12.9 K.M
Average Price/sq.ft: 5800-6000 Rupees.
Landmarks: Accenture, Chennai One, Pallikaranai Marsh, DB Jain College, CL Metha Pharmacy College, APL Global School and etc.
6: ECR / Injambakkam Belt
ECr or the East Coast Road is currently home to many new upscale premium apartments of Chennai.
Distance from Chennai Airport: 14 – 26 K.M
Average Price/sq.ft: 3800-6000 Rupees.
Landmarks: VGP, MGM Resorts
Kelambakkam is currently outside the Greater Chennai Corporation limit, however has a strog demand because of Siruseri IT Park which employs about 90000 + according to NASSCOM.
Distance from Chennai Airport: 22.9 K.M
Average Price/sq.ft: 3800-4500 Rupees.
Landmarks: Siruseri IT Park, Hiranandani Upscale