Medavakkam is one among the top 5 highly sought-after residential hubs in Chennai. The Pallikaranai-Medavakkam stretch of 3-4 km and the Medavakkam- Sholinganallur stretch of 4-5 km, sold 30% of the entire Chennai’s residential real estate inventory, in the last 2 years. The average apartment prices during H2 of the year 2012 in Medavakkam, was 3500₹ per sq.ft. the current apartment price in Medavakkam is 7,255₹ per sq.ft., approximately. For these reasons and more – if you are looking to buy a new home in Chennai, this location is where you should be investing.
So, the answer to the question of how to make better returns from buying a flat in medavakkam is to invest in the affordable apartment and the mid-segment apartments. Currently, 80% of the total range of new apartments for sale in medavakkam, fall under the affordable and mid-priced housing. Among the hundreds of ready-to-occupy apartments in the area, more than three-fourth of them come under the mid-segment housing. The top 2 subsets of the buyers are first time home buyers and investors.
Why is Medavakkam a great investment option and the best option to buy your dream homes in Chennai?
Medavakkam is located in the middle of key localities of Chennai such as Sollinganallur in the east (4km), Velachery in the north (7km), Tambaram in the west (9km) and Siruseri IT hub in the south (9km). It is located just a few km away from major IT hubs of Sholinganallur. The closeness, & increase in affordable apartments in Medavakkam has resulted in the migration of buyers from the IT sector to Medavakkam. It is a fact that investors in Chennai choose to buy in the areas in and around the IT hubs because of the perks that follow, such as the high appreciation rate.
Medavakkam has great connectivity to most parts of the city. The major roads that connect Medavakkam are the Medavakkam main road, Velachery- Tambaram main road, Mambakkam-Medavakkam main road, Perumbakkam main road. The Medavakkam road connects to Tambaram via Pallikaranai; through this route, you can reach Elcot SEZ, one of the important IT hubs in Chennai. With the flyover (elaborated in the next point) that is under construction in this area, you would be able to commute without any traffic issue. Medavakkam is located 12km from the Chennai International Airport, 8 km from the Velachery MRTS which connects to the Chennai beach station. Tambaram railway station is 9km from Medavakkam. In 30-40 minutes you can reach the main areas of the city.
#3. Robust infrastructural development in the area
The existing infrastructure in the area is one of the factors that drove the residential community development in the area. It is lying right in the middle of the IT corridor of Chennai and the entire area has seen a huge growth in the increase in the number of wide roads in the area. The fast-progressing Chennai Metro Rail work is yet to start the Phase II which includes Medavakkam as a part of it. Also, the junction where Velachery main road and Perumbakkam main road meets there is a Medavakkam flyover that is under construction.
The social infrastructure has also developed equally in the area in the last 5 years. There are several educational institutions, hospitals and entertainment centres in the area. Some of the schools in the area include St John’s Public School, Zigma matriculation School, Vidya Mandir, Velammal Matriculation and colleges in the area include, Quaid-E-Millath College, Jerusalem Engineering College, Balaji Dental college, Mohammed Sathak college. There are also reputed hospitals such as Global Hospital, Annai Theresa Hospital, Arun Hospital, Gleneagles Global Health City, and many others. There is also an increase in office spaces and retail outlets in the area. This is the result of the area becoming a growing residential hub. Several F&BS, fashion and small businesses have occupied spaces in the area.
#4. Rental returns
The average rental value for a 2 BHK apartment ranges between 12000₹- 20000₹, for a 3 BHK apartment the rental value is 20000₹- 25000₹ and so on. So, if you are an investor, rental returns are one angle that you cannot ignore. As the value of the property and the demand for housing in the area increases, there will be an increase in the rental value.
#5. The price appreciation
Investing in Medavakkam is going to be profitable in the future, for sure. The property appreciation rate of Medavakkam is 105% within 7 years. If you are a first time home buyer or an investor, Medavakkam is the place to invest, just because of the higher appreciation rate. If you buy an apartment for 50L today, within five to seven years it is likely to double. Why is this a great time to invest in Medavakkam? It’s because of the fast-growing nature of prices in the area it is better to invest in apartments right now.