Buyers in this market always want to avoid risk and speculations mostly because they are the end users. One of such risk-free and reliable place for real estate is Chennai that is currently experiencing demand for both residential and commercial properties. Being a hot destination for MNCs, BPOs and automobile, the growth for realty sector in Chennai is exponential. Along with intelligent overall development including economic growth, Chennai is becoming huge in developing employment opportunities.
Many landing in Chennai wants to have their own house, but investing within city limits can be quite difficult. While every buyer drives down his savings towards purchasing a home, the soaring prices pushes middle-class investors to suburb localities. However, Chennai is doing extremely well in suburban areas as well and there is potential growth in near future. So individuals that are looking to buy home within a budget of 20 lakhs to 30 Lakhs in Chennai should consider the below given areas.
Porur is strategically a well-developed area located in the western suburb of Chennai. You will find various IT companies and other industries located here making it the best destination for a home buyer. In fact, many popular property builders have come up with affordable and luxury projects in Porur to meet all buyers’ need. Porur is a key location which is well connected to the Poonamalle high road and has good transport facilities for people wanting to travel in and outside Chennai. The well-known Sri Ramachandra University and Meenakshi Dental College is located in Porur.
Average selling price – Rs 5495/sq.ft
2. Maraimalai Nagar
Maraimalai Nagar otherwise known as “New Chennai” has earned a hot-spot investment destination in Chennai real estate. Maraimalai Nagar, initially developed by CMDA is now witnessing demand for residential buyers due to various factors including good connectivity, improved health care and access to major industries. Affordable price is another element encouraging home buyers to invest in this locality. Property builders are giving plenty of options with great infrastructures who want to invest in this area.
Average selling price – Rs 1,035/sq.ft
According to a realty consultant’s report, Medavakkam in Chennai is said to outscore all residential hubs in terms of appreciation in next five year. This area is bound to develop based on job opportunities, great infrastructures and healthy lifestyle. Medavakkam is an emerging location with major advantages like wide roads, easy connectivity to OMR, Tambaram, Velachery and other areas. Also, the easy access to many IT Parks, schools, colleges and commercial establishments are driving interest of home buyers.
Average selling price – Rs 4,200/sq.ft
It is one of the suburbs of Chennai that has seen great capital and rental appreciation because of the rapid development in the nearby areas. Situated in the center of prime locations such as OMR, Thoraipakkam, Palavakkam, Perungudi is the next hotspot investment area. Surrounded with huge spread of greenery, Perungudi has a charm to attract people who would like to away from the city but at the same time have easy access to the city. Youth working in the IT corridor stretched on OMR are strenuously trying their hands on this prime location, Perungudi.
Average selling price – Rs 6,408/sq.ft
The real estate scenario at Urapakkam has witnessed moderate growth in the past, but is expected to do well in coming year. State government has proposed moffusil bus terminus in Vandalur that would augment the price of Urapakkam. So builders are coming up with new projects and investors are interested in such proposals. Also many malls and health care centers are coming up in this area making Urapakkam the next big investment spot. This could probably be the best time to invest in Urapakkam before the property prices shoot up!
Average selling price – Rs 3994/sq.ft
Hands down, Chennai’s future of real estate scenario is bright with a lot of industrial and infrastructural development that are coming up. Without any second thoughts, invest right now and reap great benefits in future.