The real estate market has taken a sharp upward climb from the temporary lull of the first lockdown. In the past year, we have seen people buying property as a safe form of investment and in the realisation that they need a home of their own. Property prices are always appreciating in Chennai, but this sudden interest in apartments in Chennai has boosted the rates a little faster than expected. Certain locations have gained more popularity than others, and in this article, we highlight the areas that are most preferred by homebuyers of all ages.
Before we get into each specific location, let us take a look at the different factors that affect the property values in each one.
Demand:
Locations with IT parks and near industrial corridors tend to have more demand for housing, due to the sheer numbers of people employed there.
Water:
People investing in luxury apartments tend to opt for locations with good groundwater or at least an uninterrupted metro water supply.
Electricity:
Certain areas are notorious for frequent power cuts and in the current age where comfort takes precedence, it is mandatory to have a 24×7 power supply.
Safety:
The area needs to be safe in general, under the watchful eye of local law enforcement, preferably monitored via traffic CCTV cams.
Facilities:
Living with family, it’s important to have facilities like schools, colleges, hospitals, entertainment, etc. close by for convenience and in the case of emergencies.
Access to public transport:
The location must have basic access to public transport systems like buses and railways. If it is close to the airport and a major road, then it is an added bonus.
These are the common factors that affect property appreciation and influence the decisions of homebuyers.
Now let us have a look at the most popular locations for buying apartments in Chennai, which have topped the charts in the past 2 years.
Perumbakkam:
Perumbakkam is preferred by the IT crowd along the Sholinganallur road. Located on the road, connecting Medavakkam and Sholinganallur, property prices here are very reasonable and the projects are pretty upscale too. It is also close to ECR and Velachery, making it a great place with access to all facilities and entertainment. It is also located close to the airport and has great road connectivity.
Porur:
Porur has gone from the outskirts of the city, to become an integral part of South Chennai. It is connected to Vadapalani by the Arcot road and serves as a junction point for bus routes to Koyambedu. It is also connected to Guindy and the GST road, clearing easy access to the airport. It also connects to the Ambattur and Oragadam industrial estates, making it a preferred choice of residence for people who work at any of these places. The area also features the Porur lake that is a major catchment area in the city and has an uninterrupted water supply. It has also been named among the top 5 safest places for women and families in Chennai.
Medavakkam:
Medavakkam features in 6th place among India’s top housing investment destinations. In the period between 2013-2017, the property prices there shot up by 103%. It is located near Sholinganallur and attracts IT employees along that corridor. It has good road connectivity to the rest of the city. It is close to areas on the GST road and has easy access to bus, train, and air transport.
Perungudi:
Perungudi, located along the Sholinganallur, Siruseri road has become a haven of sorts for It employees and people from the business community. The MRTS has improved the accessibility of this location. The government is planning for a dedicated BRTS lane along this corridor to make the lives of commuters easier. It is also less than 10 km from the Chennai International airport. The area is slightly expensive due to high demand, but the developers are offering good value for the money by creating luxury projects that come with premium amenities.
Thoraipakkam:
Thoraipakkam is also located on the IT expressway and is connected to Sholinganallur, Perungudi, Pallikaranai, etc. It is connected to GST via the radial road and has excellent road connectivity. It also caters to the IT crowd and business communities. Several prestigious schools feature in this location, giving your children a good advantage. You would also be closer to work.
TNagar:
TNagar is the commercial capital of Chennai city. Behind the bustling main roads that are lined with shops, there is a beautiful residential area that is home to the business community and those with a finer taste in homes. Property prices are slightly on the expensive side but are well worth the investment as it will only keep appreciating. It is connected by road and railways to the rest of the city. It is just a short drive away from the GST road.
Lifestyle Housing offers attractive luxury apartments in Tnagar and flats in Porur. We create a family-centric experience in all our projects to ensure our customers are satisfied and happy at home. The locations show great promise and will be a significant asset in your investment portfolio.
