Investments are becoming a crucial part of every citizen’s lifestyle. Apart from jewelry, savings schemes, mutual funds and equity, real estate is considered as the foremost option for long-term investments. When it comes to real estate, there are numerous options like purchasing lands, buying apartments under construction, those under planning stage and also ready-to-move-in houses and second hand properties.
According to a recent article, in the city of Chennai, ready-to-move-in properties are sold at a premium rate especially in the outer suburbs and peripheral areas.
As large scale development is happening rapidly across the city of Chennai, many new clusters of real estate properties are springing up. Hence, it is always wise for investors to choose areas where potential growth is forecasted for the future. This growth refers to parameters in terms of amenities, availability of water resources, power issues, urbanization, distance from workplace and other essentials like schools, hospitals, etc. Based on these parameters, here are 10 places in Chennai that we found to be worthy for investing in properties:
Located closer to Ambattur, Anna Nagar, Thirumangalam, etc, which are growing as commercial and industrial areas, properties on the Avadi Main Road covering places like Paruthipattu are selling like hot cakes. The area is located at a driving distance of less than 15 to 20 km from places like Anna Nagar, Nungambakkam, etc and public transport is rapidly gaining momentum. Priced lesser compared to the other side of the city, a lot of prominent builders have chosen this area to build multi-storied gated communities. Spaces have also been allocated for malls and there are already a sizeable number of schools and colleges in the vicinity which makes this area a good option to invest in.
For the past 3 to 4 years, the Old Mahabalipuram Road (OMR) has been considered as the go-to place for purchasing housing properties. Work-life balance has always been seen as an important trait to lead a happy lifestyle. The biggest advantage being the proximity of IT parks, a lot of buyers in this area are from the middle income group of IT professionals, bankers, etc has made. lLiving close to work is a dream come true for many of those who buy properties in areas around OMR. Road facilities are thoroughly improved and prices are slowly settling down when compared to how it was few years ago. Hence, this has and will remain to be the investors’ hotspot for now and the near future.
Located towards the South of Chennai, you need to take a left turn to reach this place after Vandalur. Schools and hospitals are rapidly springing up in nearby areas making it a more comfortable option to invest in. Some of the assuring locations to invest in land as well as ready-to-move-in are Mambakkam, Mambakkam-Medavakkam road, Ponmar.
In the recent four to five years, this area has seen rapid development in terms of commercial purposes, shopping amenities and recreation options. Chromepet had already reached a satisfactory level in providing educational, medical amenities and the recent growth is a great add-on. The properties have gone up in value as far as land prices are concerned. Hence, this area comes about as an upcoming real estate cluster to invest in a property. Surrounding areas include Chitlapakkam, Nemilichery where properties and land value is going up the ladder.
Again drawing us towards the Southern suburbs, Urapakkam continues to appeal to a lot of investors as it is located close to special economic zones which mean more job opportunities and being closer to workplace.
Similar to Urapakkam, this is also pretty close to well known educational institutions, renowned hospitals and closer to highway. Public transport has been well established since many years and hence connectivity to the main city is never an issue. More and more investors are keen on purchasing land in this area, making it a potential real estate market to choose.
Being mimicked currently as taking after one of the well known commercial cum residential areas in Chennai, land prices in Thirumazhisai are currently at a very affordable level. Grabbing a property in this area now is a clever option rather than regretting not having done it few years down the lane. Although other amenities are still developing, this area promises to showcase a potential for investment.
Few years back, nobody would have equated North Madras to a peaceful, comfortable place to move into. But, things have changed now. One can’t explain enough about the advantages that owning a property in this area will give over living in a thoroughly populated and polluted location in the heart of the city. More and more recreation spaces are being discovered around here and other amenities are improving rapidly. Another perk is the affordability of rates for middle income groups.
Listed among some of the less polluted areas of North Madras, Korattur, investing in real estate in this area is for those aiming at long-term plans. Since it is densely populated, the return on investments by renting out the property is probably high. Builders and promoters are eyeing this place a lot more than before to introduce new establishments.
Properties in areas such as Kundrathur, Anakaputhur, Thiruneermalai that are close to Pallavaram with good transport connectivity are on the hot-belt of people’s purchasing power. Numerous modern options of housing are coming up in these areas. Even island-like ambience is designed as part of properties that are being raised and sold in areas in and around Pallavaram, making it an interesting option to choose for real estate investment.
This list showcases some of the leading areas for investing in Chennai and there are more such places in the pipeline that will soon find a place in the ‘best’ list. As more and more buyers are venturing into the purchasing arena, builders and promoters are open to take world-class facilities and luxurious options to wherever the customers require it.