Top 10 Developing Areas in Chennai for Real Estate Investment

New Delhi (India), March 10: Chennai is a rapidly growing city, also known as the "Detroit of India." Several developing localities in Chennai are ideal for real estate investments. These localities offer great potential for high returns on investment, making them attractive options for investors. Here are the ten developing areas in Chennai to invest in real estate:

Madambakkam:

Madambakkam is the residential locality in the Tambaram East zone near Medavakkam and Mambakkam, which is known for its century-old Lord Shiva temple. It is one of the developing areas in Chennai, which is witnessing huge residential development. Many leading real estate players are launching villa plots in Madambakkam at a very competitive price. Madambakkam is expected to be the next Medavakkam; people who missed the Medavakkam are banging to buy properties in Madambakkam. At present, the rental returns are comparatively low, but you can expect capital gains on plots.

Ponmar: 

Ponmar is another prominent locality for real estate investment in Chennai's south zone, which is located between Medavkkam and Mambakkam. Ponmar connects GST with OMR. Both commercial and residential developments are happening in Ponmar. Investing in villa plots in Ponmar will definitely deliver good gains in the future.

Akkarai:

Akkarai, which is located in the ECR corridor, has been witnessing huge demand in recent times. Akkarai connects ECR with OMR in 3.6km via Karunanidhi road. Due to the FSI restrictions, the real estate demand in ECR is always villa plots and Individual villas. There are only very few real estate developers in ECR promoting gated community villas.

Kovur:

Kovur is one of the fastest-growing localities in Chennai's west zone near Porur. Kovur is known for its proximity to Chennai International Airport via the new outer ring road and for several prominent educational institutions. If you have missed Porur, don't miss Kovur now. Many layout developments are happening alongside the bye-pass.

Selaiyur:

Selaiyur is one of the fastest growing localities in Chennai in the Tambaram East Zone, which lies in the Tambaram Velachery connecting corridor; this is one of the well-developed corridors in Chennai, which has a good number of Educational institutions, Hospitals, and Entertainment zones. Selaiyur, which lies closer to Tambaram railway station, has a demand from working professionals in GST and in OMR. The ticket size of a new 2bhk varies between 60 and 70 lacs, all-inclusive.

Sholinganallur:

The real estate demand in Sholinganallur is driven by IT employees from other cities and states. Around 4 lakh IT, employees are residing in this corridor, starting from Madhya Kailash to Kelambakkam, and it has nearly 400+ apartment complexes and many under-construction apartments as well.

If you pick any locality in the OMR corridor, starting from Perungudi to Sholinganallur, it gives similar returns.

Medavakkam:

Medavakkam is the preferred locality for IT employees in OMR and people working in Velacheri or on Radial road.

Medavakkam is another emerging locality in Chennai, and it is well-connected to the rest of the city. The area has seen a significant increase in the number of residential and commercial projects, making it an ideal option for investors who are looking for budget-friendly properties with good growth potential.

Perumbakkam:

Perumbakkam is a developing locality in Chennai, and it is home to several premium residential projects. Perumbakkam is bounded by Medavakkam, Semmenchery, Sholinganallur, and Sithalapakkam, and it is just a few 5kilometres away from ELCOT SEZ campus, which holds prominent IT companies like HCL, Wipro, TCS, Cognizant and many. The area is well-connected to the rest of the city and has a range of amenities, making it an ideal option for investors who are looking for mid-segment properties with good growth potential.

Navalur:

Navalur is a rapidly growing locality in Chennai, and it is known for its affordable properties and excellent connectivity. The area is home to several IT parks and SEZs, making it a great option for investors who are looking for properties with good rental yields.

Pallikaranai:

Pallikaranai is the fastest-growing residential locality in Chennai South, located between OMR and GST, which attracts both employees from the IT and automobile industries. Pallikaranai is bounded by Madipakkam and Velachery, so people who can't afford a property in Velachery can choose Pallikaranai for their own living and residential investment. Few big gated community launches are happening in this locality in an affordable segment.

In conclusion, these are the top 10 developing localities in Chennai for real estate investment. Before investing, it is important to conduct thorough research before making an investment decision to ensure that you find the right property that fits your budget and investment goals.