6 Real Estate Investment Areas for NRIs in Chennai
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- Aug 13, 2019
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Chennai’s real estate provides excellent investment opportunities for NRIs. There are various reasons for this, one of which is the unprecedented rate of growth of the city’s economy. Chennai is also witnessing huge investments in different sectors. The growth of the IT sector in particular has been one of the prime reasons behind the expansion in city, leading to development of its suburban areas. Many MNCs have opened their offices on the outskirts of the city, creating thousands of jobs, as well as creating demands for facilities and accommodation in those areas. This has led to a rise in demand for plots in Chennai. These are some of the reasons why NRIs should consider investing in Chennai’s outskirts. NRI investors can easily find plots for sale in Chennai, which will appreciate significantly as time passes. As an NRI investor won’t be settling in the city any time soon, one can easily construct a house on the plot in Chennai and get rental income. Here are the top six localities in Chennai that NRIs should consider investing in.
There is hardly any doubt that OMR (Old Mahabalipuram Road) is the best areas to invest in real estate. OMR has turned into an IT corridor with a large number of MNCs opening their offices here. Although the entire stretch of OMR is highly valuable for investment purposes, it is Sholinganallur that attracts the most real estate investors due to it being an important junction. Sholinganallur also boasts of superior connectivity, coupled with its proximity to the city and the presence of major offices, investing in a residential plot in this area can lead to high returns. There will also be no problem in getting tenants if one decides to construct a house.
Tambaram is one of the oldest suburbs of Chennai. However, the growth of the IT sector has given this suburb a new lease of life. As Tambaram has been integrated into the city long back, its infrastructure is much better than the rest of the up-coming suburbs in Chennai. Tambaram is also one of the best connected areas that one can invest in. The Tambaram railway station is a major terminal in the city after Chennai Egmore and Chennai Central. All southbound trains connecting Chennai to other parts of Tamil Nadu make a stop here. The railway station also acts as major intersection for suburban trains that connect Chennai’s various localities. Tambaram is also home to several SEZs and IT Parks, adding value to any plot purchased here. If you intend to purchase a gated community plot in Chennai, you can with a little search find one that suits your needs and budget.
Guduvanchery is a locality on GST Road and is one of the major investment spots in Chennai. The GST is being rapidly developed due to the mushrooming of IT companies, IT Parks, and industries. All this is bringing huge investments in the area, leading to the creation of thousands of jobs. This has led to emergence of Guduvanchery as one of the best place to find plots for sale in Chennai. Apart from the presence of offices of leading MNCs, the area is also home to a large number of reputed educational institutions, like the SRM group of institutions and the Crescent College of Technology. Again, one can find tenants easily if one wants to construct a house here and rent it out.
Velachery, a bustling neighbourhood, is located at a very strategic point between the city of Chennai and the IT corridor. Velachery is getting a lot of attention as a real estate destination due its proximity to various IT and ITES companies, and the connectivity to the OMR. Velachery has become an integrated part of Chennai and has been dubbed as a suburb. The prices of real estate in Velachery however, are still at par with other suburbs, but are appreciating at a very fast rate. Velachery has seen lots of development in the recent years. There have been new malls, colleges, and offices that have recently opened in the area, leading to the transformation of the area into a prim neighbourhood. Investing in Velachery will allow one to get high returns.
One of the newer localities, Valasaravakkam is located near to other key real estate investment areas like Porur and Ambattur. Valasaravakkam has experienced a lot of development due to the growth of IT sector in Chennai. The biggest factor driving Valasaravakkam’s growth is it location, which is very near to several major IT hubs. The DLF IT Park SEZ, Ambit IT Park, and One Bulls Park, among others IT parks, are located in close proximity to Valasaravakkam. Property prices in this part of the city are steadily rising. This area is another great option if you are looking to buy gated community plots in Chennai.
Sriperumbudur is amongst the fastest growing areas in Chennai, as a large number of manufacturing units are opening up here. Sriperumbudur’s proximity to Oragadam is also another factor that is driving growth in this major investment hub. Sriperumbudur is also home to a number of SEZs, leading to the creation of huge employment opportunities. There has been increasing demand for residential plots in this area of Chennai due to large section of population moving to this locality. Buying a plot here will lead to a perfect investment whose value will rise steadily over the year.
As an NRI looking to invest in India’s real estate, this is the best time. India’s rapid growth will ensure that investments will appreciate quickly in the coming years. Chennai is one of the metros that have remained off the radar for most NRI investors and buying a residential plot in Chennai can be a really good investment.
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