Chennai, or "Madras", as it used to be known before, is the capital of the state of Tamil Nadu. Chennai ranks high on the livability index and is considered to be one of the best destinations in India for living and working. An explorer’s paradise, Chennai is known for its rich diversity in culture and history which can be seen in every facet of the lifestyle followed here.
One of the best destinations for real estate investments, Chennai has transformed from its colonial flavor to a bustling metropolis of today. The city has witnessed rapid infrastructural and technological growth and this has in turn led to rapid developments of properties in Chennai.
Considering investing in real estate in Chennai is an excellent choice based upon all that the city has to offer. Read on to know why real estate investment in Chennai is a good choice and what the best real estate investment destinations are.
Why invest in real estate in Chennai?
Chennai Metropolitan Area is one of the largest city economies of India. Further, Chennai is one of the biggest cultural, economic and educational centers in South India. The Mercer’s Quality of Living Survey voted Chennai as the safest city in India, and this also illustrated by the fact that Chennai has the third-largest expatriate population in the country.
Chennai is also labeled as "The Detroit of India” as more than one-third of India's automobile industry is based in the city. India's Tamil (Kollywood) film industry has its home in Chennai. In January 2015, the city was ranked third in terms of per capita GDP. And to add more gems to the crown of this metropolis Chennai was ranked among the ‘Top 5 Cities to Live In for the Long Term’ by BBC. Further, Chennai has been selected as one of the 100 Indian cities to be developed as a smart city under Smart Cities Mission.
Investing in real estate Chennai is a worthwhile decision as a flurry of infrastructure projects are coming up in the city, and the growing IT sector has further led to the development of a strong residential market. IT/ITeS and automobile industries are the chief drivers of growth in Chennai, and have led to the development of the city as a whole. Different parts of the city including the suburban areas are witnessing massive growth in terms of residential properties in Chennai, to provide living spaces for those working in IT and automobile companies.
The Best real estate investment destinations in Chennai
If you are looking for the best real estate investments in Chennai, then have a look at these areas in the city: -
Avadi is among the popular real estate destinations in Chennai as it is located in the proximity of growing commercial and industrial areas, such as Ambattur, Anna Nagar, and Thirumangalam. Avadi is well-connected to other parts of the city through excellent public transport system. There are excellent options for residential properties, plus the properties here are priced lesser compared to the other side of the city. To add to that, various amenities such as shopping malls, schools, etc., are located in the proximity.
Ambattur is located close to residential areas like Anna Nagar and Mogappair, and this has made it one of the popular suburbs in Chennai. This area has offices of various IT companies such as MilesTs, HCL Technologies, Dell and Tata Consultancy Services, which has further enhanced Ambattur’s position as one of the best property investment areas in Chennai.
This residential locality of Chennai Metropolitan City is located on the IT corridor. Its strategic location at the junction connecting East Coast Road to Tambaram, Mudichur and Adyar to Mahabalipuram, along Old Mahabalipuram Road, has further enhanced its stance as a residential location. Additionally, closeness to near-by work areas, good ROI on properties, infrastructure and transport facilities, and proximity to beaches and other options for shopping and recreation make Sholinganallur an excellent investment destination in Chennai.
Located towards the southern part of Chennai, Mambakkam is a popular location for living and investment. Closeness to facilities like schools and hospitals, and various options for residential properties including budget and luxury ones, has made Mambakkam a popular place for investment.
From being a rural area in the early 20th century, Korattur has now transformed into an urban township. Many projects have sprung up in a short span of time and this suburban area is popular for its budget residential options.
Mogappair is a fast-emerging neighborhood in the north-western part of Chennai. This area has seen a high demand for residential properties as it offers a range of options for quality housing for all budget categories, from gated communities to villas and apartments.
Pallikaranai is located very close to the IT/ITeS and industrial clusters of Chennai. Many new residential developments have started recently and infrastructure facilities are also good.
These are the fast-emerging areas in Chennai where you can invest in different properties. Owing to their good return on investment, proximity to industrial hubs, adequate amenities, and various price range options, these areas have become the best places to invest in real estate in Chennai.