Top 10 Areas for Real Estate Investment in Chennai – Best Places to Invest in Property
Chennai is one of the leading industrial hubs of the country that has evolved over the years. The city has gained prominence due to the evolving IT hubs thus leading to an uptick in the housing demand. There are several areas in the city that not only boast of developed infrastructure but also offers ROI to the investors. As per reports, the ROI of Chennai is expected to rise by 5% on an annual basis. In this article, you can know about the top ten areas that you can invest in Chennai.
Top 10 Areas for Real Estate Investment in Chennai
1. Poonamallee
Situated in the western part of Chennai, Poonamallee provides an ideal blend of affordability and accessibility. Its proximity to industrial zones like Sriperumbudur and educational institutions enhances its appeal. This area offers a stable return on investment (ROI) as the demand for residential spaces grows. This demand is further driven by the workforce employed in nearby industries.
2. Pallavaram
Strategically located near Chennai Airport and prominent IT hubs, Pallavaram is a magnet for IT professionals. Its strategic location ensures high rental yields and appreciable ROI making it an attractive investment destination. The ongoing infrastructure projects like metro connectivity promise long-term growth and increased property values.
3. Vengaivasal
With its proximity to the IT corridor and OMR, Vengaivasal experiences a significant surge in demand for housing. Its strategic location and robust connectivity contribute to a high ROI thus attracting both end-users and investors looking for promising returns.
4. Choolaimedu
Centrally located and well-connected, Choolaimedu offers a dynamic mix of residential and commercial spaces. Its proximity to renowned educational institutions and hospitals ensures sustained demand offering investors a stable and appreciable ROI. The established social infrastructure adds to its investment appeal making it an investment choice.
5. Urapakkam
Located in the southern suburbs, Urapakkam benefits from proximity to industrial areas and the GST Road. This strategic location drives demand for housing, promising a favourable ROI. With infrastructure developments, including the proposed metro extension, the area is poised for growth, making it an excellent investment choice.
6. Korattur
Korattur boasts proximity to Ambattur Industrial Estate and educational institutions. The area offers a balanced mix of residential and industrial zones thus ensuring a steady demand for housing. Korattur also has a well-planned layout in collaboration with TNHB Housing that adds to the investment allure.
7. Velachery
Situated in the southern part of the city, Velachery is a bustling residential and commercial hub. Proximity to IT corridors and entertainment options contributes to its appeal. The area is well connected to the Central Business District and the IT corridor of the Old Mahabalipuram Road which offers a stable ROI to the investors.
8. Old Mahabalipuram Road (OMR)
Commonly known as the IT corridor, OMR is a prime investment destination. It is home to TEK Meadows, TECCI Park, Pacifica Tech Park, etc. With proximity to major IT parks, educational institutions, and recreational facilities, OMR offers a high potential for rental income and capital appreciation. The area in Chennai is located close to a developing metro station and a 4-lane elevated highway.
9. Medavakkam
Medavakkam is located in the Southern part of Chennai. It is located near Old Mahabalipuram Road, Perumbakkam Main Road, and Velachery Main Road. The area has gained significant popularity due to its growing demand for housing and promising ROI. The closest railway station is situated at a distance of 10 kilometres in Tambaram and the international airport is just 13 kilometres away. It is located close to Medavakkam, Elcot SEZ and companies like Wipro, Cognizant, HCL, Tech Mahindra, etc. This area is easily accessible to other employment hubs such as Guindy, Taramani, and Tambaram.
10. Porur
Situated in the western part of Chennai, Porur is known for its industrial and residential significance. Guindy Industrial Estate and key IT hubs like DLF IT Park, Ambit IT Park, Ambattur Industrial Estate and Prince Info IT Park ensure a steady demand for housing. Avadi-Porur Road, Chennai-Bangalore Highway, Chennai Bypass, Outer Ring Road, etc. Guindy Railway Station and the international airport are located nearby thus ensuring great connectivity.
Factors that make Chennai best investment city
- Chennai consistently ranks among the top cities in India for IT exports. According to industry reports, the city’s IT and Business Process Outsourcing (BPO) sector contributes significantly to the national IT export revenue, emphasizing its role as a hub for data-centric industries.
- The city is home to esteemed educational institutions such as the Indian Institute of Technology (IIT) Madras and Anna University. These institutions produce a steady stream of skilled professionals and researchers, fostering an environment conducive to cutting-edge research and data-driven innovation.
- Chennai’s burgeoning startup ecosystem is supported by various incubators and accelerators. The rise of data-driven startups in areas like analytics, artificial intelligence, and fintech reflects the city’s commitment to embracing emerging technologies and leveraging data for economic growth.
- The government of Tamil Nadu has implemented initiatives to promote the digital economy. The state’s policies and investments in technology infrastructure, such as the Tamil Nadu Fibernet Corporation (TANFINET), enhance the city’s connectivity and facilitate the generation and utilization of data.
- Chennai’s industrial landscape spans automotive manufacturing, healthcare, and finance. The city’s industrial output contributes significantly to the national economy, with data-intensive processes and technologies playing a pivotal role in these sectors.
FAQs
1. Where is the best place to invest in property in Chennai?
Poonamallee, Pallavaram and Vengaivasal are considered the best places to invest in property in Chennai.
2. Which area is best to buy land in Chennai?
Positioned close to the IT corridor and OMR, Vengaivasal experiences a significant surge in demand for housing making it the best to buy land in Chennai.
3. Which is the fastest developing area in Chennai?
Medavakkam is the fastest-developing area in Chennai.
4. Which area is best to live in Chennai?
Thoraipakkam, Kovilambakkam and Urapakkam are considered the best areas to live in Chennai.
