Chennai has been recognized as one of the best metropolitan cities to live in India. It is often considered a combination of the conservativeness of culture clubbed with the freshness of youth. Therefore, if you live in Chennai or are looking to invest in property, you might be better served if you knew which areas are the best options that are not just growing but also provide the best return on your investment. Here is a list of 10 areas that you could consider investing in to maximize your returns.
Top 10 Real Estate Investment Areas in Chennai for Best Returns
Old Mahabalipuram Road (OMR): OMR also known as Rajiv Gandhi Salai or the IT Corridor or Chennai is one of the major roads in Chennai. It has the name IT Corridor because of the presence of IT companies that have sprawled across this road. If you work in the IT space, the commute is a lot easier and the area is fast developing as an investment hub. The entire stretch is projected to be a 6 lane highway, a part of which was completed in 2008 after many delays. The areas around OMR are developing with more and commercial establishments and gated communities sprouting around it.
Grand Southern Trunk Road (GST Road): There are many commercial and residential establishments that have grown along the GST Road. This has led to increased popularity of areas around the GST corridor like Medavakkam and Guduvanchery. The entire stretch is developing and has created a lot of interest amongst builders and buyers alike.
Guduvanchery: Situated along National Highway 45, Guduvanchery is a rapidly developing town. It has easy access to many good schools and educational institutes. Additionally, its transportation facilities have been well established over the years with a railway station, bus stand and other modes of transport. Guduvanchery is becoming a hub because of its ability to connect to different parts of Chennai through the OMR and GST.
Madhavaram: Until recently, Madhavaram located in the north of Chennai city was almost unknown. However, after its split with Ambattur taluk in 2009, it has become a real estate hub. With a Botanical Garden on over 28-acres of land, Madhavaram is fast becoming one of the best real-estate investment options. Also, it is well connected with the city of Chennai. Since it is still developing it has a lot more scope for growth and price rise in this area seems inevitable. Apart from the fresh and clean air that one has access to here, it also enjoys proximity to many reputed educational institutions.
Mahindra World City: This was developed as an IT-centric Special Economic Zone (SEZ) in India, the first functional one of which is in Chennai. The motto of this area was to develop a sustainable urban development space for companies as well as residential complexes. Though the current Mahindra World City in near the GST road, there are plans in-line to start another one more at Gummuddipundi, Chennai. If you are looking for a great return on investment or want to live in the pristine, sustainable establishment, Mahindra World City could be your choice.
Tambaram: Located in the south part of Chennai, Tambaram has undergone a major metamorphosis in recent times; thanks to its rental increase and residential properties. Given that it has been around for a while now, the transportation options available have been well established over the years. However, what is new is the influx of residential and commercial real estate growth interests. With its proximity to the airport, it is no doubt one of the best places to invest in.
Chrompet: With GST and Tambaram gaining popularity, it was inevitable that Chrompet would also grow further and become a real estate hub. With its proximity to the airport and established transportation links with many parts of Chennai via public transport – including local trains and buses – Chrompet has seen a steady interest from builders and buyers. Chrompet has a rich heritage and temples that are accompanied by amenities like educational institutes, hospitals, entertainment hubs and more.
Thirumazhisai: Thirumazhisai, situated on the way to Sriperumbatur from Chennai, is one of the growing markets in the western corridor. Given that the prices in this area, though gaining popularity, are fairly reasonable; this might be one of the best investments to be made for future profits. As a new area that is still developing, it might take a little longer to get all the infrastructure and transportation in place unlike areas like Chrompet or Tambaram.
Poonamalle High Road: Poonamalle High Road is an arterial road in Chennai that runs from east to west across the city. It is also called the Periyar EVR High Road. The Poonamalle high road passes through a lot of areas within Chennai that have sprouted for real estate – both residential and commercial. With the plans to extend the high road and make it more accessible, Poonamalle is getting back into the market as a place to invest in especially if you work in and around GST or Ashok Nagar areas.
Pallavaram: Pallavaram, a residential location in Chennai, with great history and was originally called Pallava Puram because of its occupants of the Pallava kings. It is considered one of the oldest inhabited places in South India. Areas around Pallavaram such as Kundrathur, Anakaputhur, Thiruneermalai and so on, have been gaining popularity. Pallavaram comes packed with eateries, transport facilities, train stations, hospitals, banks, ATMs, and more.
Remember that these are only some of the areas that you could invest in, which are currently growing. There are more expensive options within Chennai like Adyar, Besant Nagar, Poise Garden, and more that are posh and can give you a great living experience. However, the more within the city you invest, the more money you will have to shell out. A caution is that when you invest in new areas, pay attention about the paperwork to ensure that you are not getting swindled by real-estate touts because the area and the processes are fairly new. Better be safe than sorry.