Best places to invest in Chennai 2024

Best Places to Invest in Chennai in 2024: A Comprehensive List with Pricing

Table of Content

Chennai is one of the bustling metropolises that has seen significant growth in recent years. It is home to a wide range of industries and commercial hubs, from manufacturing to software. It also offers a wide range of amenities catering to the  needs of people from different sectors. Some of the best places to invest in Chennai in 2024 are listed.

Locality Min Price Max Price Average Price Per Sq Ft Property Value Appreciation in the last year
Velachery 30 Lac 1 Cr 8,350 INR 16.4%
Medavakkam 25 Lac 2.5 Cr 6,000 INR 5.6%
Tambaram 25 Lac 1 Cr 5,500 INR 10.7%
Porur 30 Lac 1.5 Cr 6,700 INR 5.2%
Pallavaram 35 Lac 1.5 Cr 6,050 INR 5%
OMR 30 Lac  2 Cr  5,500 INR 2.2%
Perumbakkam 30 Lac 1 Cr 5,500 INR 14.8%
ECR 45 Lac 2.5 Cr 8,000 INR 5.8%
Adyar 30 Lac 2.5 Cr 10,000 INR 21%
Anna Nagar 45 Lac 5 Cr 7,000 INR 17.9%

1. Velachery

Velachery is one of the newly developed residential areas in Chennai that has attracted a lot of attention for good reasons, such as its proximity to major job centers and its strong social infrastructure. Its outstanding connectivity to important city locations, such as its close proximity to the Chennai International Airport and the IT Corridor (OMR), enhances its accessibility.

Velachery became a thriving economic hub with the arrival of several IT companies, corporate offices, and shopping centers. It is also home to various educational institutes. Velachery’s real estate market has grown steadily throughout the years. This area is one of the best options for luxury living in Chennai due to the high demand for residential homes.

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2. Medavakkam

Medavakkam, situated in the southern suburbs of Chennai, is one of the most preferred residential areas. This is predominantly due to its proximity to major employment hubs and excellent social infrastructure. Its strategic location between the OMR and GST corridors offers better accessibility. In addition to this, the Chennai Outer Ring offers better connectivity and reduced travel time for its residents.

Medavakkam offers exclusive lifestyle amenities with a wide range of restaurants, shopping malls, parks, educational institutes, healthcare, and more. It is also an excellent place to invest in real estate due to its growing potential. There has been a significant increase in property value appreciation in Medavakkam as a result of the increasing demand.

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3. Tambaram

Tambaram is one of the best destinations due to its rapid development, impacted by the fastest population growth. Tambaram is located in closer proximity to Chennai International Airport, which makes it a hub for logistics and transportation with a wide range of job opportunities.

Tambaram became one of the ideal places for real estate investments as it has all the essential amenities with excellent access to them. Due to the presence of various educational institutes, clinics, and other stores, it stands out as the best place for families.

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4. Porur

Porur is a well-developed locality situated in the southwestern region of Chennai. There are several manufacturing facilities in the area. Through the Avadi-Porur Road, Chennai-Bangalore Highway, Chennai Bypass, Outer Ring Road, and other routes, it provides excellent access to various areas of the city. The distances to the international airport and Guindy Railway Station are 12.3 and 8.2 kilometers, respectively.

The DLF IT Park, located 3.5 kilometers from Porur, is the closest employment center. Furthermore, Porur provides easy access to Ambattur Industrial Estate, Ambit IT Park, and Prince Info IT Park. All these factors taken into consideration, Porur is a hotspot for real estate investment in Chennai.

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5. Pallavaram

Pallavaram is one of the most promising real estate destinations in Chennai. Its growing infrastructure and development make it an attractive option for both investors and homebuyers. Situated near the Chennai International Airport, it enjoys excellent connectivity with easy accessibility to key areas in Chennai.

Pallavaram also offers a wide range of job opportunities in the IT, healthcare, and manufacturing fields. All these factors not only boost the investment potential but also the rental demand in this area. It is also significant to note that there has been a steady appreciation in property value over the years due to the steady increase in demand.

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6. OMR

OMR, a much-desired residential neighborhood known as Chennai’s IT corridor, has easy access to all parts of the city. Accessibility will be further improved by planned expansions such as a 4-lane elevated roadway and the upcoming metro stations, in addition to the existing road network. The region is known as a tech hot spot and is home to many tech parks, such as Pacifica Tech Park, Global Infocity, and more.

OMR has emerged as the highly sought-after destination for real estate investment by families as it offers everything they need within limits. The villas and apartments in OMR offer a blend of modern amenities with traditional infrastructure. It also offers a wide range of residential housing options, from high-rise apartments to independent villas.

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7. Perumbakkam

Perumbakkam, situated in the southern parts of Chennai, is one of the rapidly evolving suburbs. It has witnessed growth in recent years due to its infrastructural development. Despite being located on the outskirts, Perumbakkam is well connected to other parts of the city and offers easy accessibility to residents due to the presence of significant roads like the Perumbakkam Highway, the Velachery Highway, and GST Road.

The real estate market in Perumbakkam has been emerging as it offers a wide range of residential options in the mid-budget segment. The majority of the properties in the region are plots, apartments, and standalone homes. Because of the planned metro lines, Perumbakkam real estate is growing quickly.

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8. ECR

East Coast Road (ECR) is a section that provides a special fusion of natural beauty, contemporary conveniences, and a tranquil seaside lifestyle. Being close to the ocean and offering a wide range of housing options, ECR has grown to be one of the most sought-after neighborhoods in Chennai. It has witnessed rapid development over the years, with excellent connectivity.

Plots in ECR are a wonderful way to invest in real estate with a high potential for appreciation and return on investment. Property values in the neighborhood have gradually increased as a result of the area’s growing demand and attractiveness. With Chennai’s continued growth, the East Coast Region (ECR) is becoming a sought-after real estate location, attracting those seeking to invest in land or construct their ideal house.

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9. Adyar

Adyar is one of the most prominent neighborhoods in Chennai due to its strategic location. It is surrounded by prominent areas like Thiruvanmiyur, Buckingham Canal, and Besant Nagar. A few prominent sub-localities in Adyar are Venkatarathnam Nagar, Nehru Nagar, Gandhi Nagar, Kasturibai Nagar, and Padmanabha Nagar. It is known for its excellent infrastructure, contributing to high living standards.

Adyar is popularly known for its high-segment residential housing with a wide range of options, from well-built contemporary apartments to luxury villas. There is also a rise in residential demand in this locality, predominantly due to its easy accessibility to educational institutions, healthcare, and entertainment.

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10. Anna Nagar

Anna Nagar, located in the north-western regions of Chennai, is one of the most exclusive residential zones in Chennai. It is well known for its excellent infrastructure, boasting all the essential amenities from educational institutes to entertainment centers. It also offers excellent connectivity via road and rail transportation.

Anna Nagar is a popular destination for those searching for better investments in real estate. From lush green spaces to opulent, reasonably priced apartments in Anna Nagar, it caters to a diverse range of demographics. Simple access to necessities, well-planned infrastructure, and well-connected transportation all contribute to the Anna Nagar real estate appeal.

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Frequently Asked Question

1.What are the upcoming fastest developing areas in Chennai?

The fastest developing residential areas in Chennai are Velachery, Porur, OMR, Choolaimedu, Korattur, and Vengaivasal.

2. What are the stamp duty and registration charges to invest in an apartment in Chennai?

The stamp duty and registration charges to invest in an apartment in Chennai are 4% and 2% respectively. These charges remains the same for all gender.

3. What are the things should be considered before investing in Chennai?

Some of the things that should be taken into consideration while investing in a property in Chennai are reputation of the builder, location, legal documentation, available amenities, and future infrastructure development and growth aspects.

4. Is Chennai a good place for investment?

Chennai is a good place for real estate investment as it has thriving economy with a wide range of job opportunities attracting investors and home-buyers from across. It also has better property value appreciation leading to potential growth in the future.

5. What are the best places to rent a house in Chennai?

Some of the best places in Chennai to rent a house are Medavakkam, Velachery, Navalur, Madipakkam, Ambattur, and Chromepet.

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