Let’s be honest: Home buying is a tough journey for first-time home buyers. You have to set aside enough for down payment or be in a high-paying job to begin the process of buying your dream home. But let’s also tell you – It’s not entirely impossible to buy property in Chennai. For first-time home buyers, who intend to live and raise a family in their dream home, it is crucial to choose the best place with the best budgets to search for the new home.
So let’s take a look at suburbs in Chennai that are the best options for starter homes.
Medavakkam
Medavakkam is well-known for its wide roads and excellent connectivity to Old Mahabalipuram Road, Velachery, Pallavaram and Tambaram. The neighbourhood is in close proximity to several residential areas, IT parks, schools, entertainment facilities and commercial establishments. Crucial factors that have helped fuel demand for homes here includes affordability, higher RoI, adequate amenities and proximity to ECR and OMR. As per realty reports, Medavakkam has witnessed steady appreciation in the past few years.
Average property prices in Medavakkam are:
o Rs 47lakhs and more for apartments/flats;
o Rs 1.30 crores and more for row houses;
o Rs 94 lakhs for villas.
Apartments are the most preferred housing unit in Medavakkam.
Madipakkam
In the past few years, Madipakkam has fast risen to the status of favourite location with home buyers. A steadily growing suburb, Madipakkam is adjacent to Velachery and offers adequate modern amenities for families. Crucial factors that have helped fuel demand for homes here includes good connectivity with bus and railway stations, affordability, IT companies in close proximity and good RoI.
In the period 2010-2015, Madipakkam has witnessed an increase in prices from Rs 3,100 per sq ft to almost Rs 5,000 per sq ft.
Average property prices in Madipakkam are:
o Rs 47 lakhs and more for apartments/flats
o Rs 71 lakhs and more for villas
Apartments are the most preferred housing unit in Madipakkam.
Tambaram
Considered to be older than Chennai, Tambaram is a busy hub of business and commerce. Developing infrastructure has helped increase connectivity via road and rail from Tambaram to the heart of Chennai. Affordability, better RoI, closeness to the airport are some important factors that have influenced Tambaran to become a popular location for home buyers. In the past few years, Tambaram has witnessed an increase in prices from Rs 3,700 to Rs 4,500 per sq ft.
Average property prices in Tambaram are:
o Rs 38 lakhs and more for apartments/flats
o Rs 45 lakhs and more for villas
Apartments are the most preferred housing unit in Tambaram.
Porur
Porur has been in existence since the Pallavas. Today, it is a steadily developing suburb located 18kms south-west of Chennai city. The three IT SEZs coming up in Porur is expected to make the neighbourhood into an IT hub. Porur has witnessed rapid growth due to affordability, better RoI, adjacent to IT hubs, proximity to MIOT hospital and Ramachandra Medical College and good amenities. In the period 2010-2015, Porur witnessed an increase in apartment prices from Rs 3,100 to Rs 5,400 per sq ft.
Average property prices in Porur are:
o Rs 62 lakhs and more for apartments/flats
o Rs 96 lakhs and more for villas
Apartments are the most preferred housing unit property in Porur.
Ambattur
Located in northern Chennai, Ambattur is poised to become a popular location for home buyers. Homes in this neighbourhood promise affordability, good RoI, proximity to industrial hubs and good amenities. Ambattur is in close proximity to areas like Anna Nagar and Mogappair. In the period 2010-2015, Ambattur witnessed an increase in apartment prices from Rs 2,800 to Rs 5,100 per sq ft.
Average property prices in Ambattur are:
o Rs 38 lakhs and more for apartments/flats
