Gold and real estate have traditionally been investment mainstays in India and continue to be so. Serious investors, especially in real estate, today don’t limit themselves to their own cities but spread out their investments across cities.
Chennai has risen to be among the top five favourite cities among investors leading to an appreciation of the real estate market in leaps and bounds. With the city itself reaching a saturation point, the focus has now shifted to peripheral neighbourhoods, and suburbs with well-developed infrastructure now appear alluring. So, which neighbourhoods are prospective buyers looking at? Here are the top locations to invest in Chennai.
Avadi
One of the oldest areas in Chennai, Avadi is fast becoming one of the most sought after areas for investors. Ever since divisions of the Indian Army and Indian Air Force developed in the 1960s along with ancillary establishments like the Heavy Vehicles Factory, Ordnance Clothing Factory, among others, Avadi has been known as a defence stronghold.
It is said that the name Avadi is an acronym that stands for Armoured Vehicles and Ammunition Depot of India although there is no real base for this. Today, Avadi is home to many IT/ITeS and service sector firms and its nearness to places like Ambattur, Koyembedu, and Anna Nagar, as well as affordability, has made it a focal spot for investors. With connectivity being excellent, the presence of premier educational institutions and hospitals make it a highly viable suburb. So much so that Avadi is one of the three places that the Tamil Nadu Government is considering making into an independent municipal corporation.
Kundrathur
Kundrathur is known for being home to many ancient temples, including the renowned Mangadu Kamakshi Amman Temple and the Kundrathur Murugan Temple. In recent times, Kundathur has transformed from a historical temple town and become an industrial centre. Its location between the Outer Ring Road and Chennai bypass as well as the presence of companies like Yamaha and Royal Enfield has spurred the demand for housing in this region.
It is also close to the Chennai International Airport and Porur IT Hub. Kundrathur has respected schools, colleges, and hospitals and other amenities, including the availability of groundwater, all of which make it highly attractive to both renters and buyers.
Guduvancheri
Located in Kanchipuram district, Guduvancheri is one of the hottest investment spots in Chennai given its handy location between Tambaram and GST Road and proximity to Chengalpattu. Once considered as the outskirts of Chennai, Guduvancheri is grabbing the attention of young professionals due to its well-developed social infrastructure and economical housing prices.
Guduvancheri is seamlessly connected to major SEZs via the Old Mahabalipuram Road (OMR) and the Vandalur-Kelambakkam Road as well as to major corporate offices like Mahindra World City, Sriram IT Park, Accenture, and Ford among others, giving it serious brownie points. Currently, the location is favoured by IT employees but is fast expanding to include a diverse population.
Thiruporur
Thiruporur is also located in the district of Kanchipuram and is located about 45 kilometres away from Chennai. But it’s the growth of industrial parks like the sprawling, 1,500-acre Ascendas One Hub and the State Industries Promotion Corporation (SIPCOT) IT Park in Siruseri that has spurred Thiruporur’s development in recent times.
Its location close to the GST Road and OMR and heavy investments made both by public and private players have thrown the spotlight on Thiruporur as a viable area for property investment.
Ponneri
Ponneri is one of the most talked about areas in Chennai today for various reasons. One of the factors catapulting it into real estate investors’ lists is the state government’s decision to develop it as a smart city in collaboration with the Japan International Cooperation Agency (JICA). Last year, the government allotted a whopping 22 acres for making it into a centre for automobiles and machinery with an estimated budget of Rs 33 crores. Additionally, companies like Sumitomo Corporation and the Mahindra Group have already heavily invested in the development of industrial parks in the area.
Apart from this, currently, Ponneri’s biggest attraction is its proximity to Gummidipundi SIPCOT and the SIDCO Industrial Park and the availability of property for buyers who have a limited budget. Although it is around 45 kilometres away from the Chennai city centre, Ponneri is well connected via Chennai Railway.
Currently, road connectivity is a big problem but all that is set to change with the fast development of villas and apartments in the vicinity.
