Chennai, also referred to as the “Detroit of India,” is a humming metropolis that has been expanding quickly lately. The city is home to a wide variety of industries, including the production of hardware, software, and cars. Consequently, Chennai has developed into a desirable location for investors looking to benefit from its economic development and business opportunities. If you’re one of the investors looking to invest in Chennai, you must understand where to put your money in order to get the best returns.
We’ll talk about the top areas in Chennai to invest in 2024 and what makes them desirable as investment opportunities. We’ll go over all the options, from commercial real estate to residential, that can give you the best returns on your investment in Chennai.
Velachery
Over the years, real estate investors have become more and more interested in Velachery, a prime area of Chennai. The area has become a hub for industry professionals due to its close proximity to I.T. infrastructure, including Tidel Park and DLF IT Park. As a result, there is a higher demand for residential properties there, which presents long-term investors with a fantastic investment opportunity.
Velachery’s connectivity is another element that makes it a desirable location for investments. Residents can more easily commute to work or school thanks to the area’s excellent connectivity to the rest of Chennai. Velachery also has a number of markets, schools, and hospitals, making it a great place for families and businesspeople.
Velachery is a reasonably priced area with an average monthly housing cost of around 14,000 rupees. However, the investment is worthwhile because the demand for residential properties in the area is anticipated to grow over the next few years. Additionally, Velachery is a great place to find 2 BHK apartments, which are very popular with professionals and small families.
Tambaram
Tambaram is one of Chennai’s areas with the fastest population growth, making it a great place to invest in real estate. The area’s proximity to the Chennai International Airport has made it a hub for logistics and transportation companies, resulting in increased demand for residential properties in the area.
Tambaram is a great place for families and professionals to live because it has excellent access to other areas of Chennai. With so many stores, clinics, and schools in the area, it’s a great place for families with kids to live.
Tambaram is a reasonably priced area with an average monthly housing cost of about 11,000 rupees. Additionally, the region is great for 2 BHK apartments, which are very popular with professionals and small families.
Sholinganallur
In recent years, Chennai’s Sholinganallur neighborhood has experienced rapid growth and developed into a desirable investment location. Due to its close proximity to some of Chennai’s largest schools and IT hubs, the area has become popular among professionals and families looking for homes. Sholinganallur is a great place for investment because it has easy access to many different parts of the city.
3 BHK apartments, which are highly sought after by families seeking larger living spaces, are ideal for the area. ThIn Sholinganallur, the cost of a one-bedroom apartment runs about 18,000 rupees per month, which is a high amount. However, the investment is worth it, as the demand for residential properties in the area is expected to increase in the coming years.
Porur
Because of its robust rental and investment markets, Porur is a very well-liked investment location in Chennai. Families looking for homes have found the area to be desirable due to its close proximity to services like hospitals and schools. A great place for professionals, Porur also offers employment opportunities due to its proximity to IT hubs.
2 and 3 bedroom apartments, which are highly sought after by families and professionals, are ideal in Porur. Porur is a reasonably priced location, with an average monthly housing cost of about 18,000 rupees. However, the investment is worth it, as the demand for residential properties in the area is expected to increase in the coming years.
Pallikaranai
Pallikaranai is a developing investment location in Chennai because of its proximity to numerous important urban areas. Residents’ access to transportation is facilitated by the neighborhood’s proximity to manufacturing facilities and the Central Bus Terminus. A well-established neighborhood with a number of small communities and rental housing options, Pallikaranai is a great place for both investors and homebuyers.
3 BHK apartments, which are popular among families and professionals seeking larger living spaces, are in high demand in the area. Pallikaranai is a relatively pricey area because the cost of a month’s worth of lodging there is roughly 20,000 rupees. However, since there will likely be an increase in demand for residential properties in the region over the next few years, the investment is worthwhile.
Bottom Line
Chennai has been included in the global list of the top 10 cities for real estate investment. Many choose to invest in Chennai as it offers homes with a great urban experience and easy access to healthcare, educational institutions, etc., making a resident’s life a lot simpler. Due to the great infrastructure, connectivity, and employment opportunities, it attracts potential buyers.
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Frequently Asked Questions on Best Places to Invest in Chennai in 2024:
Is real estate a good investment in Chennai?
Yes, real estate investment in Chennai is a good option as it has great connectivity, infrastructure and employment opportunities. It is preferred highly for its safe environment. It is also a commercial hub and offers a great return on investments.
Where can I invest my money in Chennai?
Some of the most favoured locations for Chennai investments include Thoraipakkam, ECR, Kelambakkam, etc., for those working in the IT sector due to the increasing number of IT parks and connectivity options. Localities such as Sholinganallur, Tambaram, Guduvanchery, Velachery, Valasaravakkam and Sriperumbudur, attract investments by NRIs.
Which is the richest area in Chennai?
The most expensive localities in Chennai include Boat Club (Rs 40,000-50,000 per sq. ft.), Poes Garden (Rs 30,000-40,000 per sq. ft.), Nungambakkam (Rs 18,600 per sq. ft.), Besant Nagar (Rs 17,000 per sq. ft.) and Adyar (Rs 12,000 per sq. ft.)
What is the cost of building a house in Chennai?
The cost of constructing a house in Chennai ranges between Rs 1450 per sq. ft. to Rs 4500 per sq. ft. The average amount required for constructing a normal house in Chennai may be around Rs. 14.5 Lakhs while it may cost Rs 45.00 lakh for an uber-luxury house.
