Best Places to Invest in Chennai in 2021
The real estate market is dynamic and changes on a day-to-day basis. Chennai, the capital of Tamilnadu and one of India’sIndia’s most prosperous cities, has seen an increase in real estate investments due to various factors such as infrastructure, connectivity, and IT development and automobile industries. In recent times, the data centres have also taken prominence in Chennai and now occupied most of the commercial spaces in Chennai.
Chennai is also a huge residential market as it is offering buyers a well-knit safe community for its residence. Another reason for residential and rental income in Chennai is that it offers high capital appreciation and high return. Some of the best locations in Chennai you should invest in are provided below.
Thoraipakkam is also called fondly as Okkiyam Thuraipakkam or Oggi Madurai Pakkam. It offers the residents a high standard of living and is located on the famous Pallikaranai Marsh’s eastern bank and is situated beside the natural ecosystem.
The greatest advantage of Thoraipakkam is that it has good connectivity to the rest of Chennai. It also has IT Expressway, which is a flyover that connects Thuraipakkam to the nearest airport. It also consists of Thoraipakkam Pallavaram Radial road, which plays a major role in connecting it with South Chennai.
Thuraipakkam is also an excellent commercial hub as it consists of a plethora of IT companies which have established their base in Thoraipakkam, making Thoraipakkam Chennai’sChennai’s Silicon Valley. It is also a great spot for residential real estate as it contains several government-run and private-owned schools and colleges. The employment offer and family benefits provided by Thoraipakkam through its IT and educational institutions have boosted the sales for the affordable housing units and low-mid housing units.
East Coast Road
ECR is undoubtedly the most favoured locality in Chennai, which bags investment from different foreign and national companies due to its ability to attract buyers. It is located along the coast of the Bay of Bengal and offers ethereal charms which are unparalleled. Thus ECR provides the home seekers with a combination of employment opportunities and homes with scenic views.
The residential investments in ECR are led by its commercial hubs, as the increase in commercial developments has led to people from different parts of India migrating to ECR. It also offers a multi-faceted approach to residential life as several shopping malls, hotels, entertainment and recreational centres, hospitals, restaurants, and educational institutes are present in ECR. It also has great and reliable connectivity to the rest of Chennai, thus making it the most favourable and profitable locality to invest in.
Kelambakkam, unlike other metropolitan locations in Chennai, is not overwhelmed with noises and is a peaceful and sombre location. Due to these features of Kelambakkam, it attracts several investments as well. It also has several IT Parks, within and near its vicinity. Siruseri IT Park and SIPCOT IT Park, which is Asia’sAsia’s largest IT parks, are situated near Kelambakkam. Thus, it attracts residential investment from IT professionals looking forward to settling with their families.
Kelambakkam offers residence with several recreational activities and medical facilities near its residential properties. It is also a great tourist attraction. It is home to Covelong Beach and several worship temples such as Thiruporur Murugan Temple, Malleeswarar temple, St. Mary Church, Sai Baba Temple, Thiruvidanthai Nithya Kalyana Perumal temple, etc. Kelambakkam offers great connectivity to Chennai’s main city, East Coast Road, Pudupakkam, Grand South Trunk, Old Mahabalipuram Road, etc.
The (Old Mahabalipuram Road) is considered the best location for investment in the real estate sector due to the large number of MNC offices opening up. OMR is a location for commercial and residential investments as there are several employment opportunities and commercial developments in OMR.
Guduvanchery is also a great location that invites real estate investments. It is also home to several IT parks, companies and industries. All this factor has made it one of the best spots for investments to the Indian Residents and NRIs willing to invest in Chennai.
Chennai has been included in the global list of top 10 cities for real estate investment. Many choose to invest in Chennai as it offers homes with great urban experience and easy access to healthcare, educational institutions, etc., making a life of residence 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 2021:
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.
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.
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.)
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.