Tamil Nadu’s capital city of Chennai has long been a center for both economic and cultural activity. It has developed into a desirable location for real estate investors thanks to its advantageous location, first-rate infrastructure, and thriving real estate market. Chennai’s real estate market is anticipated to continue growing and developing in 2024, offering a variety of investment opportunities. Chennai has opportunities for everyone looking to invest in residential, commercial, or industrial properties.
A thorough understanding of the market and the variables that can affect your investment decisions is essential because investing in real estate can be a difficult process. Prior to making an investment in Chennai’s real estate market in 2024, it is important to take into account a number of variables, including location, market trends, governmental restrictions, and financing options.
We will examine the various real estate investment opportunities in Chennai as well as the variables that potential investors need to take into account. To assist you in making wise choices and maximizing your profits in Chennai’s real estate market, we will also offer insights and advice from professionals in the field.
Types of real estate investment opportunities in Chennai
Tamil Nadu’s capital city of Chennai is a thriving metropolis with a wide range of opportunities for real estate investors. Chennai has something to offer everyone, regardless of whether you are an experienced investor or a first-time buyer.
1. Residential Real Estate
Investments in residential real estate include homes and other buildings intended for habitation. There are many different types of residential properties available in Chennai, including apartments, standalone homes, villas, and plots. The city is seeing an increase in the demand for affordable housing, which makes it a great place to invest. The government’s emphasis on affordable housing and infrastructure development will likely lead to an increase in Chennai’s real estate market over the next few years.
2. Commercial Real Estate
Property used for commercial purposes is referred to as commercial real estate. Chennai is a well-liked location for commercial real estate investments because it is home to several significant corporations. The city’s expanding information technology industry has increased demand for office space. Chennai provides opportunities for investments in retail spaces, warehouses, and hotels in addition to office spaces.
3. Industrial Real Estate
Investments in industrial real estate include homes and other buildings used for production, storage, and distribution. With numerous sizable manufacturing facilities and industrial parks, Chennai has a well-developed industrial sector. The city is a great place to invest in industrial real estate due to its advantageous location and advanced infrastructure. The government’s emphasis on the growth of the manufacturing industry will likely lead to increased demand for industrial real estate in Chennai in the years to come.
Emerging neighbourhoods in Chennai for real estate investment
One of India’s most rapidly expanding metropolises is Chennai, and the city’s real estate market has been expanding steadily over time. The demand for real estate investments in Chennai is anticipated to increase further with the arrival of 2024.
The best real estate investment opportunities in Chennai for 2024 are outlined below, by neighbourhood:
Medavakkam – Affordable Location for Real Estate Investment in Chennai
For those seeking affordable housing options, Medavakkam is among the best real estate investment options in Chennai. This neighbourhood is located in Chennai’s southern region and has excellent access to the rest of the city. This area is surrounded by hospitals, theaters, shopping centers, and other retail establishments, making it a desirable place to stay.
Ozone Greens, Indiabulls Greens, Casagrand Riviera, and Navins Springfield are residential developments that prospective homebuyers may want to consider investing in. The internal byways and roads are in poor condition because the neighbourhood is still developing. The principal access roads via the OMR, Velachery Main Road, and Perumbakkam Main Road, however, are in excellent shape.
Velachery – Shopping Destination for Real Estate Investment in Chennai
Investors looking for well-developed neighbourhoods in Chennai for real estate investment might consider purchasing a home in Velachery. This neighbourhood, which is located in Chennai’s south-western region, is well-known for its malls, hospitals, and educational institutions. The city’s IT hubs and the airport are both close by, making it the ideal place to live.
The top residential developments in Velachery are Palm Gardens, Phoenix Mills at The Crest, Ceebros Orchid, and CeeDeeYes Regal. However, there are a few things that prospective homeowners should look into before buying a home here, such as water shortages and traffic congestion.
Old Mahabalipuram Road – IT Hub for Real Estate Investment in Chennai
The majority of Chennai’s IT hubs, including Pacifica Tech Park, Tidel Park, etc., are situated along Old Mahabalipuram Road (OMR). Therefore, the demand for rental properties and residential flats has grown exponentially. OMR is located in Chennai’s southeast and has excellent access to the rest of the city.
Although there is a traffic problem in this area, it will be largely resolved in the near future thanks to the Chennai Metro Rail Phase-2, which will be inaugurated in a few years. The top residential developments in OMR are Radiance Elite, Casa Grande Elan, TVH Quadrant, and Olympia Opaline Sequel.
Arcot Road – Developing Location for Real Estate Investment in Chennai
Arcot Road is a growing neighbourhood in the western part of Chennai. Due to its proximity to the main city and well-developed infrastructure, this area is seeing an increase in demand for residential properties. The top residential developments in Arcot Road are VGN Dynasty, Salma Constructions, and Akshaya Republic.
Porur – Residential Hub for Real Estate Investment in Chennai
Porur, which is located in Chennai’s west, is well-known for its residential areas. With excellent social infrastructure, including schools, hospitals, and shopping malls, the neighbourhood is well connected to the larger city. The top residential developments in Porur are Alliance Galleria Residences, Casagrand Miro, Jains Inseli Park, and Akshaya Tango.
Factors to consider before investing in Chennai’s real estate market in 2024
Real estate investing is a significant decision, so before making any purchases, it is crucial to carefully consider all relevant factors. Before making an investment in the city’s real estate market in 2024, prospective investors should take the following factors into account:-
First, investors should consider the location of the property. In Chennai, a sprawling city, different areas have significantly different real estate values. The likelihood of higher returns on investment is greater in neighborhoods with good access to the city’s major commercial and business hubs, such as T Nagar, Nungambakkam, and Anna Nagar.
Second, investors should consider the type of property they want to invest in. Chennai offers investment opportunities in residential, commercial, and industrial properties, as was previously mentioned. Investors should select a property type that is consistent with their investment objectives because each type of property has a particular set of benefits and drawbacks.
Third, investors need to think about the local amenities and infrastructure. Infrastructure with good roads, public transportation, and utilities can have a big impact on a property’s value. Furthermore, the presence of necessary facilities like schools, hospitals, and shopping malls can draw tenants or buyers and increase returns on investment.
Fourth, investors should assess the dynamics of market supply and demand. They should analyze the current market trends, property prices, and rental rates to understand the demand and supply scenario. An oversupply of properties can lead to lower prices and lower rental yields, while a high demand for properties can lead to higher prices and higher rental yields.
Last but not least, investors ought to cooperate with a reputable real estate investment platform like Assetmonk, which is knowledgeable about the neighborhood. Assetmonk, a reputable new-age real estate investment platform, can help investors find the ideal property and successfully negotiate a deal by offering insightful market analysis.
Conclusion
The residential, commercial, and industrial real estate markets in Chennai offer a variety of investment opportunities in 2023. The demand for real estate investments in Chennai has risen as a result of the growing need for affordable housing and the information technology sector. In Chennai, there are burgeoning neighbourhoods for real estate investment, including Arcot Road, Velachery, Old Mahabalipuram Road, and Medavakkam. Real estate investing, however, can be a challenging process, so it’s critical to take into account a number of variables, including location, market trends, governmental restrictions, and financing options.
An easy and hassle-free way to invest in a variety of commercial and residential real estate properties across India is through Assetmonk, a new age real estate investment platform. It provides real estate investment opportunities that address various investment needs as well as specialised advice from subject-matter experts to aid investors in making informed decisions and maximising their returns.
Frequently Asked Questions on Real estate investment opportunities in Chennai 2024:
Some of the top investment options offering a higher return on investment include Debt mutual funds, Public Provident Fund (PPF), Bank fixed deposit (FD), Senior Citizens’ Saving Scheme (SCSS), Pradhan Mantri Vaya Vandana Yojana (PMVVY), gold, etc. Real estate is one of them and is considered to be the most profitable as the price of the property increases by 5-10% on the yearly basis. Real estate also offers many options under which you may apply such as residential property, commercial property, etc.
Some of the best spots to invest in Chennai includes OMR, ECR, Urapakkam, Guduvancherry, Thoraipakkam and Kelambakkam.
Medavakkam is a locality in Chennai which is the fastest in development. Some of the international reports also show that the southern region of the property to be developing rapidly as well.