Why is Medavakkam a safe-bet for property investment in Chennai?

Despite the hot and humid weather conditions, Chennai has been the most preferred destination for non-resident Indians (NRIs). The major reason why the city attracts the NRIs and people from others stated in India is owing to a very good quality of life that the city offers.

With both manufacturing and IT sectors booming in the city, the demand for residential properties in the city has been increasing year on year in Chennai. The city being a hub for automobile manufacturing is also a center for auto ancillary industries as well. Some of the major automobile companies that have its manufacturing units in Chennai include Hyundai, Renault, Robert Bosch, DaimlerAG, Ashok Leyland, Nissan Motors, Komatsu Ltd, Ford, Mitsubishi, and BMW.

Ambattur-Padi is the industrial corridor in Chennai which is a hub for several apparel manufacturers and footwear manufacture has been set up in south Chennai. Further, the metropolis contributes 50% of its country’s leather exports. Apart from manufacturing industries, the city has been a hub for many IT bigwigs. Chennai has been ranked as second to Bangalore in software exports.

Owing to this industrial growth, the employment opportunities in the city have increased in the recent years. As a result, the number of migrants to the city has increased for various career opportunities. Eventually, the demand for residential properties in Chennai has grown exceptionally.

As the demand for housing has been increasing at a steady pace, the home buyers have now started to prefer the suburbs of the city. Especially, the localities such as Vandalur and Medavakkam are witnessing a high demand for properties.

There are two major factors why the home buyers prefer buying houses in the outskirts. The foremost factor is the price, as rates of the residential properties on the outskirts are cheaper. The second factor is that the home buyers can invest in bigger houses. For instance, instead of settling in for small 2 bedroom apartment in the city, the home buyers can buy a villa in Medavakkam.

In recent times, Medavakkam has been witnessing rapid real estate developments. With proximity to Sholinganallur, Madipakkam, Selaiyur, Keelkattalai, Velachery and Tambaram, the locality offers good connectivity. Also, the upcoming micro markets such as Ponmar, Ottiyambakkam and Sithalpakkam are also close to Medavakkam. Some of the ongoing residential projects in this locality include Navin’s Starwood, Urban Tree Wow, Malles Aashira and many more.

As Medavakkam has good accessibility to OMR which is also known as the IT corridor, the locality certainly attracts the white collared professionals who look for apartments. As a result, the demand for flats for sale in Medavakkam has been high. According to the realty experts, buying plots in Medavakkam is also considered to be a good investment choice to get better ROI in the future.

Author Bio:

Nothing gets Hazari going like properties and price trends. He writes about the Mumbai real estate market for IndiaProperty.com because nothing else could make him happier.

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