Chennai Real Estate: The Best Places to Buy Your Dream Home

Chennai, the capital city of Tamil Nadu, is the fifth largest and fourth most populous metropolitan area in India. Over the past 15 years, Chennai has witnessed unparalleled growth across various sectors.

This growth is significantly driven by the automotive industry (50% of automobile manufacturing companies have set up their factories here), information technology, petrochemicals, and financial services.

Overview of Chennai Real Estate

Chennai ranks fourth among the most populous cities in India. In such a scenario, the common dream among the city's residents is to own a home.

If you are looking to buy a house in Chennai and are confused about where to invest, we provide details on some key areas in Chennai, analyzed based on infrastructure, favorable local amenities, purchasing power, and appreciation value.

OMR (Old Mahabalipuram Road)

OMR, also known as Rajiv Gandhi Salai, is a 50-kilometer stretch extending from Madhya Kailash in Adyar to Mahabalipuram in Kanchipuram district.

Key areas along this road include Taramani, Perungudi, Navalur, Thuraipakkam, Madhya Kailash, Sholinganallur, Padur, Kelambakkam, and Thayyur.

The growth of the IT sector is a significant factor in the development of this area. The presence of large residential complexes built by both local and national companies is a testament to this growth.

Real Estate in OMR

The OMR area has a high number of completed residential projects and has recorded a 6.1% appreciation in value over the past 21 months. The average price of a house here is around ₹4,315 per square foot. Considering the current infrastructure development, this area is a good choice for both investors and residents.

With road improvement projects such as the expansion from Siruseri to Mahabalipuram, property values are expected to rise further in the future.

GST Road (Grand Southern Trunk Road)

Residential projects along GST Road have gained significant acceptance due to their social needs and basic infrastructure. Educational institutions, medical facilities, and good road connectivity make this area desirable.

Real Estate in GST Road

The residential infrastructure is well-maintained throughout this area. As a competitive market, there are opportunities for investors to get good deals from developers.

With existing infrastructure and new projects coming up, GST Road is turning into a successful market. The average base price is around ₹4,293 per square foot, making it a practical and affordable choice for the middle class.

Velachery

Velachery is a well-planned area with residential complexes, commercial establishments, and shopping centers established by major companies. It is easily accessible to nearby areas like Madipakkam, Palavakkam, and Adambakkam.

The proximity to IT hubs like Siruseri and Sholinganallur along OMR has contributed to the growth of this market, making it popular among residents.

Real Estate in Velachery

In the past 21 months, Velachery has seen a 16.5% appreciation in value. In the first quarter of 2015, the average price of a house in Velachery was ₹9,144 per square foot.

Maraimalai Nagar

Marketed as an affordable housing hub for the middle class, Maraimalai Nagar is located on the Chennai-Trichy GST Road.

Predominantly an industrial area, it attracts investors and construction companies looking for cost-effective options.

Real Estate in Maraimalai Nagar

For those seeking low-budget homes, 2 to 3 BHK houses can be purchased here for under ₹30 lakhs.

With good road and rail connectivity, numerous companies, schools, and colleges, Maraimalai Nagar is an excellent choice for those with a moderate income. In the first quarter of 2015, the average property value here was ₹3,869 per square foot.

Adyar

Located between Besant Nagar and IIT Chennai, Adyar is one of the most popular residential areas in Chennai. It serves as the starting point of the IT Expressway or Rajiv Gandhi Salai and is close to Tidel Park, which houses many leading and small IT companies.

Real Estate in Adyar

In the past 21 months, Adyar has seen a 12% appreciation in value. The average property price here is ₹19,045 per square foot. This area offers significant opportunities for luxury market enthusiasts.

Compared to other areas in South Chennai, Adyar stands out with much higher property values. It remains a prime choice for high-budget buyers.

Conclusion

Chennai offers a diverse range of real estate options, each with its unique advantages. From the bustling IT corridor of OMR to the affordable housing in Maraimalai Nagar, there is something for every buyer's needs and budget.

So, have you read through all the details? When and where are you planning to buy your home in Chennai?