Real-estate consultancy firm Knight Frank has reported that just 3,200 new homes were launched the Chennai market in H2 2017, recording a 33% fall YoY. The number of residential launches in Chennai was said to be the lowest in this decade. Nevertheless, nonspeculative buyers are keen to invest in Chennai properties, for they are the kind of buyers who are genuinely inclined to settle down and do not aim to seek returns from property purchases. For the uninitiated, speculative investors follow the property trends keenly to earn from the uptrend in property prices.
To those nonspeculative investors, here is a listing of the up-and-coming neighbourhoods in Chennai offering the best of habitation for families:
- Chromepet: Chromepet continues to be a favoured destination for many old-timers because of the commercial buildings, shopping complexes, and recreational facilities that dot the landscape. A number of medical and educational institutions have come up in this area, which continues to attract home buyers from all parts of Chennai.
- Madhavaram: This locality in North Madras is also a hub of activity, being quite close to the core industrial zone. It is also close to Perambur and other localities of old Chennai. Madhavaram is a lot more affordable than most other parts of Chennai.
- Avadi: With just a 20-minute drive from Anna Nagar, Avadi is a happening place. Well-connected by public transport, including suburb trains, Avadi continues to be popular among builders, and many gated communities are coming up here.
- OMR (Old Mahabalipuram Road): Known as the IT hub of Chennai, Siruseri and Sholinganallur have the most number of ready-to-move-in homes in the city. It is a preferred locality for most of the prestigious construction firms, such as L&T Realty, in Chennai. Many townships are coming up in these areas, for instance, L&T Realty’s Eden Park, which has become one of the most iconic township projects here.
- Korattur: One of the least polluted areas in North Madras, Korattur is a favoured residential destination for many Chennaites. It is well connected to some of the most happening neighbourhoods in Chennai, and has well-developed infrastructure.
- Pallavaram: Many builders opt for Pallavaram because of its proximity to the industrial suburbs and due to the presence of a large workforce. This area boasts of a well laid-out infrastructure and the presence of numerous institutions and industrial units.
- Thirumazhisai: This is an upcoming area that is developing at a great pace. This area does not boast of any large industrial or educational zones, but then it lies in close proximity to areas, such as Pallavaram, which have the required amenities.
- Mambakkam: Located towards the South of Chennai and near Vandalur, Mambakkam is a place where schools and hospitals are springing up at a faster rate. Infrastructure and connectivity have improved a lot over the past few years, which makes this area one of the most sought after destinations for home buyers.
- Guduvancheri: Educational institutions, hospitals and a vibrant industrial belt give this area the edge. Guduvancheri also boasts of good connectivity and infrastructure. For many years running, Guduvacheri continues to be the preferred property zone for middle-class buyers.
- Ayappakkam: This area was so well hidden all these years. Tucked away between Anna Nagar and Ambattur, Ayappakkam is emerging as an alternative destination for home buyers who couldn’t get a home in Anna Nagar or Mogappair. Although connectivity and infrastructure are still improving here, many in Chennai would readily prefer to buy a home here because of its close proximity to important business and residential districts in the city.