Medavakkam’s residential plots sees high price appreciation
Chennai is seeing a robust demand for residential houses due to the economization of the city by the IT hubs and hardware industries which commands huge migrations from different part of the country. The demand is mostly channelized to the suburbs where the availability of land is more and affordable. Medavakkam is a suburb located in the south of Chennai.
Connectivity:
The Velachery main road connects Medavakkam to the OMR and Medavakkam – Mambakkam road runs through the heart of the locality connecting Medavakkam and Mambakkam. It has several bus stops on the Velacherry main road. Chromepet is around 6 km away from the micro market which offers the LRTS. The Chennai international airport in 12 km away from the locality. The micro market has a well established connectivity through roads and train.
Social infrastructure:
The Nanmangalam reserved forest and Medavakkam lake are the natural features of the micro market. ABC Montessori, Christ the King School, Zigma Matriculation School, BS Matriculation Higher Secondary School, St. Joseph’s Matriculation School, Saharas preschool, are some of the notable school in the locality. It also has various colleges of professional studies, hospitals, banks, ATMs of different banks and numerous restaurants.
Real estate:
Being close to micro markets like Chromepet, Tambaram, Pallavaram which has a well developed infrastructure the locality itself is seeing rapid development pace in its own infrastructure. The area is suited both for investment and buying properties for residential use due to the affordable prices. The demand is mostly due to the connectivity, proximity to the OMR and the neighbouring suburbs and also the proximity to IT hubs.
Price trend:
Average price of apartments are around 4,200 – 4,500 Rs per sq.ft. All of the southern suburbs are experiencing a price appreciation of 10% – 20% every quarter owing to the pace of the development of the infrastructure. The plot price has an appreciation of 22% in the previous quarter. The apartments saw a price appreciation of about 3%. Average price range of residential plots are Rs. 2,800 – 3,300 per sq.ft.
Reader’s take:
The extension of the MRTS and the development of the monorail are making vast impacts on the property prices in this region. This region due to the rapid development pace would see more price appreciation owing to the demand.
