Developement Area to buy a new flat

Q: Hi,
Which locality is developing well now? I heard Medavakkam is better to buy a property than Madipakkam. Please suggest. Also, please let me know if any other area which would be developing in the near future and it is highly recommended to buy a new property.

SARAVANAN, Apartment Resident, Chennai

11th December 2014

Buying property in Chennai

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Medavakkam is primarily a residential area, there are a lot of gated communities present here. The place has mostly apartment properties with houses and villas gaining second and third preferences respectively. A number of builders and promoters are making use of this place to build luxury apartments and houses in Medavakkam.

The rate of appreciation is high in this area, with the current average rate of Rs 4,800 per square and an annual price appreciation of 16%. The rental price for apartments is between Rs 11 and Rs 12 per sq. ft.

Sundar, Chennai

12th December 2014

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Medavakkam is an upcoming residential area in the suburbs of southern Chennai. Located in close proximity to busy areas like Sholinganallur, Velachery and Tambaram, this locality has become a residential hub for employees working in IT companies in the surrounding areas.

According to a survey, Medavakkam was named the sixth biggest destination for residential real estate investment among the list of top 13 places in India. This is largely due to the fact that this place lies just a short commute away from many of the citys important centers. Add to that, it is also a calm locality with excellent groundwater facilities and access to all necessities.

Anandraj Iyengar, Chennai

12th December 2014

Comment

Madipakkam has a growing residential market. Due to various important factors, this place is one of the most sought after residential location in South Chennai. The residential property trends have seen ups and downs in the past but it has a great potential for future growth. The dominant property type of this area is apartments with individual houses taking the next place

Rajiv,

12th December 2014

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