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. Medavakkam comes under the Sholinganallur MLA Constituency, and has a village panchayat administration.
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 city’s important centres. Add to that, it is also a calm locality with excellent groundwater facilities and access to all necessities.
There are plenty of reputed schools and colleges in and around Medavakkam. Some of the schools in and around the locality include St. Joseph’s Matriculation School, First School, BS Matriculation Higher Secondary School, and Zigma Matriculation School. There is no shortage of hospitals and medical centres like Karunya Hospital, Global Health Cityand Annai Theresa Hospital in Medavakkam.
Connectivity and Transit Points
Medavakkam lies in a strategically sound location with the Tambaram-Velachery Main Road passing right through. This road serves as a main route for commuters, connecting two of the most important places in Chennai. This road also extends to the ECR Link road, which enables easy access to the East Coast Road.
The major mode of public transport in this area is through the Metropolitan Transport Corporation (MTC) buses. These buses are frequent and connect Medavakkam to all parts of the city and beyond. Trains are also frequently available, with the nearest stations being the Velachery MRTS station and Tambaram Railway Station. Both these stations are at a distance of 8 km from Medavakkam.
The MTC buses provide public transportation from Medavakkam to all other parts of the city. Some of the important bus stops here are Medavakkam Koot Road Bus Terminus, Veerabadran Nagar, Puthu Nagar, Santhosapuram, Vinayanagaram and Puthu Koil.
The Chennai International Airport in Tirusulam is around 16 km from Medavakkam. It is well connected through both buses and trains. The city’s main railway station, Chennai Central, is around 27 km from here.
· Nanmangalam Reserved Forest
· Kaleesuwari Refinery Pvt. Ltd.
· Sendur Gardens
· Nesavalar Nagar lake
Factors for Growth in the Past
This region has experienced massive growth in the past few years, both in terms of population and economy. The large influx of professionals from all over the country due to the many IT parks around Medavakkam has increased the demand for real estate. This has also resulted in the public and private sectors turning towards the enhancement of infrastructure in this region.Wide roads and availability of sweet groundwater also add to the advantage.
Residential Market Trends
Since 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.
A challenge that most residents of Medavakkam face is that of street lighting. Several roads don't have street lights and a few of these lamp posts are not lit. Residents also face the problem of waterlogging, as the drainage system in the locality is inadequate.
Factors for Growth in the Future
Named the 6th largest place in India in terms of real estate and residential investments, Medavakkam is expected to outscore all other residential areas in the city in terms of property appreciation in the next 5 years. Roads are also being laid again in places like Koilambakkam and Shivagami Nagar.
The construction of the 200-ft ORR from Maraimalai Adigai Bridge to Irumbuliyur road at Medavakkam is bound to make this area even more accessible from other parts of the city. Added to that, several grade separators are also being installed to make the flow of traffic easier in places like Medavakkam-Sholinganallur road and Medavakkam-Mambakkam road.The construction of the ORR from Medavakkam to Karapakkam will provide easy access to the Rajiv Gandhi IT Expressway. This makes it very convenient for employees working in IT hubs in the surrounding areas.