Medavakkam is one of the emerging residential hubs in Chennai. The locality has proximity to the key areas such as Pallikaranai, GST Road, OMR and Velachery. Apart from it, the areas offer wider roads and good connectivity to the major regions of Chennai. In recent years, the areas have been witnessing a heap of infrastructural developments.
Medavakkam has emerged as an attractive property investment destination, as the area has the advantage of connectivity to IT hubs, key city centre and Chennai International Airport. Besides, the home buyers can find more affordable flats for sale in Medavakkam. Thus, the locality attracts the mid-income groups who looks to buy flats in Chennai at an affordable price range.
With the proposed commercial developments, availability of land and good social infrastructure, the property prices in Medavakkam is expected to increase at the time to come. Alongside, the proposal of monorail and the development of metro rail project is likely to boom the real estate market in this region.
Medavakkam offers numerous of home buying options for the home buyers. Especially, the demand is high for the row houses and flats for sale in Medavakkam. The reputed residential developers who have been developed more residential projects in this locality include Malles, Navins, Embassy, Plaza and Casa Grande. However, there are very few commercial and retail property options in the locality.
According to the sources, the capital appreciation of the properties has raised up to 15-20% over the past two years. The price of the residential properties in Medavakkam ranges between Rs 4,000 and Rs 5,200 per sqft. But, the price of the properties depends on the location, amenities and size of the housing units. As the government has plans to improve the infrastructure in the future, the property appreciation is likely to continue in the locality.
Owing to close proximity to SEZs and IT corridor, the demand has been high for rental properties in Medavakkam. One can find rental homes in this locality at a price range between Rs 10,000-15,000 for a two-bedroom apartments and Rs 18,000- 25,000 for a triple bedroom apartment. Therefore, the property investors have been eager to buy property in Medavakkam, as they can a good return on investment in the future. Therefore, if you are a property investor who is looking for a residential flat or individual house in chennai for investment purpose then preferring Medavakkam could be the ideal choice.