Medavakkam, a residential locality in south Chennai is expected to outscore all other residential hubs in the state in terms of real estate appreciation in the next five years, says a report by global property consultant Knight Frank.
According to the report, Medavakkam has emerged as India’s 6th largest destination for investment in the residential real estate, in the list of 13-top residential destinations in the country from an investment point of view, where housing prices are expected to increase by 103 percent over the period 2012-2017.
The real estate rates in Medavakkam are expected to appreciate more than 90 per cent in the next five years, states the report. “Developers who launched residential projects in Medavakkam two years ago at Rs 2,500 per sq ft have witnessed the prices jump to the current average rate of Rs 4,800 in the 2 BHK category,” says Sazil of DHFL Property Services Ltd.
Calm and airy with sweet ground water, this locality is a residentially preferred area due to its access to good educational institutions and connectivity. “The area seems to be a developing residential spot de to it close proximity to the IT corridor OMR (approx 4 km from Sholinganallur) and SEZ in Medavakkam Sholinganallur Road. Connectivity to the IT corridor is one of the main reasons why the locality is most preferred by IT professionals,” says Kamalakannan of Silicon Realty Realty Ventures.
Some of the areas in the location, like Jayachandran Nagar, BHEL Nagar, Aishwarya Gardens, among others constitute a large number of apartments mainly occupied by IT professionals. Medavakkam is also central to developing suburbs like Ponmar, Ottiyambakkam and Sithalapakkam.
This emerging location has some advantages like wide interior roads, good connectivity to the Old Mahabalipuram Road, Velachery, Pallavaram and Tambaram. It is close to many residential hubs, IT parks, schools, entertainment facilities and commercial establishments. There is CMDA master plan for to develop ORR 200 feet, from Medavakkam to Karapakkam (OMR) via Jalladianpet and Pallikaranai. This would help reduce traffic congestion on the Medavakkam-Sholinganallur main road.
With the required infrastructure, Medavakkam, is pegged as one of the emerging location for middle-income home buyers as well investors. With a number of big developers launching projects, trade pundits believe the location will see maximum price appreciation in the next three years.