Chennai’s residential market has seen quite a boom in recent years thanks to the surging tech sector. The city offers various residential products from apartments to villas as well as residential plots. The resulting growth has also given rise to upcoming towns and suburbs to choose from. Today we look at some of the best places to invest in property in Chennai 2023.

Real Estate Investment Opportunities in Chennai

Best places to invest in property in Chennai 2023

Choolaimedu

Choolaimedu is close to many well-known educational institutions such as Meenakshi Engineering College, Loyola College, and more. Additionally, a number of tech parks such as Tidel Park, Olympia Tech Park, and DLF Tech Park are located in Choolaimedu. This micro-market’s proximity to the T Nagar commercial hub is another reason for its growth. One can purchase property in Choolaimedu at Rs. 7,300 per sq. ft. or rent at Rs. 8,000 per month.

Velachery

This is among the more well-developed residential areas in Chennai. It boasts reliable social and civic amenities including schools, hospitals, and malls, making it ideal for families. Velachery has seen quite a growth in the sale of residential properties in recent years resulting in a boom in overall property values. It is also popular among people looking to rent. Monthly rental in Velachery is around Rs. 19,000 while property prices are around Rs. 8,100 per sq. ft.

Oragadam

Considered one of the most well-located residential areas, Oragadam is situated between NH-4 and NH-45 or the Grand Southern Trunk Road. Oragadam is well-known as an automobile industrial hub with global companies such as Toyota, Renault-Nissan, and Daimler-Benz operating here. Oragadam offers apartments, residential plots, and independent housing options. The average sale price of homes in Oragadam is around Rs. 4,500 per sq. ft.

Medavakkam

Medavakkam is among the best places for affordable property investment in Chennai. It enjoys proximity to important connecting roads like OMR, Perumbakkam Road, and Velachery Main Road. Due to the growing investor interest in Medavakkam, its social amenities are also improving, making it a popular residential destination. The average sale price of homes in Medavakkam is around Rs. 5,100 per sq. ft.

Old Mahabalipuram Road

Among the most sought-after places to live, OMR is one of the best residential areas in Chennai. OMR is a popular place to live or rent for those working in Chennai's many tech parks. The average property prices in OMR are around Rs. 5,200 sq. ft. Godrej Azure in OMR is a rare residential community with stunning views of the sea.

Real Estate Forecast for Chennai in 2023

Chennai's real estate market is set for continued growth in 2023. As a rapidly expanding city, it remains an attractive destination for real estate investment. With a consistently high demand for housing, a growing population, and improving infrastructure, Chennai offers numerous opportunities for homebuyers and investors.

Top Localities in Chennai That Will Continue to Grow In 2023

1. Madipakkam

Madipakkam has emerged as a popular choice among buyers. Its strategic location and proximity to key areas make it a favoured destination.

2. Perambur

Perambur continues to gain attention due to its affordability and connectivity. This locality is well-connected to the city centre and offers a range of housing options.

3. Kolathur

Kolathur is experiencing steady growth, driven by its accessibility and affordability. It offers a range of housing choices, from apartments to independent houses.

4. Ambattur

Ambattur's growth story continues in 2023. With its proximity to industrial hubs and improved infrastructure, this locality is expected to witness increased real estate activity.

5. Velachery

Velachery has maintained its position as one of Chennai's most sought-after localities. Its robust infrastructure, proximity to IT hubs, and connectivity to the rest of the city make it an enduring favourite among buyers.

Chennai in 2023: Micro-Markets That Boomed

In Chennai's real estate landscape, micro-markets have played a crucial role in shaping the city's growth. In 2023, areas like Velachery, OMR, Tambaram, Porur, and Sholinganallur are witnessing rapid residential investments in Chennai. These localities offer good infrastructure, access to schools and hospitals, and a thriving rental market. Buyers and investors looking for growth prospects should explore these areas as they promise good returns.

The Final Word

If you are looking for the best places to invest in property in India in 2023 then Chennai offers some good options. The micro-markets listed above are among some of the best residential areas in Chennai to invest now and watch your property value grow.

Frequently Asked Questions

1. Does Chennai have any affordable properties?

Ans: Medavakkam, Siruseri, Vandalur, Avadi, and more are some places that offer affordable homes.

2. What are the pros and cons of investing in OMR?

Ans: Pros of investing in OMR (Old Mahabalipuram Road) include proximity to IT parks, a strong rental market, and the potential for high returns. However, cons may include higher property prices and traffic congestion during peak hours. It's advisable to weigh these factors carefully before making an investment decision.

Exploring Real Estate Investment Opportunities in Chennai: Best Places to Invest

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