Best Residential Places to Buy Home in Chennai

Best residential places in Chennai offer multiple options to property buyers with quality affordable housing, mid-segment, and luxurious residential projects. For buying a home in Chennai, locality plays an important role.

Before diving into the top 10 best residential places to buy a home in Chennai, let’s first understand the residential real estate market of Chennai.

The affordable housing segment drives the maximum demand for residential properties in Chennai. In 2021, The demand for affordable housing units within Rs 40 Lakh was 54%. Here is the budget-wise distribution of demand for the residential properties.

Current property trends in Chennai indicate a sufficient inventory of the residential properties across the buying segment. It ensures affordability to the property buyers as the supply is slightly more than the demand in the key residential places in Chennai.

Sholinganallur

Sholinganallur is located in South Chennai and is one of the leading IT hubs. The properties in Sholinganallur have seen upward price trends because of the impressive growth rate of the locality over the last decade. Emerging employment hubs have triggered the demand for residential properties in Sholinganallur.

Connectivity

The nearest railway station to Sholinganallur is Tambaram Railway Station. Also, the Sholinganallur locality has got a comprehensive network of roads.

Besant Nagar

Besant Nagar is one of the prime real estate destinations in Chennai. The Besant Nagar locality is known for posh areas and impressive real estate projects with multiple housing options for buying residential properties in Chennai. The livability ratings of Besant Nagar have been impressive owing to the quality social infrastructure and peaceful living conditions.

Growth Factors

The proximity to the famous IT hubs will continue the upward price trends for the residential properties. The working professionals prefer Besant Nagar for its proximity to the employment hubs and the multiple buying options from affordability to the luxurious house segments.

Connectivity

The Metropolitan Transport Corporation (MTC) has planned to increase the capacity of the existing Besant Nagar bus terminal. Thiruvanmiyur Railway Station and Little Mount Metro Station are easily accessible from Basant Nagar.

Anna Nagar

Anna Nagar is known for the gated communities and the township real estate projects. Located in the North – Western part of Chennai, the locality has immaculate planning of roads, areas, and social infrastructure. Since the locality offers modern-day facilities to the residents, the people have invested in the luxurious residential properties in Anna Nagar. Bungalows, Villas, multi-storied apartments are the popular residential property types in Anna Nagar.

Growth Factors

Anna Nagar Roundtana is a commercially developed region that drives the economic activities in the Anna Nagar region. The quality infrastructure and good livability of the region will continue to upscale the demand for residential properties. Anna Nagar will continue to be one of the best neighborhoods in Chennai to live in.

Vadapalani

Vadapalani gets the benefit of its central location. The residential properties in Vadapalani have the highest demand for 1 BHK and 2 BHK units. Also, the luxurious and premium lifestyle-oriented projects are also built in the Vadapalani region. Also, Vadapalani has strong connectivity which allows easy access to the other key areas in Chennai.

Growth Factor

The proximity to Chennai international airport will be a key factor for the growth of Vadapalani. The locality is emerging and therefore it is one of the best areas to live in Chennai. The nearby IT parks and employment hubs can be reached easily due to the Vadapalani region’s strong connectivity.

Connectivity

The nearest railway station from Vadapalani is Kodambakkam Railway Station (3 Km). Also, line 2 of Chennai Metro(Green Line) connecting Chennai Central to St Thomas mount can be accessed from New Ashok Nagar Station.

Korattur

Korattur is a locality that shows continuous commercial and residential growth. The industrial development in Korattur and the establishment of the manufacturing industry triggers the employment in Korattur and hence results in the higher demand for residential properties.

Growth Factors

Currently, the proximity to the employment hubs drives most of the demand for the residential areas. The property prices in the locality are growing at a rate between 4 – 5% annually making it a perfect opportunity for investment in residential or commercial properties. Also, initiatives have been taken to manage the waste industrial water discharged to the important Korattur Lake.

Connectivity

Korattur Railway Station provides access to the other important regions in Chennai. Tirumangalam is the nearest metro station to the Korattur locality.

Choolaimedu

Choolaimedu’s commercial development has uplifted the housing segment of the locality. The social infrastructure of the locality has been improved over the years. The employment hubs have been the triggering factor for the new and quality residential projects in Choolaimedu, Chennai.

There is also a significant demand for the properties in Choolaimedu. This gives the options to the buyers to rent out the properties at higher rental yields.

Growth Factors

The annual property price appreciation in the locality is between 3 – 4% owing to the rapid commercial development. Locality mainly offers 1 BHK and 2 BHK configurations. Recently there has been an increased demand for the 3 BHK Flats configuration which suggests that the locality has been now preferred by the higher income group.

Connectivity

The strong network of MTC buses facilitates transportation for the Choolaimedu residents. Arumbakkam is the nearest metro station (2.2 Km) connecting Chennai Central to St Thomas Mount.

Valasaravakkam

Valasarvarkkam has emerged as the perfect destination for buying properties in Chennai. There are two main reasons for choosing Valasaravakkam for buying properties. First, the employment hubs can be easily accessible from the Valasaravakkam, and second, the locality has top-notch healthcare, education, and retail facilities.

Growth Factors

Proximity to the employment hubs will play a major role in the development of the locality. Residential properties will get a positive property price appreciation as the locality is expanding commercially. The annual property price appreciation which is currently at 3% is expected to increase with the establishment of new IT companies and commercial boost.

Connectivity

The nearest railway station to Valasaravakkam is Guindy which is 10 Km from Valasaravakkam. The Metro Green line from Chennai Central to St Thomas Mount can be accessed from the nearest metro station CMBT.

Velachery

Velachery offers quality settings for residential properties. The commercial and industrial development has further increased the demand for residential properties in Velachery. The properties In Velachery are across multiple buying segments starting from affordability to luxurious lifestyle-oriented properties. Therefore it is one of the most preferred neighborhoods in Chennai to live in.

Growth Factors

Increasing IT employment hubs will keep the upward property price trend in the Velachery locality. The continuous IT growth of the OMR IT corridor will be beneficial for the locality in multiple ways. The locality has the maximum demand for the 2 BHK and 3 BHK units. The residential projects in Velachery have top-notch amenities and facilities. The locality also has independent houses and multistory apartments.

Connectivity

Grand Southern Trunk GST Road and Velachery Main Road provide connectivity to the important central business district and the OMR IT corridor. Also, the Velachery railway station facilitates the commute to the key employment hubs.

Vandalur

Vandalur is the locality that has been transformed completely over the last decade. The large green open landscapes in Vandalur have been providing perfect settings for the residential properties. The demand for the residential properties in Vandalur is increasing over the years and currently giving a rental yield of 4 – 5% which highlights the growth prospects of the properties in Vandalur Chennai.

Growth Prospects

Currently, the properties in Vandalur are affordable as compared to the other regions. The biggest benefit of Vandalur is that it is a rapidly emerging market. Therefore, the properties in Vandalur have the potential to get a high property price appreciation.

Connectivity

Vandalur – Kelambakkam road has facilitated connectivity to the OMR and the GST road. This connection has given easy access to the leading IT hubs in Chennai.

Pallikaranai

Pallikaranai is one of the most rapidly growing residential areas to buy a home in Chennai. The biggest contributor to the Pallikaranai’s growth is the IT boom of the Old Mahabalipuram Road.

The residential property demand in the Pallikaranai is increased because of the surrounding micro-markets such as Perungudi and Velachery. Pallikaranai is considered one of the best residential areas in Chennai for its rapidly growing micro markets and higher ROI prospects.

Growth Factors

The real estate project in Pallikara is currently offering the best affordability. At the same time, the growth prospects for the Pallikaranai are excellent as the micro markets are expanding rapidly.

Connectivity

The Velachery Main road and the Pallavaram – Thoraipakkam road contribute greatly to the connectivity of the Pallikaranai. The nearest railway station to the Pallikaranai is the Velachery Railway station.

Source Link: Best Residential Places to Buy Home in Chennai

The New Business Guides - New Blogs