Best Places to Buy an Apartment in Chennai

Chennai, a rapidly growing metro and an industrial hub, has always seen a huge demand for housing. The city’s residential market offers a wide variety of choices for homebuyers. Being an IT hub, the city has been attracting talent pool from across the country, and even other nations. As Chennai expands, selecting the house hinges on various factors such as amenities, connectivity, and emerging commercial hubs.

The real estate market of Chennai is poised for excellent growth, with experts projecting 5.5-6.5% rise in prices during the end of 2023. Investing in Chennai’s residential real estate promises substantial appreciation, making it an ideal venture for long-term benefits.

Factors Influencing the Real Estate Market in Chennai

Before buying an apartment in Chennai, let’s analyse the different aspects that make this city the best place to invest in.

• Growing Infrastructure:

  Due to its burgeoning infrastructure, Chennai’s real estate market is experiencing rapid growth. Besides the metro network that is still expanding and a slew of road networks, the city has initiated the smart city plan – contributing to its attractiveness for real estate investments.

• Connectivity and Transportation:

  Chennai has great public transport, including buses and suburban trains, and efforts to improve road networks are ongoing. With this, accessibility of different areas is not an issue for property buyers.

• Economic Growth and Stability:

  Apart from being an industrial hub, Chennai is now emerging as an important IT hub as well. Some of the biggest tech parks in the country are located in the city – namely DLF Cybercity, TIDEL Park, and Embassy Splendid Techzone. Chennai’s economic prosperity attracts investors and job seekers, driving demand for housing.

• Career Opportunities:

  The city has always offered great career opportunities for diverse industries – including information technology, healthcare, and manufacturing. Chennai has become a dream destination for IT and allied sectors, contributing to the demand for residential properties and positively impacting the real estate market.

12 Best Places to Buy Apartments in Chennai

Now that we have familiarised ourselves with the factors that make Chennai an ideal investment hub, let’s explore the top 12 neighbourhoods in the city that stand out as perfect destinations for real estate investments.

1. Best Place to Buy an Apartment #OMR

   Renowned as the city’s IT corridor, OMR offers many economic and employment opportunities, attracting professionals from various sectors. It has seamless road connectivity, and the area is also slated to benefit from upcoming developments, including a metro station and a 4-lane elevated highway.

2. Best Place to Buy an Apartment #Adyar

   Nestled on the banks of the Adyar River, the eponymous locality of Adyar in Chennai emerges as a distinguished choice for apartment buyers. This area exudes a unique charm, blending tradition with modernity.

   Adyar is renowned for housing prestigious educational institutions such as IIT Madras, and several reputed schools – making it a preferred destination for families seeking quality education. Beyond academia, the area thrives culturally with theatres, art galleries, and music academies, providing residents with a rich cultural tapestry.

   Adyar stands out for its commitment to green living, boasting lush parks like the Adyar Eco Park and the Theosophical Society’s gardens. The minimum property price per square foot in this area is ₹11,227 per sq ft, while on the higher side it can go up to ₹18,143 per sq ft.

3. Best Place to Buy an Apartment #Anna Nagar

   Anna Nagar has a vibrant commercial landscape, with bustling shopping streets, renowned malls, and many entertainment options – ensuring that residents have every convenience at their doorstep. The roads are designed based on the matrix structure, which is similar to the countries of the Western world.

   With many prestigious colleges and universities, Anna Nagar also has metro connectivity via Anna Nagar Tower, Shenoy Nagar, Anna Nagar East and Thirumangalam metro stations – that enable smooth commuting. The average property price in Anna Nagar is ₹11,693 per sq ft, which is expected to increase gradually in upcoming years due to the increasing housing demand

4. Best Place to Buy an Apartment #Porur

   PorurNestled in south-western Chennai, Porur is as a promising locale for homebuyers. The area caters to a diverse demographic, making it an attractive choice for first-time homebuyers and investors. Porur offers seamless connectivity to other parts of the city via Chennai Bypass, ORR, Chennai-Bangalore highway, and Avadi-Porur Road.

   Chennai International Airport and Guindy Railway Station are 12.3 km and 8.2 km respectively from Porur. The area is close to the DLF IT Park, Ambattur Industrial Estate, Ambit IT Park, and Prince Info IT Park, providing convenient access to major employment hubs.

   With property prices ranging from ₹5,636 to ₹16,000, investing in an apartment in Porur presents affordable housing solutions and holds good promise for future growth in Chennai’s real estate landscape. If you are looking for 3 or 4 BHK eco-friendly luxury apartments, SOBHA Arbor is an excellent option. Nestled in a prime locale, this luxury gated community offers organic living with thoughtfully designed homes.

5. Best Area to Buy an Apartment #Velachery

   Velachery is a well-known, developed locale in the southern part of Chennai. Proximity to key commercial and business hubs – including Central Business District, Tidel Park, SP Info City, ASV Suntech Park, Olympia Technology Park, and Ascendas IT Park – makes it a sought-after residential destination for professionals.

   Property prices in the area range from ₹6228 to ₹18,333 per sq ft. With its central location, well-connected transportation networks, and thriving business centres, Velachery guarantees a dynamic living experience in the heart of Chennai.

6. Best Area to Buy an Apartment #Vengaivasal

   With a distinct blend of tranquillity and urban development, Vengaivasal offers excellent housing options, catering to a diverse range of homebuyers. Easily accessible from all parts of the city, this area is ideal for real estate investment. Vengaivasal has Valluvar Nagar Bus Station & MTC Bus Terminus, and Mambakkam-Medavakkam main road passes through the locale, connecting it with OMR and East Coast Road.

   Vengaivasal is near IT zones and employment hubs such as Chennai One IT SEZ, Futura Tech Park, ASV Suntech Park, Madras Export Processing Zone, as well as Guindy Industrial Estate, Taramani and Grand Southern Trunk Road. Additionally, Chennai International Airport is just 13 km from this area, while Tambaram Sanatorium Railway Station is 10 km away.

   Property prices range from ₹4000 to ₹12,463 per sq ft. Investing in an apartment in Vengaivasal ensures a home in an evolving locality and holds promise for future growth. If you are looking for villas, SOBHA Gardenia in Vengaivasal is the ideal choice. Located on 6.85 acres of lush greenery, this gated community offers luxury villa living.

7. Best Area to Buy an Apartment #Pallikaranai

   Nestled in the southern fringes of the city, Pallikaranai stands out as a residential real estate investment hotspot. The area has excellent road connectivity, mainly through the Velachery-Tambaram Road, and upcoming metro connectivity through the proposed extension of the Chennai Metro, further enhancing accessibility. Chennai International Airport is 13.5 km away.

   This area balances urban living with environmental considerations, with green spaces like Pallikaranai Marsh, fostering a sustainable and ecologically conscious lifestyle. Property prices range from ₹3697 to ₹12,195 per sq ft. Investing in an apartment in Pallikaranai offers a well-developed residential landscape and integrates environmental harmony, making it a compelling choice in Chennai’s dynamic real estate market.

8. Best Area to Buy an Apartment #Ambattur

   Ambattur is located in the western part of the city and is well-connected to all parts of the city. The area’s proximity to the key IT parks, such as Ambit IT Park, positions it as an ideal place to live. The area also enjoys excellent road connectivity through prominent routes like the Chennai-Tiruvallur High Road (CTH) which passes through Ambattur, and Chennai-Kolkata highway which is 8 km away.

   Property prices range from ₹2777 to ₹10,937 per square foot. Investing in an apartment in Ambattur secures a home in an industrially significant locale and ensures it is a well-rounded choice for investment.

9. Best Place to Buy an Apartment #Tambaram

   One of the rapidly growing residential places in South Chennai, Tambaram has a significant advantage with seamless connectivity through Grand Southern Trunk Road and Tambaram railway station. Additionally, Tambaram is strategically located near MEPZ Tambaram and Chromepet, enhancing its appeal to professionals in the technology sector. The price range of the residential property near Tambaram ranges from ₹3211 to ₹13,444 per sq ft.

   Located close to the 400 ft. wide ORR, SOBHA Blossom can be your choice if you are into plot investment. Residing in Tambaram aligns with economic growth & accessibility, and guarantees a quality lifestyle enriched with amenities and connectivity in Chennai’s ever-evolving real estate landscape.

10. Best Place to Buy an Apartment #Sholinganallur

    One of the most well-known residential destinations in the southern parts of Chennai is Sholinganallur. The area is at the junction that connects East Coast Road to Tambaram, Mudichur and Adyar to Mahabalipuram. Metro construction for phase two is expected to be completed by 2025-26. Sholinganallur is home to major IT parks, including the renowned SIPCOT IT Park and ELCOT SEZ, making it a coveted residential destination for professionals in the technology sector.

    Property prices range from ₹3153 to ₹15,478 per sq ft. Investing in an apartment in Sholinganallur aligns with the city’s economic growth and promises a contemporary lifestyle enriched with modern amenities and excellent connectivity.

11. Best Place to Buy an Apartment #Guduvancerry

    Located on the main highway connecting Chennai with Kanyakumari, Guduvanchery is situated in south Chennai, and has been contributing to the city’s expanding residential landscape. Guduvanchery has many business parks in the vicinity, including MEPZ Tambaram, Mahindra World City, Siruseri IT Park. With excellent road connectivity – including the GST Road and Outer Ring Road – Guduvanchery ensures easy access to key areas of Chennai. The average property price is around ₹5166 per sq ft.

12. Best Place to Buy an Apartment #Pallavaram

    There are various tech parks around Pallavaram, including Chennai Trade Center, SIDCO Industrial Estate and Olympia Tech Park. Pallavaram-Thoraipakkam Road connects the area to OMR and East Coast Road. The average property price in this locale is ₹5,600 per sq ft, which is gradually increasing due to high demand for housing.

Legal Considerations for Buying Flats in Chennai

Chennai follows stringent legal requirements for property purchase, necessitating thorough due diligence for a secure investment. It is important to verify property titles & land use permissions, and ensure compliance with local building regulations.

Engaging legal professionals to scrutinise documents – including sale deeds, encumbrance certificates, and property tax receipts – is highly recommended. These measures safeguard against potential disputes and clarify the property’s legal standing. Due diligence mitigates risks and ensures a seamless buying process, granting peace of mind to prospective homeowners.

Conclusion

While investing in the promising real estate market of Chennai, do thorough research before taking any decisions. Mitigating risks involves diversifying your investment portfolio across different locations and price ranges. Additionally, consider financing options, factors like interest rates, inflation, and your investment horizon – short-term or long-term.

Most importantly, take the guidance of an experienced legal professional to meticulously verify all property-related documents before making any investments. The 12 localities in Chennai mentioned above have multiple advantages, such as employment opportunities, excellent connectivity, robust infrastructure, and promising prospects.

A pivotal city with diverse industries such as IT & manufacturing, Chennai holds tremendous potential as a real estate investment hub. With proper research, you can make informed decisions while buying an apartment in Chennai.

Related Blog: Top 10 Areas for Real Estate Investment in Chennai