What Makes Medavakkam An Upcoming Real Estate Market In Chennai?

Among Chennai's southern suburbs is Medavakkam, a part of a cluster of well-developed residential localities including Ponmar, Ottiyambakkam and Sithalapakkam. Recently, Medavakkam has seen a growth in demand for residential properties. The locality has been rated as India's sixth-largest destination for investment, in the list of 13 top residential destinations.

PropGuide lists out the several factors that have been influencing the emergence of Medavakkam as a promising housing destination:

Close to IT corridors 

OMR has emerged as a hub for information technology (IT) companies. And, this area is quite close to the hub.

Efficient transport network

While the airport is located at a distance of 13.5 kilometres from Medavakkam, the area also has a great railway connectivity. Important roads like the Velachery Road, the Tambaram Main Road and the Medavakkam Mambakkam Main Road link the region to Medavakkam junction.

Well connected to other localities

Chrompet is 7.4 kilometres away, Pallavaram is 9.3 kilometres whereas St. Thomas Mount is 14 kilometres from Medavakkam. The three localities are situated on the GST road. Sholinganallur, Madipakkam, Selaiyur, Keelkattalai, Velachery and Tambaram are some other popular regions which are well linked to Medavakkam.

Robust social infrastructure

Be it schools, commercial complexes or healthcare centres, Medavakkam boasts quality infrastructural facilities. Bharani Swathi College of Arts and Science, Vidyalaya Senior Secondary School and Asan Memorial College of Arts and Science constitute the best educational institutions Medavakkam offers. Main shopping complexes in the area are Phoenix Market City, The Forum a Mall, Mall and Lifestyle. Global Health City, Kamakshi Memorial Hospital, Pallikkaranai Therasa Hospital, Balachandar Hospital, Karunya Hospital and Ainthiram Siddha Hospital are the major healthcare centres in the region.

Drop in the property prices

There has been a slight reduction by 1.5 per cent in the overall prices of residential properties in Medavakkam. Homes in the region are available for an average price of Rs 4,389 per sq ft.

Projects worth investing

In the affordable-housing category, the area has projects such as Indiabulls Greens, Anu Sri Shenbaga Flats, Sowjanya Truce and Urban Tree Wow. Doshi Serene County, Poomalai Housing Varishtaa and Ruby Elite are some of the projects in the luxury segment. On the other hand, RB Foundations Bagya Grand is an upcoming contemporary project which looks like a promising investment opportunity.