MedavakkaMan absolute Real estate Haven
Medavakkam, once know as a remote suburb, where you can spend your luxury time pacing up and
down the quiet area, has transformed into a bustling locality with lot of activities happening in and around the place these days. According to Knight Frank’s report, “Medavakkam is featured as India’s 6th largest destination for
investment in the residential real estate, where the prices are expected to raise by 103% over the period of 2012-2017”. The locality enjoys a good neighbourhood and the upcoming apartments in Medavakkam offer most
amenities which a resident can dream of. Its proximity to the Chennai Airport and Velachery MRTS station adds value to the real estate projects. It has gained importance owing to its close proximity to the IT corridor OMR, which is
approximately 4 kilometers from Sholinganallur and the SEZ in Medavakkam Sholinganallur Road.
The modes of transport are the MTC buses and share autos in this locality.
Most of the MTC buses plying to Tambaram via Velachery will pass through Medavakkam. Apart from this, the locality has access to good educational institutions and hospitals as well.
Premium institutions like PSBB Millennium School have set up a camp at the DLF Garden City.
When it comes to health care, there is no shortage of good hospitals too. Kamakshi Memorial Hospital is well known for its cancer care.
It is a place where there is absolute acceptance amongst diverse religions.
If you can find Srinivasa Perumal Temple at one end, you can also find Sahaya Madha Church and the Masjid-e-Mohamedia at another bend.
Demand for Medavakkam flats have been on the rise as the area offers good infrastructure such as MRTS, connectivity to GST road and also the proposed Monorail project that is enhancing the property rates here.
The locality is a combination of multistory apartments, independent floor and plots.
Investment done in plots and independent floors are for end use purpose.
Multistorey apartments are generally purchased for renting purpose.
The average price of flats in Medavakkam is Rs 4,281 per square feet.
Rent is approximately Rs 12 per square feet. If one is willing to buy residential plots in Medavakkam, they have to shell around Rs 30,314 per square feet.
After taking into account the above said infrastructure and the upcoming projects in Medavakkam, it can be branded as one of the emerging investor’s haven for middle-income home buyers as well as investors.
Analysts believe that money reaped here can give fat returns in the next three years.
Published on Oct 21, 2013
Published on Oct 21, 2013
Medavakkam, once know as a remote suburb, where you can spend your luxury time pacing up and down the quiet area, has transformed into a bus...