[ecis2016.org] Medavakkam, located very close to the industrial zones and IT parks, is one of the rapidly-developing areas in Chennai
Medavakkam is a premier residential area located in the southern suburbs of Chennai. Nearby Medavakkam localities include many famous areas of the city, such as Tambaram, Maddipakkam, Selaiyur, Velachery, Ponmar, etc. A variety of projects are available in the area and range from affordable to luxurious. There are a lot of reputed builders like the Indiabulls, Doshi and Siddhartha who are working on their different projects in Medavakkam. Some of the premier projects in Medavakkam include Doshi Serene County, Steps Stone Manasarovar, etc.
You are reading: Medavakkam property market: An overview
The area lies very close to OMR and Chennai IT hub. As a result, there has been a surge in the demand for residential apartments in Medavakkam. Although prices of the flats in Medavakkam are increasing at a rapid pace, still, affordable housing to suit the needs of the mid and the junior-level executives of the various companies, can be found here.
Medavakkam has been recently brought under the purview of the Corporation of Chennai and the plans for a number of infrastructure projects have been drawn up. The civic amenities have also improved here. The industrial and IT sector’s growth, have led to the development of retail and hospitality sector, as well.
Connectivity with nearby Medavakkam localities
- There are three major roads which run through the area, i.e., the Velachery Main Road, Perumbakkam Main Road and Grand Southern Trunk (GST) Road.
- The area has an extensive bus service and the Tambaram Bus Stand, Guindy Bus Stand and Chrompet Bus Stand lie in close vicinity.
- There are railway stations at Tambaram and Guindy and both the railway stations are approximately 10 kilometres from Medavakkam.
- A metro railway station is also on the cards with the Chennai Metro Rail Project including Medavakkam in its second phase of development.
[ecis2016.org] Property rates & trends in Medavakkam, Chennai
Employment hubs near Medavakkam
- The MPL Silicon Towers is at a distance of approximately 5 kilometres.
- The TEK Meadows and the TECCI Park, are approximately 6 kilometres away.
- Bahwan Cybertek IT Park is located approximately 8 kilometres from the area.
- ASV Suntech Park and the Prince Info City are also approximately 10 kilometres away.
Medavakkam offers very good social infrastructure to its residents. Some of the reputed schools in Medavakkam include the Modern Senior Secondary School, Sivashakthi Matriculation School, Abacus Montessori School, etc. Some of the leading hospitals in Medavakkam include the Global Hospital, Siddha Cancer Hospital, Dr Kamakshi Memorial Hospital, etc. The shopping needs of the residents are catered by malls in Medavakkam such as the DLF Mall, Phoenix Market City, Globus, etc.
Physical infrastructure in Medavakkam
- The Medavakkam Flyover is coming up at the intersection of the Velachery Main Road and Perumbakkam Main Road, which will definitely ease the traffic congestion.
- An Eastern Bypass is being constructed, to ease the flow of the traffic on GST Road and Velachery Main Road.
- Medavakkam has also been included in the second phase of development for the Chennai metro.
Price trends in Medavakkam
- Price appreciation—Around 63% in the last one year.
- Current property rates—Rs 3,250-Rs 7,320 per sq ft.
Reasons to invest in Medavakkam
Medavakkam lies very close to the IT parks and industrial zones of Chennai. Also, Chennai City Corporation has recently taken over the administration of the area. So, the scope of development of infrastructure facilities is good in the region. Further, considering the price trends in Medavakkam and the rising demand, the locality will definitely prove to be a good investment region in future. There will be excellent appreciation of property rates in the area and with a number of projects which are being developed, the area will only grow further.
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