Chennai is not just all about Egmore, Adyar, Nungambakkam, T.Nagar and Mount Road; It is about regions like Medavakkam, Perumbakkam, Poonamallee, Sriperumbudur, Oragadam, OMR, GST Road...etc. Although the latter has developed much after the places mentioned in the first list (comprising the Central Business District), they have seen tremendous changes and growth in a very short span of time. While Real Estate properties in the Central Business District (CBD) are undoubtedly the most preferred, there is another big segment of buyers showing great interest on apartments for sale in Medavakkam, Perumbakkam...etc in the peripheral regions of Chennai. Apartments in Medavakkam, in particular, are selling like hot cakes and there are reasons for their soaring popularity. Here are some striking features of evolution in Real Estate in Chennai.
The CBD has turned exorbitantly expensive with premium builders declaring launch of projects worth several crores. This segment is today accessible only by the most affluent. However, the peripheral regions and suburban markets serve as a breather to the middle and upper middle class segment of the city’s population with affordable apartments for sale in Chennai. OMR and ECR set the trend of shifting popularity from CBD to the more remote localities. The other regions were quick to take cue and follow suit.
The major industrial players began to set their establishments along this region since the CBD could no longer provide large spaces for commercial centers and large multinational companies. This further accelerated the growth of suburban markets by which Medavakkam gained immense popularity and the demand of apartments in Medavakkam picked up pace and the area suddenly became popular.
Apartments for sale in Medavakkam are the most sought after residential Real Estate properties because the region is in close proximity to the airport, other significant regions of Chennai like OMR, industrial corridor and is also well equipped for major infrastructural development.
Most pockets became coveted landmarks of heavy Real estate demand. Perumbakkam is another destination located closer to Medavakkam and not too far away from Tambaram and GST Road. As Chennai expands, these locations have become hotspots of investment on Real Estate in Chennai.
The peripheral regions are today affordable when compared to the CBD and hence offer scope for better returns on your investment. The scope and opportunity of development is almost saturating in the CBD but there is a lot more potential left in the suburban markets. Hence, Medavakkam, Perumbakkam, Sriperumbudur, Oragadam and every single region along OMR and ECR are up for grabs.
- Sumangali Homes
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