Medavakkam-An Absolute Real Estate Haven

Jake Rubi

Introduction
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. According to Knight Franks report, Medavakkam is featured as Indias 6th largest destination for investment in the residential real estate, where the prices are expected to raise by 103% over the period of 20122017.

The locality enjoys a good neighborhood 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 is well linked to the suburbs of Sholinganallur, Velachery, Keelkattalai, Madipakkam, Tambaram and Selaiyur. Medavakkam is a junction which connects to major roads like Velachery Tambaram Road, Medavakkam Mambakkam Main Road and Medavakkam Sholinganallur Road. 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 Velacherry 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. One can find a good mix of Matriculation and CBSE board schools in the vicinity of this location. Some of the best schools include the Hiranandani Upscale School, BVM Global, Kendriya Vidyalaya, GT Aloha Vidya Mandir, Padman Matriculation School, St Pauls Matriculation and Sigma Matriculation School. Good colleges like, Asan Memorial College of Arts and Science and Prince Sri Venkateshwara Padmavathi Engineering College. When it comes to health care, there is no shortage of good hospitals too. Kamakshi Memorial Hospital is well known for its cancer care. Then there are Global Health City, Karunya Hospital and Ainthiram Siddha Hospital. Keeping all the key features in mind, Medavakkam builders are coming up with unique projects which will certainly invite investments in this locality. 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 apartments/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. If this is not enough, there is CMDA master plan to develop the Outer Ring Road which would minimize the traffic congestion on Medavakkam-Sholinganallur main road. All these amenities and facilities have increased demand for the flats in Medavkkam for sure.

Major property developers and builders in Medavakkam are the Annai Engineering Builders, Edge Stone Builders, and Raj Real Estates and Construction, Indiabulls Real Estate, Finetech Construction and DivyaSree Group. Well known ongoing project include: SRM Blossom by SRM Builders, Pearl Pine, Pearl Trinty, Pearl Akriti and Pearl Springs by Pearl Constructions. The locality is a combination of multistory apartments, independent floor and plots. Investment done in plots and independent floor are for end use purpose. Multi-storey 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.

Conclusion
After taking into account the above said infrastructure and the upcoming projects in Medavakkam, it can be branded as one of the emerging investors 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.

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