The demand for residential space has been growing year on year in Chennai, as the various industries, in both the manufacturing and service sectors, have been booming. The city is a hub for automobile manufacturing and, by extension, also a centre for auto ancillary industries. Besides the city is also a centre for software services, hardware manufacturing and health care. The city has long been a centre for film making and film production labs. Chennai has been ranked as second to Bangalore in software exports. The demand for housing in Chennai has been steadily rising over the past two to three years. Home buyers are now moving towards, what was once called the outskirts of the city, especially places such as Vandalur or Medavakkam, to name just a few areas. Of which Medavakkam stands out for its proximity and affordability. Medavakkam is a suburb located in South , adjacent to the suburbs of Sholinganallur, Madipakkam, Selaiyur, Keelkattalai, Velachery and Tambaram. Located close to the IT corridor at OMR and the SEZ in Road, Medavakkam has emerged as India's largest destination for investment.
Medavakkam offers seamless connectivity to OMR and Road. The major roads linking to Medavakkam junction are Velachery, Road, Mambakkam Main Road and Road. There are several reputed schools located in and around Medavakkam. Options for shopping and recreation in and around Medavakkam are plenty. Medavakkam, in recent times, has seen a lot of action. Medavakkam owes its rapid growth as a hotspot for residential real estate because of its proximity to the Old Mahabalipuram Road (OMR), which is the Information Technology corridor in Chennai. The major mode of public transport in this area is through the Metropolitan Transport Corporation (MTC) buses. These buses are frequent and connect Medavakkam to all parts of the city and beyond. Trains are also frequently available, with the nearest stations being the Velachery MRTS station and Tambaram Railway Station. Both these stations are at a distance of 8 km from Medavakkam.
Since Medavakkam is primarily a residential area, there are a lot of gated communities present here. The place has mostly apartment properties with houses and villas gaining second and third preferences respectively. A number of builders and promoters are making use of this place to build luxury apartments in Medavakkam. The construction of the 200-ft ORR from Maraimalai Adigai Bridge to Irumbuliyur road at Medavakkam is bound to make this area even more accessible from other parts of the city. Added to that, several grade separators are also being installed to make the flow of traffic easier in places like Medavakkam-Sholinganallur road and Medavakkam-Mambakkam road.The construction of the ORR from Medavakkam to Karapakkam will provide easy access to the Rajiv Gandhi IT Expressway. This makes it very convenient for employees working in IT hubs in the surrounding areas. Investors should take a mid-term to long-term perspective, with a minimum gestation period of at least five years. During this period, the implementation of physical infrastructure, social facilities in the region will provide a good return on investment.
I am writing for Indiaproperty.com . IndiaProperty is India’s No.1 property portal. Indiaproperty best source for all your property search and queries .