For NRIs looking to invest in real estate, Chennai is one of the most prominent destinations. The city’s economy is growing at an unprecedented rate, with investments pouring in from many different sectors. The booming IT sector in particular has been a catalyst in the expansion of the city and the development of its suburban areas. These MNCs have set up their offices in the outskirts of the city, created thousands of jobs and a growing demand for better facilities and accommodation. For NRIs, these are some of the reasons why they should consider investing in Chennai outskirts. NRI investors need property that is sure to appreciate significantly with time. Since they probably won’t be moving into the house immediately, they also need an apartment that they can easily find tenants for. Here are the top six localities in Chennai that NRIs should definitely consider investing in.
Sholinganallur
Without a doubt, OMR is one of the best areas to invest in real estate. OMR has turned into a mega-IT corridor, with a huge number of MNCs opening their doors here. But while the entire OMR stretch is a valuable area for investment, Sholinganallur attracts a lot of buyers and investors due to it being an important junction in OMR connecting ECR and GST Road. The superior connectivity of Sholinganallur together with its proximity to the city and to major offices make this area one of the best places for real estate investment in Chennai. When you buy an apartment in Sholinganallur, you can be sure that its value is only going to increase with time. You will also have no dearth of tenants since most big IT companies are located here. If you’re looking to invest in Sholinganallur, visit TCP Lakefront by Lancor, one of the most premium residential projects in OMR with unmatched quality and amenities.
Tambaram
Tambaram is one of the oldest parts of the city; however, development in the IT sector has given this area a fresh breath of life. Because Tambaram has been integrated into the city for a very long time, its infrastructure is much better than most other up-and-coming neighbourhoods. Tambaram is also one of the best connected areas you can invest in. Tambaram Railway station is the third major terminal after Egmore and Chennai Central for Southern Railways in Chennai. Every outbound and inbound train connecting Chennai to Southern Tamil Nadu stops here. It is also the major junction for local suburban train’s connecting several key localities in Chennai. Tambaram also has several SEZ and IT Parks in the vicinity, adding to its value. The price appreciation in Tambaram has averaged around 27% in recent years, so you can be sure that investing in an apartment here will give you very good returns in the future.
Guduvanchery
Guduvanchery is a neighbourhood on the GST Road, a major investment hotspot in Chennai. The GST Road is undergoing rapid development because of the number of IT parks and industries being set up here. These zones are bringing in huge investments, creating thousands of jobs and spearheading the emergence of Guduvanchery as a prime real estate destination in Chennai. Apart from top companies opening offices here, the location highlights of Guduvanchery include a number of reputed educational institutions in the area, such as the SRM group of institutions and Crescent College of Technology. Even if you’re not looking to move into the apartment immediately, you’re sure to find a large number of young professionals and college students as tenants. If you’re thinking of investing in this locality, visit Lancor Lumina, a stellar collection of luxury apartments in Guduvanchery.
Velachery
Velachery is a bustling neighbourhood located at a strategic point between the main city and the IT corridors. Velachery is getting greater recognition these days as a real estate hotspot because it’s directly connected to OMR and is very close to many IT & ITES companies. Velachery has rapidly become integrated with the rest of Chennai and cannot be called a suburb in the true sense anymore. The prices in Velachery, however, are much lower than other parts of the city, but they are appreciating at a very quick pace. In recent years, there have been many new malls, colleges and offices that have opened up in Velachery, transforming it into a prime neighbourhood. Investing in Velachery will give NRIs steady returns and also make it easy for them to find tenants.
Valasaravakkam
Valasaravakkam is one of the newer localities that have been experiencing an onslaught of development thanks to the IT sector boom in Chennai. This neighbourhood is located very close to other key investment areas like Porur and Ambattur. The strongest factor driving Valasaravakkam’s growth is its close proximity with several major IT hubs. The DLF IT Park SEZ, One India Bulls Park, Ambit IT Park amongst other are all situated very close to Valasaravakkam. Property prices rose by about 28% in 2015, and the area has been maintaining more or less the same growth over the years. If you’re looking for a safe investment option that is sure to increase in value over time, then buying an apartment in Valasaravakkam is a great decision. Visit Lancor Kiruba Cirrus for beautiful and luxurious apartments situated in the heart of Valasaravakkam.
Sriperumbudur
Sriperumbudur is one of the fastest growing areas in Chennai because of the huge number of manufacturing companies opening up here. Its proximity to Oragadam is also another factor driving this area’s growth because it’s a major investment hub. Sriperumbudur also contains a number of SEZs creating huge employment opportunities. The growing number of people moving to Sriperumbudur for work has also led to the demand for comfortable housing options. Buying an apartment here will almost guarantee you tenants and a steady appreciation of your property value. Visit Lancor Townsville, in Sriperumbudur for affordable housing options in one of Chennai’s fastest growing localities.
As an NRI, this is the best time to take advantage of India’s rapid growth and invest in its real estate. If you’re looking to make an investment in Chennai’s top localities for real estate investments, visit Lancor. Our projects are situated in some of the best neighbourhoods in Chennai and every apartment comes with our guarantee of quality and premium amenities. If you’re looking for more guidance on NRI property buying, read our blog on Important Documents for NRIs Buying Real Estate.