Where to buy properties in Chennai at affordable prices

Chennai is one of the safest real estate bets one can take in the country. It has had a stable past and its future does not look to shabby either. In the recent past Chennai has emerged as a hot realty destination that not only offers quality of living at economical prices but also promises fruitful investments. If you are on a budget of Rs 40 lakhs and if it seems too small fear not. If you are a home buyer or property seeker who is on a shoe string budget - Chennai is the place for you. Below we tell you about localities across Chennai that offer many low-budget properties.

Porur

Due its proximity to the Chennai Bypass Road - Porur is fast becoming an economical destination for many middle income families. Located towards the western part of Chennai city, the neighbourhood offers a slew of 1 BHK and 2 BHK homes that range over 400 square feet within the budget of Rs 40 lakhs.

Presence of many MNCs and seamless connectivity to the heart of the city via Poonamallee High Road and Arcot Road have a pivotal role in changing the realty development of the region. IT employees and working professionals from the neighbouring manufacturing plants and chemical industries are showing a keen interest in owing properties here. According to current market trends, average capital values of apartments here are cited to cost Rs 4500 per square feet.

Medavakkam

If you are an employee who works along the OMR (Old Mahabalipuram Road) or GST (Grand Southern Trunk Road) - Medavakkam is the place for you. The developing locality has a number of local real estate developers who offer 2 BHK apartments that spread over 800 square feet for an average of Rs 4000 per square feet. Although most of these properties will fall under the secondary market - the developing commercial and social belt will still give you good returns.The presence of many educational institutions, health care facilities and financial insinuations have prompted many bachelors and families to shift base here.

Avadi

Cited to be a developing neighbourhood, Avadi is fast developing as a preferred residential catchment area. Its proximity to industrial micro markets of Ambattur have helped its realty sector. While properties in an around Nehru Bazar and Avadi Main Road are cited to be expensive, one can buy small apartments in the interior within a budget of Rs 40 lakhs.

While capital values of builder floor apartments are cited to cost an average of Rs 2,900 per square feet, property value of residential plot and individual homes are estimated to cost Rs 9100 per square yard and Rs 3000 per square feet respectively.

There are plenty of affordable options available in and around the city if one is looking for them. They can be bought as investments which give good return on investment in the days to come. So don’t think twice about investing here if you have the money for it.