When it comes to buying a house or even renting one, people often don’t know where to start. The biggest questions are where to buy a house, and if buying a house in that locality is a good idea. You wonder how the locality will grow if the value will rise or fall and if your decision to shift there will be a good one. We at NoBroker know how tough these decisions are, even if you are renting a home, you want to choose one in a locality that will meet all your needs. To help you with the answers to where to buy houses in Chennai, we have decided to list all the trending localities to invest in Chennai for your convenience.
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Real Estate Forecast for Chennai in 2023
Chennai is a rapidly growing city and is an attractive destination for real estate investment. With a steady demand for housing and a growing population, Chennai has several localities that are trending as ideal places to invest in. The NoBroker Rent report of 2023 has highlighted some of the most popular areas in the city where investing can yield good returns.
To get an idea of what was happening, NoBroker used information gathered from over 10 million customers that use our platform, as well as designed a comprehensive survey that had 17,652 respondents.
From the survey and the data collected we were able to notice some very interesting trends that happened in each city, it revealed how buyers, renters and sellers behaved and what the trend for the coming year would look like. Read on to know the key insights for Chennai’s Real Estate in 2022.
Top Localities in Chennai That Will Continue to Grow In 2023
For those who wanted to buy a house, a few localities stood out. These localities saw increased interest from buyers across all age groups. They are-
- Madipakkam
- Perambur
- Kolathur
- Ambattur
- Velachery
Out of these, localities like Velachery and Madipakkam were popular from the year before too. Hence, for those looking for where to invest in Chennai in 2023, these areas are always a favourite and would be a safe bet.
- Velachery: One of the best private places in Chennai and an apt place to invest in Chennai is Velachery. It is known for its good infrastructure and proximity to major IT hubs such as Tidel Park and DLF IT Park. The area has excellent connectivity to other parts of the city, making it a popular choice for those who work in the IT industry. Additionally, the area has a strong rental market and is home to several schools and hospitals.
| Place | Average Rent (INR) | Ideal for |
| Velachery | 14,000 | 2 BHK apartments |
- OMR: Old Mahabalipuram Road (OMR) is another popular place in Chennai centre area, known for its proximity to several IT parks and a strong rental market. The area is well-connected to other parts of the city, making it a convenient location for those who work in the IT industry. However, it can be a bit more expensive to buy property in this area, and the traffic can be heavy during peak hours.
| Place | Average Rent (INR) | Ideal for |
| OMR | 25,000 | 3 BHK apartments |
- Tambaram: Tambaram is one of the fastest developing areas in Chennai center place, known for its proximity to the Chennai International Airport. It is also well-connected to other parts of the city and has good infrastructure. Additionally, the area is home to several schools and hospitals, making it a popular choice for families.
| Place | Average Rent (INR) | Ideal for |
| Tambaram | 11,000 | 2 BHK apartments |
- Porur: Porur is another rapidly developing area in Chennai and is known for its proximity to IT parks, schools, and hospitals. Additionally, it is well-connected to other parts of the city,has a strong rental market and is the best place to shop in Chennai. However, it can be a bit more expensive to buy property in this area, and the traffic can be heavy during peak hours.
| Place | Average Rent (INR) | Ideal for |
| Porur | 18,000 | 2 BHK and 3 BHK apartments |
- Sholinganallur: According to Chennai investment news, Sholinganallur is also a rapidly developing area in Chennai, and it is known for its proximity to IT parks, schools, and hospitals – increasingly becoming the best area to buy house in Chennai. Additionally, it is well-connected to other parts of the city and has a strong rental market.
In 2023, rapid growth offers several opportunities for real estate investment in Chennai. The NoBroker Rent report of 2023 has highlighted some of the most popular localities in the city where investing can yield good returns. These localities include Velachery, OMR, Tambaram, Porur and Sholinganallur. These areas are known for their good infrastructure, proximity to schools, hospitals and strong rental market. These places are also known for cheap and best shopping places in Chennai. It’s always recommended to conduct a detailed research before investing in any property.
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Chennai in 2023: Micro-Markets That Boomed
This year also saw the rise of many micro-markets, these markets saw growing interest from homebuyers as well as an appreciation in value. Here are the micro-markets that saw growth in Chennai in 2023-
- Kolathur – 9% increase
- Adambakkam – 8% increase
- Porur – 6% increase
- Choolaimedu – 7% increase
- Pallikaranai – 6% increase
As compared to the previous year, Adambakkam is the only locality that has kept its pace and shown positive growth through the lockdown. As you also notice, the micro-markets that have shown positive growth are all largely residential areas in the city.
Read: Discovering India’s Best Cities for Real Estate Investment: Top Cities In India For Property Investments
Read: CIDCO Lottery 2022 – CIDCO Starts Registration for 5730 Homes in Navi Mumbai
Micro-Markets That Performed Poorly in 2023
While some micro-markets saw positive growth, some remained stagnant and saw a fall in demand and price, here are the micro-markets that failed to impress buyers in Chennai in 2023.
- Triplicane
- Ayanavaram
- Ramapuram
- Kodambakkam
- Villivakkam
These micro-markets show a mix of old residential localities, commercial localities and upcoming ones too.
Localities That Are in Demand by Renters in Chennai
There were plenty of people across Chennai who wanted to shift homes in 2023, they looked for larger homes or homes closer to their families. The localities that saw the most interest from renters in Chennai were –
- Perambur
- Velachery
- Kolathur
- Madipakkam
- Ambattur
This is a completely new set of localities as compared to last year, showing that the pandemic did change the way that renters behaved as well as changed what they were looking for.
The Real Estate Report 2023, has many other insights that can help you get answers to ‘Where to buy a house in Chennai?’ or ‘Which locality in Chennai to invest in?’ and more. You can get a FREE version of the report here.
Read: Buying or Renting a House: Which is Right for You?
If you need assistance finding a home in Chennai, then click the link below to get started. Our experts can guide you through the entire process of buying or renting a home.
Popular Localities for Buyers in Chennai in 2023
- Velachery (Flats for sale in Velachery )
- Madipakkam (Flats for sale in Madipkkam )
- Mylapore (Flats for sale in Mylapore )
- Porur (Flats for sale in Porur )
- Medavakkam (Flats for sale in Medavakkam)
The demand for homes in these areas has risen, and it is clear to see that all these areas, apart from Mylapore, are new residential localities. These have only recently come under the Greater Chennai Corporation and hence are going to see rapid development soon. Mylapore is the odd one out, but as it is one of the oldest localities and rich in culture, there is no surprise as to why people from Chennai want to live here.
Localities With the Best Appreciation Value in Chennai
Even though the last year was not a very great one for real estate, there were a few areas in Chennai that saw their land value appreciating and a rise in demand as well. These localities are –
Read: Plinth Area Calculation: Inclusions and Exclusions
- Perambur – prices increased by 16.69%
- Adambakkam – prices increased by 15.78%
- West Mambalam – prices increased by 10.75%
- Ayanavaram – prices increased by 10.54%
- Mogappair East – prices increased by 9.57%
All these localities are residential localities in Chennai, and they offer a good quality of life for those who choose to live here. They are also well connected to the rest of the city and are close to many industrial and IT centres in the city.
Read: Top Rated Construction Companies in Hyderabad
Top Localities in Chennai for Renting Flat
When we look at why most people in Chennai shift houses, the number one reason was because of their workplace, this was followed by the need for a bigger house. These two factors are why 71% of people shifted their rented houses. The localities they preferred to move to are –
- Velachery (Flats for rent in Velachery)
- Thiruvanmiyur (Flats for rent in Thiruvanmiyur)
- Perungudi (Flats for rent Perungudi)
- Madipakkam (Flats for rent in Madipakkam)
- Thoraipakkam (Flats For rent in Thoraipakkam)
Popular Localities for Rent in Chennai That Saw an Increase in Rent
- Porur – rent increased by 16.11%
- Adambakkam – rent increased by 13.77%
- Adyar – rent increased by 11.87%
- Thoraipakkam – rent increased by 9.91%
- Valasaravakkam – rent increased by 8.56%
These Trending localities to invest in Chennai are all well-established, offer great connectivity and are good residential areas. With ITcompanies on the rise in the city, it is a good idea to live in a place that has good connectivity and yet is able to offer you and the family a comfortable life.
If you are looking to invest and buy a home or rent a home in Chennai, even if you are an NRI, NoBroker can help you. You can find a house, sell your house, buy a house, get assistance with paperwork, loans, shifting and more! Visit NoBroker to find the various way we can help you with your home needs.
FAQs
Q: What are some of the trending localities to invest in Chennai?
A: Some of the most popular and trendy localities to invest in Chennai include areas such as Velachery, OMR (Old Mahabalipuram Road), Tambaram, Porur, and Sholinganallur. These areas are known for their good infrastructure, proximity to schools, hospitals, and shopping centers, and a strong rental market.
Q: Why is Velachery a good area to invest in?
A: Velachery is a rapidly developing area in Chennai, known for its good infrastructure and proximity to major IT hubs such as Tidel Park and DLF IT Park. It also has excellent connectivity to other parts of the city, making it a popular choice for those who work in the IT industry. Additionally, the area has a famous market in chennai for rental and is home to several schools and hospitals.
Q: What are the pros and cons of investing in OMR?
A: OMR is a popular area to invest in as it is home to several IT parks and has a strong rental market. Additionally, it is well-connected to other parts of the city, making it a convenient location for those who work in the IT industry. However, it can be a bit more expensive to buy property in this area, and the traffic can be heavy during peak hours.
Q: Is Tambaram a good area to invest in?
A: Tambaram is a developing area in Chennai and is known for its proximity to the Chennai International Airport. It is also well-connected to other parts of the city and has good infrastructure. Additionally, the area is home to several schools and hospitals, making it a popular choice for families.
Q: What are the advantages of investing in Porur?
A: Porur is a rapidly developing area in Chennai and is known for its proximity to IT parks, schools, and hospitals. Additionally, it is well-connected to other parts of the city and has a strong rental market. However, it can be a bit more expensive to buy property in this area, and the traffic can be heavy during peak hours.
Q: Where is Chennai situated?
A: Chennai is situated on the southeastern coast of India, along the Bay of Bengal. It serves as the capital city of the Indian state of Tamil Nadu and is renowned for its vibrant culture, historic landmarks, and beautiful coastline.
