Medavakkam is the prime localities in the city which is located in the south Chennai. Medavakkam property is observing a stable growth when it comes to residential sector. Several real estate professionals consider say that the plots in Medavakkam continue to dominate across the city as a center for residential growth.
A survey by Knight Frank India shows that plots for sale in Medavakkam can be deliberated as hotspots for residential investment and going onward, can acquire perceptible appreciation. There is a huge demand for properties that increased more number of Medavakkam plots for sale in the suburb. This area has become a hot spot owing to its self-sustainability and closeness to IT Parks as well as several manufacturing sites. Plots in Medavakkam is increased because of its ability of self-sustainability as well as its connectivity, the area is inherited as a residential town colony. Medavakkam real estate witnessed 20 % value appreciation from the past 2 years. The government has given CMDA authorization to increase residential plots on suburb. Cmda approved plot Medavakkam has increased due to these reasons.
Several infrastructural development is started by the Tamil Nadu Government including the upcoming metro transportation facility is also a supporting feature that leading to the development of Medavakkam real estate. The quick emerging infrastructure, existence of IT corporations in the neighborhood, great connectivity through GST Road, closeness to OMR, premium workplace, access to social infrastructure, prearranged expansion and land obtainability are the major causes liable for the evolution of plots in Medavakkam. The upsurge in the work opportunities on the IT and its allied sector is also responsible for the huge sales of plots for sale in medavakkam. Other features like raising industrial and the service sectors ensures a positive atmosphere for property buyers in the city.
In the present days IT/ITEs and automotive sectors are the driving factors for the realty growth in this area. Medavakkam plots for sale are seeing conversions from IT people employing in IT and manufacturing firms in the nearby regions. The purchasers are also the Non-resident Indians (NRIs), guaranteeing the balanced demand for large and premium plots in medavakkam. Although these people are investing, their holding period seems quite big thus contributing in more real estate activities. These shareholders are mostly interested in the flats or cmda approved plot medavakkam with the price range of not more than 45 lakhs.