12 Best Place to Invest in Chennai: Real Estate Investment and Top Trends for 2024

When buying or renting a house, people often don’t know where to start. The biggest questions are where to buy a home and whether a house in that locality is a good idea. One of the most frequent queries we encounter is the best place to invest in Chennai. You wonder how the locality will grow if the value rises or falls and if your decision to shift there will be a good one. 

We at NoBroker know how tough these decisions are. Even renting a home, you want to choose one in a locality that will meet all your needs. To help you find the answers to where to buy houses in Chennai, we have decided to list all the trending localities in which to invest in Chennai for your convenience. Some of the top places to invest in Chennai are OMR, Sholinganallur, Velachery, Tambaram, Manapakkam, Pallavaram, Porur, Avadi, Arumbakkam, and Chrompet.

List of The 12 Best Places to Invest in Chennai

Localities like Velachery and Madipakkam have been popular since the year before, too. Hence, for those looking to know where to invest in Chennai in 2024, these areas are always favourites and would be a safe bet.

1. Velachery
2. Old Mahabalipuram Road (OMR)
3. Tambaram
4. Porur
5. Sholinganallur
6. Siruseri
7. Manapakkam
8. Radial Road
9. Perungudi
10. Perumbakkam
11. Kelambakkam
12. Thalambur

Detailed information About the Best Places to Invest in Chennai

Here are the best places for investment in Chennai, where you can have the highest return:

1. Velachery - Chennai

Velachery is a top place to live in Chennai. It has good roads and is close to big IT hubs like DLF IT Park and Tidel Park. People working in these IT find it a great area as it becomes easy to get to other parts of the city from here. 

It is suitable for families to stay here as many good schools and hospitals are in this area. The place has everything to offer a connected and comfortable life. Investing in Velachery is a smart choice as the rental market is strong.

Place	Average Rent (INR)	Ideal for
Velachery	14,000	2 BHK apartments

2. OMR - Chennai

Another famous central area in Chennai is Old Mahabalipuram Road, also known as OMR. The rental market of this place is strong and has many IT parks. The area has good connectivity, making it a good option for people working in IT parks to stay. They can travel to any part of the city easily. However, the downsides of the area are the heavy traffic during peak hours and costly property rates to invest in.

Place	Average Rent (INR)	Ideal for
OMR	25,000	3 BHK apartments

3. Tambaram - Chennai

 It is one of the fastest-growing areas in central Chennai. It is close to the Chennai International Airport. It is known for its good road connections and architecture. This is another good place for families as it has many good hospitals and schools.

Place	Average Rent (INR)	Ideal for
Tambaram	11,000	2 BHK apartments

4. Porur - Chennai

This fast-growing location has many schools, hospitals and IT parks. It is known to be one of the best places to shop in the city. Porur is also famous for its string rental market and well-connected roads.  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

5. Sholinganallur - Chennai

According to Chennai Investment News, Sholinganallur is another thriving area of Chennai. It has many IT parks, hospitals, and schools, as well as a good rental market and road connection. These factors make this area one of the best places to invest in Chennai.  

Place	Average Rent (INR)	Ideal for
Sholinganallur	20,000 - 30,000	2 and 3 BHK apartments

6. Siruseri - Chennai

Siruseri has many growing IT parks and companies. It is known for its good infrastructure and clever road connectivity. Institutes like SRM Institute of Science and Technology & SSN College of Engineering are close to this location. This area has become popular recently. Investing here can benefit you as the property value is likely to grow.

Place	Average Rent (INR)	Ideal for
Siruseri	15,000 - 25,000	1, 2, and 3 BHK apartments

7. Manapakkam - Chennai

This is a residential neighbourhood with apartments and independent houses. It is well connected to other parts of the city. You can reach other parts of Chennai by Arcot Road and Inner Ring Road. It also has many good schools, hospitals, and shopping malls. It is one of the best places to invest and stay because it has stable property prices and rental yields. 

Place	Average Rent (INR)	Ideal for
Manapakkam	12,000 - 20,000	2 and 3 BHK apartment

8. Radial Road - Chennai

Radial Road is a busy commercial area with a mix of shops, offices, and warehouses. Problems like heavy traffic and noise pollution make it not a great place to live. However, if you are looking for a place to invest in commercial properties, then this place is perfect for you.

Place	Average Rent (INR)	Ideal for
Radial Road	Not suitable for residential	-

9. Perungudi - Chennai

Perungudi is a developing residential area. It is located at the southern end of the city. This place has some of the best IT companies and educational institutes. The prices of the properties are pretty cheap compared to other areas. However, investing in this place can benefit as there is a high chance that the value of the properties will increase in the future. This is because the area is going through severe growth.

Place	Average Rent (INR)	Ideal for
Perungudi	10,000 - 15,000	2 and 3 BHK apartments

10. Perumbakkam - Chennai

This area is located on the Chennai-Trichy Highway. It is mainly an industrial area. It is not a great place to live. However, this place can be great for investing purposes. If you want to buy industrial land or properties for business, then this area can be perfect. 

Place	Average Rent (INR)	Ideal for
Perumbakkam	Not suitable for residential	-

11. Kelambakkam - Chennai

Kelambakkam is a fast-growing residential area located on OMR (Old Mahabalipuram Road). The presence of IT companies and educational institutions has led to good infrastructure development with improved connectivity. The prices of the properties are lower than those of other important locations on OMR.

Place	Average Rent (INR)	Ideal for
Kelambakkam	12,000 - 20,000	1, 2, and 3 BHK apartments

12. Thalambur - Chennai

Thalambur is a developing residential area located on the outskirts of Chennai. It has some IT companies and educational institutions. Property prices are affordable with good potential for appreciation. However, infrastructure development is still ongoing in some parts.

Place	Average Rent (INR)	Ideal for
Thalambur	8,000 - 15,000	1 and 2 BHK apartment

In 2024, rapid growth offers several opportunities for real estate investment in Chennai. The NoBroker Rent report of 2024 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 and hospitals, and strong rental market. These places are also known for being cheap and the best shopping places in Chennai. It’s always recommended to conduct detailed research before investing in any property.

Top 5 Localities in Chennai That Will Continue to Grow In 2024

There are a few areas in Chennai that have grown popular recently. Investing in a house in this area can be helpful. These areas saw rising interest from buyers across all age groups. These are:

• Madipakkam
• Perambur
• Kolathur
• Ambattur
• Velachery

Top 10 Developing Areas in Chennai for Investment in 2024

Chennai, the capital of Tamil Nadu, is constantly growing. If you are planning to relocate to the city, then here are ten developing areas for investment. These areas can prove to be the best land investment in Chennai in 2024:

Ranking	Top Developing Areas in Chennai	Description
1.	Pallavaram	This area is located at the crossing of Pallavaram-Thoraipakkam Road and OMR. Pallavaram offers quality infrastructure at cheap property rates.
2.	Avadi	A popular residential area with well-developed infrastructure. The location is close to the Avadi Army Camp. It has good educational and healthcare facilities.
3.	Minjur	Minjur is located on the outskirts and offers affordable properties. The area has seen infrastructural development in past years, making it a promising investment.
4.	Medchalambakkam	The area is located near Tambaram. It has come to light for its good connectivity and affordable residential options.
5.	Urapakkam	Urapakkam  is located on GST Road. It offers apartments and independent houses with easy access to social amenities.
6.	Anakaputhur	Situated on the Vandalur-Kelambakkam Road. Anakaputhur has affordable residential options and significant infrastructural development.
7.	Chrompet	A well-developed area on GST Road with a range of residential options and good connectivity.
8.	Arumbakkam	Centrally located, Arumbakkam offers good social infrastructure and stable property values.
9.	Valasaravakkam	Situated on Inner Ring Road, Valasaravakkam is a developing locality that has affordable prices and good connectivity.
10.	Medavakkam	Located on OMR, Medavakkam offers good infrastructure and rising property prices because of its close distance to IT companies.

Real Estate Forecast for Chennai in 2024

Chennai is a fast-growing city. As more people move to the city, the real estate market flourishes. The city is developing fast, and many places have become good areas to invest in. The NoBroker Rent report (2024) points out areas in the city that can offer good returns on investment.

Read: Planning To Buy a Plot Along Yamuna Expressway? Here’s All That You Need to Know About the GNIDA and YEIDA Plot Scheme 2024

To get an idea of what was happening, NoBroker gathered information from over 10 million customers who use our platform and designed a comprehensive survey with 17,652 respondents.

From the survey and the data collected, we were able to notice some very interesting trends 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 learn the key insights for Chennai’s Real Estate in 2024.

10 Best Places to Buy Land in Chennai 2024

Chennai offers numerous opportunities for land investment in 2024, focusing on affordability and development potential. Here are the top 10 areas to consider:

• Kelambakkam (OMR)
• Medavakkam (OMR)
• Urapakkam
• Anakaputhur
• Thalambur
• Chengalpet
• Perumbakkam
• Manapakkam
• Valasaravakkam
• Minjur

10 Best Places to Buy Land in Chennai: A Quick Overview

Chennai offers diverse land options for buyers, from affordable plots in areas like Kelambakkam and Urapakkam to rapidly developing zones like Medavakkam and Perumbakkam. Established hubs like Manapakkam and Valasaravakkam offer stable investments while emerging locations like Chengalpet and Minjur show great potential for future growth. Each area provides unique opportunities based on your budget and investment goals.

Place Name	Description
Kelambakkam (OMR)	Affordable land compared to established OMR areas.
Medavakkam (OMR)	A developing residential area with good connectivity.
Urapakkam	Offers a mix of apartments and houses with affordable land.
Anakaputhur	Recent infrastructure development and affordable land.
Thalambur	Affordable land prices with potential for appreciation.
Chengalpet	Rapid growth due to proximity to Chennai and lower property prices.
Perumbakkam	Investment potential in industrial land development.
Manapakkam	Stable property values with slightly expensive land.
Valasaravakkam	Affordable land prices with ongoing development.
Minjur	Affordable land on the outskirts with development potential.

10 Best Places to Buy House in Chennai in 2024

Looking to buy a house in Chennai? Here are the best areas to consider in 2024, focusing on well-established regions with good infrastructure:

• OMR (Old Mahabalipuram Road)
• Sholinganallur (OMR)
• Velachery
• Tambaram
• Manapakkam
• Pallavaram
• Porur
• Avadi
• Arumbakkam
• Chrompet

10 Best Places to Buy House in Chennai: A Quick Overview

Chennai offers various areas for real estate investment, each with unique advantages. OMR and Sholinganallur are IT hubs with great housing options, while Velachery and Porur boast excellent social infrastructure. Tambaram and Pallavaram are rapidly developing and have strong amenities. Manapakkam, Avadi, Arumbakkam, and Chrompet are established residential areas with various property choices.

Area Name	Description
OMR (Old Mahabalipuram Road)	Well-established IT corridor with various housing options.
Sholinganallur (OMR)	Well-developed residential area with good infrastructure and social amenities.
Velachery	Excellent social infrastructure with a range of properties.
Tambaram	Well-connected area with strong educational and healthcare facilities.
Manapakkam	Primarily residential with a mix of independent houses and apartments.
Pallavaram	Rapidly developing area with a booming real estate market.
Porur	Established area with good social infrastructure and 2 & 3 BHK options.
Avadi	Prominent residential hub with well-developed infrastructure and amenities.
Arumbakkam	Well-developed residential area with a mix of independent houses and apartments.
Chrompet	Well-developed area with a mix of residential and commercial establishments.

Chennai in 2024: Micro-Markets That Boomed

This year also saw the rise of many micro-markets, growing interest from homebuyers, and an appreciation in value. Here are the micro-markets that saw growth in Chennai in 2024-

• 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.

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Micro-Markets That Performed Poorly in 2024

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 2024.

• 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 2024; 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 2024 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.

If you need assistance finding a home in Chennai, then click the link below to get started. With our expert guidance, you can easily go through the entire process of buying or renting a home.

Read: Avail the Heart Throbbing Interior Designs And Decorations For Your Home From the Most Famous Markets in Hyderabad

Popular Localities for Buyers in Chennai in 2024

• 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, will 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 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:

• 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 IT companies 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.

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