Are You Opting for a Home in Madipakkam?
Madipakkam is a very silent neighbourhood that is located in the southern part of Chennai and in very close proximity to the localities of Medavakkam, Velachery, Pallikaranai, Pallavaram and Kilkattalai. It is a developing locality and is increasingly gaining attention from investors and developers alike. This is especially in the last couple of years after the downturn has receded mildly. Madipakkam is one of the most preferred locations for those people who are looking to buy a second property in the city and it is also a very safe option as there are unlikely to be any wild fluctuations in the market trends in this area.
The affordability of this locality has been its unique selling point and it has certainly grabbed the eyeballs of the first-timers also. The connectivity is the other important parameter that works in its favour. Being located close to the above mentioned localities, there has never been a want for transportation facilities to and from this area. There are direct buses to this locality from places like Broadway, T Nagar, Kilkattalai, Velachery, Tambaram and Pallavaram. There are also a good number of share autos that ply from the Velachery Vijayanagara Terminus and from Guindy to Kilkattalia that go via this place.
The Grand Southern Trunk road is also pretty close and that provides a quick and direct access to the Chennai International Airport. The presence of a strong rail network only paints a pretty picture for this once-murky locality.
The apartment prices in these localities are very low and continue to be affordable keeping the demand and supply ratio in mind and notwithstanding the continuous price appreciation year-on-year. The price has in the past three years has been around 8% on an average with the current prices being 7% more than the prices in the previous year. But this percentage is expected to increase considering that there are still several months more left in the year.
The current average price in the locality for an apartment will be close to Rs. 4500 per sq ft with the fluctuation range lying between Rs. 4000 per sq ft and Rs. 5000 per sq ft.
The prominent developers and their projects include the following:
- Sai Adhinath, Palace Homes
- Sai Achala, Palace Homes
- Casa Grande Madhuban, Casa Grande Pvt Ltd.
- Antonys Der Haus, Antony Group
- Concept Zircon, Concept Homes India Pvt Ltd.
- Majestic Homes
- Jeyyes Orchid, Jeyyes Homes Pvt Ltd
With constantly increasing real estate activity around the locality, the sky seems to be the limit to the growth potential that is available in the area.
There are a good many restaurants that surround the place. Some of the most famous ones include Saravana Bhavan, Grand Sweets and Snacks, Domino’s Pizza and Mcdonald’s that are located very close to one another. The mall factor that seems to be the rage among the youth of Chennai has finally caught up with this neighbourhood also which is located only about 4 kilometres from the Phoenix Mall, Velachery.
The social infrastructure scenario is also developed when considering the number of Banks, many of them public sector entities, present here. This is one example of the fact that the suburbs of the city are expanding.