Medavakkam, which was once a remote suburb, is now the centre of bustling real estate activity, chiefly exploiting its proximity to OMR – it is about 5 km from Sholinganallur.
The area features as one of the top 13 investment destinations for residential real estate in India and is expected to see a 103 per cent increase in price in the next five years, according to property consultant Knight Frank.
It is connected to the city through arterial roads, has ample sweet water, access to educational institutions and IT companies, and is connected to Sholinganallur and the Rajiv Gandhi IT expressway. This makes it an ideal location for the large number of IT professionals who want to buy an affordable home close to work on the IT corridor.
With a market value of about Rs. 1 crore for a 2,400 sq. ft area, Medavakkam is fast becoming a preferred destination for the middle-class, whether belonging to the salaried class or running small businesses. The area has witnessed massive changes in the last few years, says a resident who has now lived there for five years.
Not surprisingly, IT employees form the majority of residents in this booming locality, especially in areas like Jayachandran Nagar, BHEL Nagar and Perumbakkam. “Due to its easy access to IT firms, employees find it easier to live here,” says Abinaya of Aishwarya Homes Pvt Ltd. The price of apartments here ranges between Rs. 3,842 and Rs. 4,817 per sq. ft. With so much happening around it, Medavakkam is slowly developing the infrastructure to provide suitable living conditions for a family, with improved access to good schools, hospitals, supermarkets and commercial establishments. A number of restaurants and shopping complexes are also springing up on the main roads. With an advantageous location that connects the south-east and south-west locations, the area is witnessing growth similar to what Velachery experienced a few years ago.
Add to all this calm, green patches and the Nanmangalam Reserve Forest, which is home to birds such as Indian Eagle Owl, Grey Partridge and Pied Kingfisher, and Medavakkam seems to offer quite a few benefits to residents.
