Discovering hidden gems: A guide to identifying up-and-coming neighbourhoods in Chennai
Identifying up-and-coming neighbourhoods in your city can be beneficial for various reasons whether you are a homeowner, investor, or someone looking for a new place to live.
Here are several reasons why people often seek out and consider up-and-coming neighbourhoods:
Potential for appreciation
Up-and-coming neighbourhoods often experience value appreciation over time. Investing in real estate in these areas can lead to significant returns on investment as the neighbourhood develops and becomes more desirable.
Affordability
In the early stages of development, properties in up-and-coming neighbourhoods are more affordable compared to well-established areas. This affordability can attract first-time homebuyers or investors looking for relatively lower entry costs.
Long-term growth
Identifying and investing in a neighbourhood before it reaches its full potential brings in an opportunity for long-term growth. As the area develops and amenities improve, property values increase.
Improved infrastructure
Many up-and-coming neighbourhoods undergo rapid infrastructure improvements including new roads, public transportation and community facilities. These enhancements can contribute to a better quality of life and attract more residents.
Cultural and community development
Up-and-coming neighbourhoods often attract artists, entrepreneurs, and community builders. The growth of a vibrant cultural scene and community engagement can contribute to a sense of identity and belonging in the area.
Diversification of investments
Identifying up-and-coming neighbourhoods allows investors to diversify their real estate portfolios. Rather than solely focusing on established areas, diversification can spread risk and potentially increase overall returns.
First-mover advantage
Being an early investor or resident in an up-and-coming neighbourhood can offer a first-mover advantage. As the neighbourhood develops, you may benefit from increased property values and improved amenities.
Urban renewal and revitalisation
Up-and-coming neighbourhoods often undergo urban renewal and revitalisation. These initiatives can transform the area and make it more attractive and appealing to residents, businesses, and investors.
Rising demand
As the neighbourhood gains popularity, the demand for housing and commercial spaces may increase. This rising demand can drive property values higher and create a competitive market.
Improved quality of life
Up-and-coming neighbourhoods may experience improvements in local services, schools, and recreational facilities. These enhancements contribute to an overall improvement in the quality of life for residents.
While there are potential benefits, it’s essential to conduct thorough research and due diligence before investing in or moving to an up-and-coming neighbourhood. Consider factors such as local development plans, market trends, and your preferences and goals to make informed decisions.
Popular residential areas in Chennai
In Chennai, there are several up-and-coming areas where you might plan to invest/buy a house. The areas include:
Perumbakkam
The biggest plus point is its proximity to IT parks and the area has many options in the affordable housing segment.
Thoraipakkam
This area is gaining momentum due to the IT corridor.
Sholinganallur
An emerging IT and residential hub is one of the major reasons for this area to fall in the list of up-and-coming ones.
Medavakkam
Location of any area is its major trump card. Medavakkam is the most strategically located place in Chennai.
Kelambakkam
What sets this part of city apart is its infrastructure and educational institutions.
Pallikaranai
Residential and commercial development is rapidly taking place here making it an up-and-coming location.
Navallur
Being close to IT companies, educational institutions, and the OMR stretch are a few features that make Navalllur a top-rated choice of home-buyers.
Mogappair
Traditionally a residential area, it has been witnessing commercial development recently making it a great pick for investors.
Chromepet
It’s an affordable residential area with good connectivity.
Tambaram
One of the areas that has some of the oldest localities.
Velachery
Located in the southern part of the city, this area is a suburb and neighbourhood in Chennai.
Pallikaranai
Pallikaranai is an emerging residential locality surrounded by the established areas Velachery and Thoraipakkam. It also has many educational institutions.
