Best Locations to Buy a 2 BHK Flat in Chennai
Chennai, also known as the cultural capital of South India, attracts thousands of Indians every year with its suburban and charming lifestyle, which somehow merges perfectly with its thriving IT Industry. Finding a 2 BHK flat for sale in Chennai can be exhausting, with tiny roads and fraudulent brokers trying to offer subpar apartments. But fear not because Square Yards is here to help you find the perfect home at the ideal location within your budget. Our website ensures that you don’t have to compromise on any facility and that you find a spacious and luxurious 2 BHK flat for sale in Chennai near the urban amenities of the town.
Here are some of the best areas where you can find your dream home in Chennai:
Medavakkam
Medavakkam is one of the fastest developing localities in Southern Chennai, and it has numerous residential projects owing to its proximity to the Perumbakkam Main Road, Velachery Main Road, and Medavakkam flyover. The area is known for being close to many IT hubs and business centres, such as the ZEFT Business Centre, Elcot SEZ and OMR, making it a suitable residential place for working professionals. The area also lies under the proposed metro connectivity system, further enhancing its accessibility. Even families can look for 2 BHK flats for sale in Chennai in the Medavakkam region as it has multiple schools and hospitals, including the King Matriculation Higher Secondary School and NewGem Multi-Speciality Hospital.
Velachery
Velachery is a well-established residential locality in Chennai connected to the Old Mahabalipuram Road’s IT Corridor and the Central Business District. Some of the major roads near this area include the Grand Southern Trunk Road, Velachery Main Road and the 100 Feet Road, which makes accessing nearby communities like Nanganallur extremely easy. Velachery is an ideal location for working professionals to look for 2 BHK flats for sale in Chennai, given its proximity to uncountable business centres, including the Olympia Technology Park, Ramanujan IT City, SP Infocity and ASV Suntech Park. Families will also like the community in the neighbourhood and its vicinity to major schools and healthcare centres.
Madipakkam
Mandipakkam is one of the areas in the proposed metro system. Moreover, major Chennai roads like the Grand Southern Trunk Road and the 200-foot Radial Road surround Madipakkam, helping connect faraway districts, including Mylapore and Chepauk. The locality has multiple schools, hospitals and eateries, including the Modern Senior Secondary School, Phoenix Marketcity and Saraswathy Multispeciality Hospital, which makes it a suitable place for families. Other than that, the locality is close to major business centres and IT hubs such as SP Infocity and Ascendas IT Park, which means that working professionals can live in the locality to save some transportation costs.
Mogappair
Mogappair is a prominent residential locality of Chennai with a large network of important roads and routes surrounding the locality, including the Ambattur Estate Road and the Grand Northern Trunk Road. This locality is divided into two sections- East and West and is also closely connected to other neighbourhoods, including Padi and Ambattur. Residents can easily access the major business parks and IT centres, such as Prince Info Park, One Indiabulls Park and Ambit IT Park, making it the perfect residential place for employees working nearby. Some of the locality's major educational institutions and healthcare facilities include Velammal Matriculation School and Frontier Lifeline Hospital.
Anna Nagar West
Anna Nagar West is one of the most well-developed areas of Chennai and is home to the largest park in the region, Millennium Park. The locality enjoys excellent road connectivity via the MTC bus stand, the Thirumangalam Metro Station and the Chennai - Theni Highway. Residents can access major employment hubs via the locality, such as the Guindy Industrial Estate and Ambattur Industrial Estate, through the National Highway 716, making the perfect place to look for a 2 BHK flat for sale in Chennai. The neighbourhood is also ideal for families as it is extremely safe and has numerous dining options nearby.
About Chennai
Chennai, previously known as Madras, is the capital of Tamil Nadu and one of the largest economic and educational centres in South India. Traditionally, the town was known for its trading ports but has evolved into a metropolitan city with multiple ongoing developments. The town incorporates a lively culture and numerous spectacular landmarks, including the Kapaleeshwarar Temple and Santhome Cathedral Basilica. Chennai is a beacon of traditional values merged with urban amenities, with the largest skyscrapers and Dravidian-style temples.
Here are some of the key metrics of the town:
| Metric | Information/ Figures |
| State | Tamil Nadu |
| Area | 50,216 square miles |
| GDP | $78.6 Billion |
| Official Language | Tamil |
| Population | 72,138,958 |
| Sub Registrar Office | https://tnreginet.gov.in/portal/?UserLocaleID=en |
| Online Property Details | https://eservices.tn.gov.in/eservicesnew/index.html |
Stamp Duty and Registration Charges in Chennai 2024
Stamp Duty is a mandatory tax to be paid by the property buyer at the time of purchase. The local authorities collect this tax to improve the area's infrastructure. After paying stamp duty, buyers must also register their properties with the government authorities under the Registration Act of 1908. Anyone looking for a 2 BHK flat in Chennai for sale must research the stamp duty charges before buying the property in their localities.
The official stamp duty rate for properties in Chennai 2024 is 7% of the market value of the land, regardless of the gender or number of owners. The registration charges for property stand at 4% for sales, gifts, and exchange purposes. The stamp duty for simple mortgages and mortgages with possessions is 1% and 4%, respectively, with a registration charge of 1% each.
Market Trend for Chennai Real Estate
Chennai’s real estate market is going strong, but the average completion time for projects completed in this decade was recorded as the lowest in Chennai, witnessing an almost 36% downfall. According to a July 2024 report, it takes 3.6 years to build a large project in Chennai and three years for a smaller project. This decline in the construction rate might lead to fewer properties and higher demand, increasing the city's overall rental and sales values.
According to a June 2024 report, the Chennai residential market saw a 12% rise in yearly sales, and agents have sold more than 7,500 units within the first six months of the year, mostly in the southern region. Builders are optimistic about this change and hope for even more demand in the coming months, specifically in the northern region.
Circle Rate in Chennai
The Circle Rate is the minimum property selling price for any land/ home/ building set by the municipality according to the location and property type. This rate is usually higher for commercial spaces and lower for residential units, helping to fund the city’s infrastructure. Stamp duty is also a set percentage of the circle rate in many localities, so every property owner must know about this before purchasing land.
The circle rates for the most popular localities of Chennai as of 1 July 2024 are:
| Area | Circle Rate (Per Square Meter) |
| Appavu Street | INR 47,365 |
| Gandhi Market Commer | INR 71,045 |
| Hussain Subedar Street | INR 47,365 |
| Market Lane | INR 59,205 |
| Mathavapuram Centre Street | INR 53,820 |
FAQ's
Which is the best place to buy property in Chennai?
The best places to buy property in Chennai are Medavakkam, Madipakkam and Anna Nagar West.
Which part of Chennai is best for living?
Velachery is the best place to reside in Chennai.
Which is the safest area in Chennai to live in?
Adyar and Mylapore are the safest places to reside in Chennai.
What are the most popular projects in Chennai?
Some of the most popular projects in Chennai are G Square Meadows, Casagrand Estilo, and Urban Tree Opal Springs.
Where is the best place to buy a flat in Chennai?
The best places to buy a flat in Chennai are Madipakkam and Velachery.
How can I buy an affordable flat in Chennai?
The Square Yards website makes finding affordable flats in Chennai easy. The website lists an array of flats for sale in Chennai, and users can easily navigate them by adjusting the filter based on their requirements.
Which sector is best for living in Chennai?
Anna Nagar West is the best sector in which to reside in Chennai.
Is Chennai costly to live in?
Chennai is a relatively cheaper town with many affordable residential options.
Is Chennai an expensive city?
No, Chennai is not an expensive city. A bachelor's average cost of living can be as low as INR 19,000.
Why Chennai is the best place to live?
Chennai has an old-school charm, blending all the modern amenities with a traditional lifestyle. It offers every urban facility and multiple entertainment zones with a homely touch, making it one of the best places to reside.
