Best Place to Buy a House in Chennai
Buying a home is a dream of thousands of Indians, especially in Chennai's lively and cultural town. This city is a hub for many IT companies and offers excellent social infrastructure, making it a prime residential choice for many. But finding houses for sale in Chennai can be exhausting, with expensive rents, fraudulent brokers, and cheating landlords. Square Yards are here to save you from the hassle of roaming the streets and help you find the best independent house for sale in Chennai that is within your budget and at your preferred location.
Here are some of the best places where you can easily find safe and clean houses for purchase purposes:
1. Avadi
Avadi is a gorgeous suburban area situated on the western side of Chennai. It used to be a hub for defence-related establishments. Still, authorities have transformed it into a well-developed residential area with ample urban amenities and proximity to schools and hospitals. The location connects to other sectors via the NH716, Chennai Outer Ring Road, and Avadi Main Road. Avadi is the perfect place to look for houses for sale in Chennai as it is close to Indiabulls IT Park, Ambit IT Park, and the newly under-construction IT Parkat zone.
House for Sale in Avadi Chennai
2. Injambakkam
Located close to the East Coast Road and the famous ECR beach, the Injambakkam is well connected to all the major parts of Chennai via the local TNSTC buses and the Blue Line Guindy Metro Station. The location of Thoraipakkam employment hub is within a couple of kilometres of Injambakkam, and residents can easily access the Taramani Industrial Estate and Olympia Technology Park. Injambakkam is surrounded by some of the most premium residential areas, such as the Okkiyam Thuraipakkam and Indira Nagar, making it the best place to buy a house in Chennai.
House for Sale in Injambakkam Chennai
3. Uthandi
Uthandi is close to the popular Golden Beach and is one of Chennai's most well-planned and developed areas. While public transportation buses and metro are near Uthandi, people can easily avail of local taxis and auto-rickshaws. Popular localities like Adityaram Nagar and Panaiyur surround the area, and people enjoy easy connectivity to the Taramani and Sholinganallur business hubs. This place is also well-suited for families, given its huge range of social amenities and essential services, such as the Richmond Canadian International School, Gleneagles Global Health City and the Rilwaan Shopping Centre.
House for Sale in Uthandi Chennai
4. Kolathur
Kolathur is one of the oldest neighbourhoods in Chennai, surrounded by an extensive road network and connections, including the Grand Northern Trunk Road, New Avadi Road, and the Chennai Bypass Road. This locality has easy access to numerous commercial centres and business hubs, including the Ambit IT Park, Ambattur Industrial Estate and the SIDCO Industrial Estate, making it a prime location to look for an independent house for sale in Chennai. The area is near the Anna Nagar East Metro Station and the Villivakkam Railway Station, reducing the overall transportation time for the residents.
House for Sale in Kolathur Chennai
5. Mangadu
Mangadu is located in the western part of Chennai and offers easy access to the Poonamallee and Porur employment hubs. This locality is known for its many residential options. Moreover, a huge network of road connections surrounds Mangadu, including the Outer Ring Road and Bengaluru Highway. While some business hubs like the Tamarai Tech Park are far from Mangadu, the locality boasts excellent healthcare facilities and educational institutions, such as the Minerva Hitech International School, Arise N Shine Schools and Kanaga Hospital.
House for Sale in Mangadu Chennai
6. Neelankarai
Located close to the East Coast Road, Neelankarai is one of the most posh areas in Chennai. Furthermore, this locality includes major residential sectors such as Palavakkam, Vettuvankeni, and Thoraipakkam. This locality enjoys seamless connectivity with major parts of the town via important roads and highways, including the Pallavaram-Thuraipakkam Road and the East Coast Road. Neelankarai is one of the best places to buy a house in Chennai for employees working at the Sholinganallur or Taramani IT hub.
House for Sale in Neelankarai Chennai
About Chennai
Chennai, also known as the cultural capital of South India, blends modernity with traditional lifestyle and is one of the most desirable places to reside. This city is a major hub for India’s automotive industry, large manufacturing plants, and IT infrastructure. Besides being home to one of the longest urban beaches in India, Marina Beach, Chennai boasts an impressive array of architectural marvels and historic landmarks such as the San Thome Basilica, The Kapaleeshwarar Temple, and the T Nagar market. The city is also well known for its captivating culinary scene, which combines international cuisines with national spices and attracts chefs from all around the globe.
Here are some key metrics of Chennai that might help you decide whether to buy a house in the city.
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/ |
Online Property Details | https://eservices.tn.gov.in/eservicesnew/index.html |
Stamp Duty & Registration Charges in Chennai 2024
Stamp Duty is one of the most important taxes to be paid by every real estate investor at the time of property/ land purchase. This tax helps fund the city's infrastructural projects and legalises the transfer of ownership to protect the buyer from any false claims/ cases. Per the Registration Act of 1908, register your property in a sub-regiterar’s office to complete the purchase process. Every property buyer must carefully research stamp duty and registration charges before signing off on the final property document.
Chennai's current stamp duty charge in July 2024 is 7% for all genders and ages. The charge for joint ownership remains at 7%, and the registration charge for almost all properties is 4%. Other than that, the stamp duty charge for mortgages is 1%, while the charge for mortgages with possessions is 4%.
Circle rate Chennai in 2024
After evaluating certain factors, the Circle Rate, or collector rate, is the minimum property price the government sets for each land/ home/ building. This fixed rate helps prevent false property deals and ensures a higher stamp duty for the government, usually a percentage of the overall collector rate. This rate is higher for posh localities and high-earning commercial zones and lower for normal residential localities.
Here are the circle rates for some of the most well-known streets of Chennai:
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 |
Chennai Real Estate Market Trend
Many regions of Chennai are currently undergoing huge developments and may offer huge ROI on properties, especially in Poonamallee with the upcoming metro stops. The luxury real estate market has captured a share of 64% in 2024, implying that more and more people are investing in forever homes instead of renting out a single unit for their family. This rise is likely due to the bank's stable interest rates, which makes homes even more affordable with infrastructural improvements over the past couple of years. Builders are developing more than 50% of the properties in the Southern region, followed by the Nothern Central area with 27% of new projects, highlighting that more and more commercial zones will open in the south side to cater to the demands of new residents.
FAQ's
1. Which area is best for a house in Chennai?
Ans: Avadi and Uthandi are some of the best places to buy a house in Chennai.
2. Is it profitable to buy a house in Chennai?
Ans: Chennai has one of the fastest-growing economies in India and a robust automotive industry, implying that the demand for residences in the city will not stop soon. This growth makes Chennai a profitable place to buy a house.
3. What are the best residential projects in Chennai?
Ans: Some of the best residential projects in Chennai are Casa Grand Avenue Park, G Square Meadows and Casa Grand Estilo.
4. Is it the right time to buy property in Chennai?
Ans: Yes, given Chennai's rapidly growing urban population and the developments of the new metro, right now is the perfect time to buy property.
5. How to buy a house in Chennai?
Ans: Anyone can use Square Yards to purchase a new home in Chennai that fits their lifestyle and budget.
6. Which is the richest area in Chennai?
Ans: Adyar and Anna Nagar are the richest areas in Chennai.
7. What is the price of land in Chennai?
Ans: The price of land in Chennai can vary greatly depending on the location, market conditions, usage, and proximity to landmarks.
