India's Top 13 Residential Destinations

6) Medavakkam
Where: Chennai

Medavakkam is a residential locality in Chennai which is in close proximity to the Chennai Airport. It is one among the suburbs in Chennai that has managed through the list of top 13 residential hotspots in India and stood at 6^th position. Moreover, it is expected that Medavakkam will become a popular residential area in the near future with housing price appreciation of 103 percent during 2012-2017. Since 2007, Medavakkam has observed the residential launch of about 5707 units, of which 4147 units are already sold. Besides, the housing prices are expected to jump by 4.9 percent in Medavakkam over the years.

Investor returns: 21.2 percent per annum
2012 average price per square feet: 3800
Forecasted average price per square feet for 2017: 7700
Price appreciation during 2012-2017: 103 percent
Estimated price to double in years: 4.9 percent

Also Read: Housing Prices Up in 9 Cities, Down in 11 Places: National Housing Bank