chennai not too long ago medavakkam in south chennai was among the top 13 real estate investment destinations in the country for its high growth potential while other high potential micromarkets in mumbai and delhi were expected to grow at 125145 medavakkam as per a 2012 report of knight frank was expected to grow by 90 in just five years real estate consultants were bullish then because medavakkam had already witnessed about 50 appreciation between 2010 and 2012the story is different today not only has medavakkam failed to measure up to knight franks projections no micromarket in chennai figures among the countrys top 10 residential property investment destinations according to a report by realty consultant anarock the hottest real estate locations now as per the anarock report are in mumbai navi mumbai thane pune bengaluru and hyderabad like chennai the national capital region also has been knocked off the list of micromarkets with high growth potentialas urbanization picks up pace in the country traditionallypreferred property investment locations in most main cities are getting saturated and increasingly expensive this has a rollon effect on many other residential submarkets across leading cities even as more and more locations go out of the reach of a certain crosssegment of buyers that preferred it in preceding years other emerging areas come to their rescue said anuj puri chairman anarock property consultantschennais story has been different though there is hardly 20 capital appreciation in medavakkam since 2012and medavakkam is only a specimen the city as a whole is suffering because of the lacklustre report card of the government investments in the industrial and services sectors have virtually dried up when job creation doesnt happen there is little scope for growth of collateral sectors like housing and commercial office space said n nandakumar md of citybased developer devinarayanthe 2015 flood that ravaged chennai was a big dampener for an already struggling market said confederation of real estate developers association of india chennai chapter president suresh krishn the political instability in the last one year has done further damageinflux of people into the city has stopped because there is no new job creation whenever new jobs are created within five years it triggers housing demand said krishn