Real Estate Boom in Chennai

Real Estate Boom in Chennai

Chennai-One of the Megacities of India

Chennai being one of the four megacities of India has shown exponential growth in fields of science and technology, business and commerce that successfully contribute to the economic development of the city and its people. As a result, the per capita income has increased here and people have started investing in real estate. The quest for better living has urged them to invest in housing projects, coming up in and around the city. People not only from Tamilnadu but also from the other states of the country are flocking here in numbers are showing interest in buying house for rent in Chennai. Even the NRIs are mulling over investment here.

Facilities Available in Chennai

Chennai, being one of the oldest cities of the country has been considered as a confluence of antiquity and modernity. The city though upholds its ancient culture and heritage, does not lag behind when the matter of adapting to modern development arises. On the one hand it houses the ancient temples, relics, and monuments which are known all over the world for their sculpture and architecture, on the other hand, it has embraced the modernity wholeheartedly. The city is famous for its IIT, Business school, colleges, and super speciality hospitals. 

  • In fact, in recent years the growth and development in Chennai have accelerated so much that those who have earlier decided to invest in Delhi or Mumbai have shifted their focus on Chennai. The improved infrastructure, availabilities of all kinds of amenities, emergence of the super speciality hospitals, educational institutions, banking and finance sector, heavy and small industry and its ancillary, and the IT Hub have escalated its growth further. Besides, Chennai is well connected with the other cities of India by rail, road and air. The transport system within the city has undergone sea changes to facilitate commutation.
  • Moreover, the new land law and income tax law in Chennai have become favourable towards the developers. As a result, the developers are showing eagerness to launch new projects here.
  • Chennai is one of the most secure and safe cities of India. People can lead peaceful, hassle-free life here. The newly developed areas like Kolathur, Sriperumpudur and the prime locations such as: Nungambakkam, Mylapore, Poes Garden, Alwarpet, T Nagar, Teynampet, Royapettah, and Anna Nagar etc. offer a comfortable living amidst greenery, free from pollution. 
  • To avail, all the amenities and facilities in Chennai many people have shifted their base in Chennai which actually act as a boon to real estate business as many of them want to take flats on rent in Chennai for their settlement.

Real Estate Scenario in Chennai

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  • The real estate market in Chennai is thriving rapidly. While it is in other Indian states has become stagnant, it is accelerating in Chennai. A recent study has shown that the Chennai real estate market has experienced 17% surge in compared to other cities. The builders and developers are optimistic about this trend in future also. They are really facing the challenges for providing a comfortable and convenient house for rent in mogappair. 
  • The NRIs can invest in real estate and later put the house for rent in Chennai to reap the benefit, as the prospect of the rented house is lucrative here. There are many people who have shifted to Chennai for their jobs or education. Such people look for a rented house and can find the flats on rent easily. In Chennai, 1BHK, 2BHK and 3BHK flats are available on rent. The prospective tenant can choose from myriad options of flats which suit them the most. Usually, the rent of 1BHK flat is Rs. 8,5000 while that of 2BHK starts from Rs. 20,000. 
  • Since the real estate is a tangible asset; the investor can always gain from it. Unlike the liquid estate, it would not lose its value at any point of time in future.
  • The NRIs can also sell the apartments they have purchased earlier if they wish. They would not have to sacrifice the value of the estate in that case. 
  • The price of the apartments in a prime location in Chennai begins from Rs. 40 lakhs and it reaches to a crore. It is worth mentioning here that the price of the apartments or flats depends on the location and the area in sqft. 
  • The investors can avail the EMI facilities. So the NRIs and other people need not worry about the one-time investment.

Things to Check before Purchasing an Apartment or Flat

  • The investors in real estate must keep in mind certain things before investment. They must verify the credential of the developer. The 1st time developers often fail to hand over the flat on time or raise issues of a cash crunch. So it is safe to rely upon the reputed investors, even though their projects are little bit high priced.
  • In Chennai, all the properties have the accreditation of CREDAI/RERA. The investor must be aware of this fact and verify the accreditation of the property from the developer. 
  • If the investor wants to give the flat on rent, he must make the clear the tenancy term to the prospective tenant. 
  • The investor also adheres the rules and norms of the gated community. 
  • Of late, the real estate scenario in Chennai is really stable and versatile for the NRIs. It is a safe venture for them. They can invest in rupees and save the dollars for themselves. They can also avail the EMI facility.
  • In Chennai, housing.com is a reliable broking house that guides the investors properly in their real estate investment. It offers a plethora of choices to its clients to select their dream home. The men of housing.com are very friendly and helpful. They provide all sorts of aids to their clients. They work hard to negotiate the deal between the developer and the investor. The NRIs, as well as the Indians, can depend on them blindly to find their dream home and in matters of investment so that their hard-earned money does not run into the gutter.

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