Presently, undergoing a boost, the real property market of Chennai is expected to experience more growth in the coming years. Broadly, an end-user driven market, several factors have contributed towards strengthening the real estate market of Chennai.
What it emphasizes on is the disposable income on the buyers’ group, depending upon which the property market is divided into certain parameters of personality, living standards and of course social class.
Needless to say that Chennai’s property market has been heavily influenced not only by the myriad demographics but also several others such as economic growth, creation of job opportunities. Foraying of the IT sector led the emergence of several jobs in the city that recorded a rapid growth in the city’s professionals. This has been one of the most significant reasons for the upsurge of the property market of Chennai.
Buying a Property in Chennai
In recent times, there are numerous projects have started their new projects in different parts of the Chennai. The specialties of these projects are that they are quite reasonable and sophisticated. The places where you will come across the recent projects are, Arumbakkam, Choolaimedu, Nungambakkam, Old Mahabalipuram Road (OMR), GST and other well-known localities of the city.
Generally the rates in these localities range from Rs. 3,350 - 4500. However, the rate of the property may vary from one other depending on its quality and sq ft. There are different schemes are available with these properties. There are 1BHK, 2BHK and 3BHK housing properties are available. You can select your property by going through the rates.
Option of Loan Availability
Opting for a home loan is probably one of the best options for home buyers. Even property constructors are now helping the buyers to get the required loan amount. Different schemes are offered for the salaried and self-employed professionals. This benefit of home loan is now inspiring the buyers to think about buying a property.
As per the experts, a large number of buyers are from the middle class, so this benefit of getting home loan from a reliable source and at nominal interest rates are attracting buyers from different regions. Along with this, the real estate property owners mention important things like the bus route, train route, airport roads and other communication systems in their webpages. It helps the buyer to directly get into the location. At the same time, starting from acquiring information the transportation system to market now a buyer can check every detail without visiting the destination.
This benefit of acquiring information helps them to get an idea about the location. If they find out any problem during the purchase period, they can talk to their property dealers via online. This helps them to get proper information on the property before buying them. In recent times, when everyone is busy with their busy schedule, then this availability of information on the real estate projects enable a buyer to get the right product at right time.
Rental Flats in Chennai
As a large number of students from different parts of India as well as international destinations are landing up in Chennai, so they always need to go for a shelter. Most of the students prefer to opt for a rental service. Considering this demand in different parts of Chennai, The rate of these rental flats are equally available. These rental flats are available in different room types. If a student wants, he can share that rent with his peers.
If you want to hire a 1BHK flat in location like Arumbakkam, then you can get a high class flat between Rs. 4,950-7,700 and- that is quite an affordable rate for hiring fresh flats. These flats are available in Rs.3, 818/- to 15,792/-For three bedroom flats you need to pay Rs.Rs.22,400/- to 26,600/-. All of these flats are well furnished. Therefore, while you enter the flat, you need not to think about adding anything to the flat. Seeing this increasing population of Chennai, the property owners are now purchasing flats to rent them to the renters. In recent times, this has become quite a good idea for investing.
Investing in the Chennai Property Market
As far as investing in the real estate market of Chennai is concerned, it depends a lot on the real estate market dynamics. You have to keep in mind, your objectives – whether it is long-term goal that you are focusing on or you have short-term to medium term investment option. Locations like Velachery, Nungambakkam and GST along with OMR are some of the best locations for investing in Chennai. Now, with the agreement of the Real Estate Regulatory Bill, the builders are anticipated to become more accountable and transparent in their business dealings.
So, if you are planning to buy/invest in real property of Chennai, now is the best time.