August 11, 2014

Want to buy plots under Rs 20 lakhs in Chennai? Invest in these localities

Owing a property within the city might just burn a hole in your pocket and with property prices skyrocketing, investing in the suburbs seems to be the only option left. But lets not underestimate the peripherals- they not only have residential land in large parcels, they are also not overcrowded when compared to localities in the city. While builders in Chennai are now targeting suburban localities to create many commercial and residential spaces, individuals are tapping into this trend and are investing in residential properties. Here are some of the most preferred localities when it comes to investing in plots.

Guduvancheri

Located on National Highway 45 that connects Chennai to Trichy, Guduvancheri is a suburban locality that is about 35 km away form Chennai. Citied to be one of the fastest developing vicinity between Chengalpattu and Tamabaram, Guduvancheri offers an array of plots that hover between the price bracket of Rs 5 and 30 lakhs. More than the plots that are approved by the Gram Panchayat, this locality has many residential plots that are approved by DTCP (Directorate of Town and Country Planning).

Invest in Guduvancheri

While its neighbouring localities are considered to be marginally expensive, investors and builders in Chennai are being lured into Guduvancheri because of its affordable pricing. Local and national real estate developers are now purchasing land in large parcels and selling them in smaller units and earning a handsome income.

Talking about its accessibility to the city, Guduvancheri is well connected to other parts of the city via road through the GST (Grand Southern Trunk) road and through rail via the Guduvancheri Railway Station. A number of MTC (Metropolitan Transport Corporation) buses help improve connectivity to Vandalur, Kelambakkam and OMR (Old Mahabalipuram Road). 

The locality has recently witnessed a major demand for plotted lands thanks to the introduction of many IT companies nearby. While the year 2013 saw over 38% of idividuals invest in plots that cost Rs 20 to 30 lakhs, this year has witnessed an inherit demand for smalls plots that fall below the Rs 10 lakh price band. Over 11% of investors are now purchasing smaller plots so they could build their dream house.

Sriperumbudur

Situated about 40 kilometers away from the city, Sriperumbudur lies on the Chennai and Bangalore Highway. Considered to be one of most preferred locality for residential plots, the vicinity has attracted many Chennai builders who have build many residential projects here. Minimal budget preference and rapid urbanizations are some of the factors that are driving the realty demand here.
According to data, there seems to be a never-ending demand for plots that fall below Rs 10 and 20 lakhs. And with Sriperumbudur being an IT corridor, the ROI (Return on Investment) of properties here are also attracting many second time home buyers to invest in land here. Residential plots here have appreciated over 16% and will continue to rise making the real estate market here favourable for both end-users and buyers.

Property Sriperumbudur

If purchasing a plot for investment purpose is something that you are looking for, do not think twice before investing in these two suburban locality, They are not only rapidly developing, but they are also under Chennai builder’s radar due to its availability in large parcels and great return on investment.

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