Chennai, for many, is comfort, companionship, and class. The city is the capital of Tamil Nadu and is one of the major metropolitan cities in India. The city is known for its vibrant culture and expanding borders. Being an IT hub, Chennai attracts young people from various places in the state and the country. Chennai is considered the safest city in India. Students and the working population from other states often settle in the city because of its comfort. Because of the population explosion, settlements like studios and duplex apartments in Chennai are becoming increasingly popular.
Real Estate agencies in the city flourish along with online websites that offer these services for free or with a paid membership fee. Many of these IT professionals look for investments in this city as it promises a scope for development. Even when the rest of the Nation faced a lag in real estate, Chennaiites continued to invest in property.
Where to Invest in Real Estate?
Chennai is indubitably the most affordable real estate of all the metropolitan cities in India. However, villa apartments in Chennai‘s outskirts could cost almost the same as a 2 BHK apartment in Chennai. The suburban real estate market is a prudent investment if one is concerned about securing a stylish property on a low budget. Real estate investments also depend upon accessibility to the individual’s work area, amenities offered by the residential group, schools, colleges, transportation, safety, and ROI.
Here are the top 3 recommended locations to invest in properties:
OMR and ECR:
The Old Mahabalipuram Road is the State Highway 49A, otherwise known as Rajiv Gandhi Salai. The road connects Chennai with Mahabalipuram and is near the East Coast Road, State Highway 49. OMR and ECR house several major IT Parks and colleges. The phase 2 metro is about to link the areas along with a 4-lane elevated roadway. Employment hubs demand residential areas in their proximity. Therefore, real estate in OMR and ECR is at an all-time peak.
The commercial neighborhood is in the southern part of Chennai with the IT sector and facilities such as the MRTS train, shopping malls, and international schools. The metro station expansion from St. Thomas Mount is soon to connect with the Velachery station. Velachery is also known for the best restaurants, nightclubs, and barbeques.
A few kilometers away from Anna Nagar and Koyambedu, Avadi and Ambattur are commercial areas. The localities have an industrial foundation; the property rates here are comparatively lower. Public transportation is connecting these areas rapidly. Reputable schools and colleges are branching out to these areas. Facilities such as malls are also slowly emerging.
Why is Real Estate the Best Investment in Chennai?
Investments are a vital part of any economy. People who earn enough immediately look for a market to invest their earnings. People from the middle and upper class seek financial security by investing in properties.
Most investors do not like taking risks. The real estate market in Chennai is one of the safest markets in the city. A stable source of income from an investment is better than a gamble in an unstable market. Residential properties can fetch a regular income when rented out. The only charges will be for the maintenance of the property. Owning a house that one lives in also saves a fortune as rental payments can be stressful.
Every expert investor focuses on the ROI, that is, the return of investment. With a property in Chennai, the value in return is much higher than any other market investment. Due to its infrastructural developments, economic growth and multicultural sensitivity, the property rates keep increasing. The Return of Investment also depends on the area of the property. Chennai’s borders keep expanding as the suburbs develop due to the establishment of IT hubs. Accessibility to these facilities factors in when one decides to invest.
Infrastructural facilities, job opportunities, shopping malls, and colleges are easily accessible. The Housing and Urban Development Ministry of the state plans to expand the city to 8,878 sq. km. With the suburbs molding into urban settlements, many residential properties are on the rise. Affordable and extensive transportation facilities like the bus network, the MRTS trains and the Metro are interconnected, linking the entire city.
Most jobs don’t offer a retirement payment anymore. Saving up for retirement can be challenging in a city that demands you to spend and have fun. Investing in real estate is an ideal retirement plan as it is a safe and secure backing. Property can’t be stolen or go under, unlike gold or stocks that have considerable risks. The constant demand for properties in a booming city like Chennai also makes it easy to sell when there is a need for money.