For a decade, we have seen that real estate is a good investment option in India. The Times now reported the real estate sector is the biggest wealth creator. The economy also takes benefits of this sector. Here we are talking about the Chennai real estate market; many best builders believe that "it is the right time to invest in Chennai real estate".
- Back to Normality:- We all know that the previous year was very terrible for us. But nowadays the situation & things are becoming gradually normal. Due to Covid-19, the real estate market of Chennai was a little devastated. But recently we saw a big movement in Chennai real estate, which means the market has already set to a new era.
- Effect of Covid-19 on Chennai Real Estate:- Many people have been taught a big lesson by the pandemic. Because before the pandemic, people preferred to stay in rental houses in Chennai, but now their thought might have changed, probably to buy flats in Chennai. The main reason behind this is very simple -The covid pandemic brought financial distress, where many people have lost their jobs, got less salary. Due to all these tragedies, a rental home in Chennai could become unaffordable so that they will opt for their own home or return to their parental home and start to believe their own house is an incomparable asset in need.
- RBI was making it easy for homeowners:- Due to the pandemic, RBI decided the housing sector served as a boon for homebuyers. Reduction in stamp duty and registration charges and lowest interest rate helped the homebuyers to manage their EMIs. Investing in real estate now makes perfect sense with the new tax relief measures announced by the RBI for first and second-home buyers.
- Central Government Scheme:- The Central Government is planning to build many houses in the coming years. Along with the Smart City project, it aims to build smart cities to boost the economy. Prices will surely arise in the future, which means there could be no better time to invest in real estate.
- Changes Offered by Top Builders in Chennai:- A lot of different creations have happened in the real estate sector in the last few years. Builders in Chennai are not lagging in developing innovative projects. Categories like comfort home, kid-centric home, senior-home, etc., have made their way in the past. Amenities like 24×7 CCTV surveillance, clubhouses, power back-ups, swimming pools, gyms, temples, parks, etc., which were previously considered luxury options, have become more or less a necessity. Now, people are not willing to compromise for such facilities.
Top 3 Locations In Chennai For Maximum Return On Investment In 2022:-
1):- Mogappair:- It is located in the centre of Chennai, and it is well connected from Anna Nagar in a few minutes. Koyambedu railway station is very close, and it makes it easy to travel to other parts of the city. It is one of the few areas around Chennai that is very promising in its historic charm of maximum return on investment. Prices are not high right now as this is an upcoming development area.
Ambattur Industrial Estate, a famous job market area, is very close to Mogappair and has been counted as one of the reasons for Mogappair's rapid residential development. There are top schools, colleges, and two popular IT parks in Ambattur; Ambit IT Park and One Indiabulls Park.
2):- Manapakkam:- It is a popular place in Chennai, Manpakkam is witnessing a big growth in residential projects, and many people are planning to buy flats in Chennai. It is a little far from the centre of the city, and its rapid development has made it a centre of urban attraction. There are the best schools, colleges, hospitals, clinics, parks, gardens, etc., in this area, and it is also close to shopping complexes and malls. It has become an affordable and premium residential area.
3):- Pallavaram:- It comes in the series of affordable housing segments in Chennai real estate. The place is excellently connected from one end to the other end of the city. It is growing day to day in the residential sector; The homebuyers are also demanding flats for sale in Chennai. Property rates in this area range between Rs 5,200 and Rs 6,500 (per sq ft), and 65% of the residential demand is from this segment. The metro rail network is also in the adjoining area. There are many opportunities for employment in the IT/ITes sector, and it is close to the Chennai airport. The social and physical infrastructure of Pallavaram is good so most people prefer to invest in this area.
3 Fastest Developing Areas In Chennai:-
1) Ambattur:- It is a very popular residential area in Chennai. The social infrastructure is particularly well developed and includes several best schools like- NIIT, Engineering College, malls, restaurants, and hospitals. It is also one of the most famous religious centres of Tamilnadu state.
Ambattur is also well connected by major roads like Chennai Bypass Road, Surappattu Road, Jawaharlal Nehru Road, Kallikuppam Road, and Tonakela Camp Road. It makes it an easy transportation location of goods by road. In addition, Ambattur Railway Station and Pattaravakkam Railway Station connect Ambattur to the surrounding areas. Chennai International Airport is situated at a distance of approx 23 km.
There are many industries producing automobile parts, which are shipped to larger industries in the city centres. However, recent years have seen the rise of (IT) information technology companies and self-governing automobile industrial estates that have completely replaced Ambattur.
2) Old Mahabalipuram Road, (OMR):-It is a popular IT hub and other growing workplaces. After setting up RERA, buyers get the benefit of transparent and clean transactions.
This sector is rapidly transforming into job-creating collections hosting various IT and financial services companies. It contributes to increased rental income opportunities for families and single businesses. Many investors & builders have taken this route by reducing the average apartment size and thus lowering the price. It is very convenient for the new generation who are comfortable with the idea of redoubts. Apart from budget-friendly options, a part of OMR also allows for cool luxury homes. This part is a perfect place to rest in peace as it has beautiful landscapes that offer breathtaking views.
3) Mangadu:- Properties in Mangadu are relatively more affordable as compared to other parts of the city. Plots of land and many properties here are the best investment options for buyers looking for homes at affordable prices in Chennai. Many residential units in Mangadu come in different formats and styles, and hence they can choose for investment as per one's living needs and lifestyle.
Mangadu is famous for its famous Kamakshi temple. This area is very close to neighbouring cities like Porur, Thiruverkadu DLF IT Park, Poonamallee, and Kundrathur, a major positive destination.
Is buying a Property is a good investment in Chennai
Chennai is a very opted city of south India; It is famous for its culture and great infrastructure. Many famous educational institutions, unique architecture, and local food tourist places make Chennai prominent. There are also many IT/ITes companies, which make job opportunities for job seekers. Buying an apartment in Chennai is a good investment option because of its rapid infrastructural development and newer opportunities growing every day. If you buy an apartment in Chennai at this time, you may get these facilities which are mentioned below.
- Discounted price benefit
- More options to select your preferred unit
- Extra time to pay
- Return on investment
Can I have to Invest in Chennai Real Estate market in 2022
YES, of course, you can invest a high amount in properties across the city. The real estate business is energetic and must navigate through real-time investments in projects with many potentials. Chennai, the important capital of Tamil Nadu, has seen a stream of investment across the city. Even when the rest of the country or Indian states saw a decline, investments in Chennai doubled and tripled for types of reasons.
Chennai offers the best community that is safe for its residents apart from the excellent quality of life and infrastructure. There are many sectors where one can invest, get a high and quick return on investment without fail.