Real estate has always been a lucrative investment option. And when it comes to well-developed cities like Chennai, these investments become a promising opportunity for wealth creation and a comfortable life. Let us look at some of the benefits of investing in residential properties in Chennai and the things one should consider in the process.
Owning a residential property is a life goal that many aim to realise. It fulfils the need for monetary security and is the most effective option to invest in the future, especially in a place like Chennai, which has exponentially grown over the years and expanded into a city with abundant opportunities. Besides being the job capital of South India, Chennai’s layout has attracted my investors to invest in residential properties in the city.
Reasons to Consider Investing in Residential Real Estate in Chennai
Resale Value
Chennai’s real estate is a competitive and profitable market. With people coming from all over the country for job opportunities and cultural significance, the city has seen steady and consistent growth in property values over the years. This rise in demand is bound to see significant growth in the upcoming years as well, making it a sound investment choice.
Amenities
Most complexes, apartments and residential properties in Chennai are located near basic facilities and have all the essential amenities to make life easier. Many of the real estate developers in Chennai sell plots that are located inside communities that include amenities like landscaped gardens, children’s play areas, recreational zones, etc.
Increased Infrastructure Development
Chennai has experienced significant infrastructure development in the past years. From the expansion of metro rail networks, highways and expressway projects and improved connectivity to suburban areas, these developments have not only improved accessibility to the hotspots in the city but enhanced the overall appeal. Buying residential properties in these areas can have a positive impact on the investment and also increase the rental potential of the space.
Factors to Consider During Your Search for a Residential Property in Chennai
Before embarking on any real estate investment journey, it is important to understand and evaluate certain aspects thoroughly.
Experience of the Builder
Many real estate developers sell residential plots in Chennai. However, their reputation and track record are important factors you should consider before investing. Seasoned and credible builders are more likely to deliver projects and stay true to their commitment related to construction quality, amenities and delivery time. Take a look at their past projects and testimonials on those projects to gauge the developer’s dependability and reputation.
Pre & Post-Sales Support
Buying a residential plot is a crucial investment choice and requires support and assistance for a smooth experience. Even before signing the agreement or scheduling a visit, it is critical to consider how well the real estate developer provides customer support to the buyer. Look for plot promoters in Chennai who respond to your queries, are transparent and address concerns promptly.
Licenses & Legal Check
It is important to ensure that the property you are considering purchasing has all the necessary permits and approvals from local authorities. Construction on a property in Chennai requires CMDA and DTCP approval. Consider RERA authentication as well to ensure you are investing in a property that is legal and follows all applicable rules and regulations.
Investing in residential properties in Chennai is a promising opportunity, and thoroughly understanding these fundamental factors can help mitigate huge risks and ensure investment is cost-effective.
