India looks set for a bumper year when it comes to real estate and the economy as a whole. The nation has shot to the top list of best destinations for real-estate investment in the eyes of international investors and has ranked fourth in Asia for FDI inflows as per the United Nation’s world investment report.
Also, thanks to banks reducing interest rates and the RBI offering incentives for infrastructure financing, it has set the stage for a thriving real estate market.
If you are planning to invest in real estate now, the majestic Metropolitan of Chennai is a great option. Here are the reasons why you should invest in real estate in Chennai:
- Prominent Investment Hotspot
Chennai is a great commercial and IT hub of India. This has resulted in the growth of employment opportunities and thereby an increase in demand for commercial and residential spaces in Chennai. As per the latest study by Candy GPS Report, Chennai has come out to be among the leading real estate locations in the world.
- Infrastructure Projects
The ongoing infrastructure projects including the Chennai Metro Rail, underground drainage systems, mass rapid transit system, suburban railway extensions, bus terminals, outer ring roads and more have given a natural boost to the real estate market. As these projects will impact the citizens and the surrounding property market, it will result in growing demand.
- Construction of Expressways
Elevated expressways which are going to be built on the prime route of the Grand Southern Trunk Road aim to decongest traffic issues. There are several other ongoing expressway projects in Chennai that will take connectivity to the next level. This will have a direct impact on the property pockets.
- Affordable Investment Options in Real Estate
When compared to other metros of Bangalore, Mumbai or NCR, property rates in Chennai are affordable and reasonably priced. In fact, the Tamil Nadu government has decided to reduce guidance value by 33% and as a result buying property in Chennai will become more affordable. Also, the suburban locations of Chennai have witnessed good appreciation in investment by providing affordable and good buying options for home buyers.
- Lowered Interest Rates
Banks have cut down the interest rates on housing loans by 0.25%, and this is great news for all property buyers. This has fuelled residential demand of Chennai’s real estate by bringing more buyers to the market.
- Major IT Hub of India
The general purchasing power is greatly enhanced with substantial incomes paid by IT industries, and this has led to a greater buyer optimism. The emergence of multiple SEZ units in Chennai has driven the real estate market in the surrounding areas to meet up with the increased demand for residential spaces.
- Thriving Rental Market
For NRIs or buyers who are not end-users, Chennai has a great rental market that ensures a good rate of rental returns in real estate. For example, IT professionals who are not interested in buying properties because they are unsure about their period of stay opt for rented houses. Renting out houses would provide end users with assured monthly returns and puts the invested property to good use.
All the above reasons make Chennai a highly desirable real estate investment option. So, now is the time to make the right move.
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