Table of Contents
- Why Invest in Lands in Chennai?
- Tips to Invest in Plots in Chennai
- Best Areas in Chennai to Buy Land
- Frequently Asked Questions
Why Invest in Lands in Chennai?
There are various factors that drive homebuyers and investors to invest in land in Chennai. Some of the significant factors are:
- Buying land in Chennai offers a better return on investment as a result of infrastructural development activities and economic expansion.
- Chennai is a growing metropolitan city with significant growth and development, with a wide range of job opportunities, industries, and businesses attracting residents from across the country.
- There are a lot of policies and initiatives introduced by the Chennai Metropolitan Development Authority and the Government of Tamil Nadu for the overall stability and growth of the real estate market.
- Continuous infrastructural growth and development is also a significant factor in driving real estate demand.
- Investing in land also offers freedom when compared to other residential housing options. The property value appreciation is also quite high.
Tips to Invest in Plots in Chennai
Chennai is popularly known for its thriving economy, rich cultural legacy, and strong infrastructure. Due to all these factors, Chennai presents itself as an ideal choice for real estate investment. It is one of the most significant hubs for trade and business owing to its well-developed transportation via airways and seaways. This draws in a wide range of foreign workers and professionals, which will eventually increase the demand for residential housing. Purchasing land in Chennai would be a great choice for real estate investment as it encompasses various benefits. There are a few significant tips that’ll help you make your purchase smooth.
1. Conduct In-depth Research
Research thoroughly to make sure that the investment is worthy. Some of the things that you should consider while researching are transportation, water, drainage, location, landscapes, and more. It is also significant to check the residential and commercial projects in the neighborhood. Some of the areas in Chennai that are considered hotspots for investing in land are Perumbakkam, Guduvanchery, Medavakkam, Pallikaranai, and Thiruvallur.
2. Floor Space Index
FSI refers to the largest floor area that may be constructed on a given plot of land by a builder. The ratio of the covered area of the building floor to the total area of the land is known as the FSI. FSI varies depending on the location in accordance with the guidelines established by the local government. Make sure that the land you purchase has higher FSI for better utilization.
3. Legal Verification
Legal verification is an integral part of buying land. Some of the significant things to be taken into consideration are title verification, encumbrance certificates, and patta and chitta documents. While purchasing, make sure that the plot is not designated as agricultural land by the authorities and also has CMDA approval. Obtaining an original copy of the sale deed and agreement will ensure ownership of the plot.
4. Financial Considerations
Another significant factor is the price and budget. In recent days, demand has been higher than supply, so it is essential to ensure that you are quoted a higher price for the land. Check the market trends and value of the land before making a purchase to get an overall idea. While researching the market value, make sure that you have taken your budget into consideration when finding plots based on it. Land loans are also proven to be an effective choice for homebuyers and investors while purchasing land.
5. Future Development Plans
Significant progress has been made in Chennai’s infrastructure, including the building of flyovers, the enlargement of roadways, and the enhancement of public transit networks. The upcoming metro projects will add to the infrastructural development, aiming at offering seamless commuting to the residents. Additionally, the city features a sizable harbor and an international airport that support trade and business. All these infrastructural developments contribute to the overall development and growth, resulting in property value appreciation.
Best Areas in Chennai to Buy Land
1. Perumbakkam
Perumbakkam is one of the most promising localities in Chennai. It is transforming into a residential hub with growing infrastructure and essential amenities. The properties in Perumbakkam have seen a significant increase in the recent years as a result of the on-going demand. It also offers excellent connectivity to other parts of the city which makes commuting easy for residents.
2. Guduvanchery
Guduvanchery with all the essential amenities has emerged as one of the most preferred destination to invest in plots in Chennai. It offers a wide range of affordable plots in different sizes with a predominant focus on the residential housing. Guduvanchery’s strategic location connects it with the key areas in Chennai. The presence of various employment hubs within the belt is also a key factors for the increasing demand for plots in Guduvanchery.
3. Medavakkam
Medavakkam a bustling residential locality in Chennai, is known for its infrastructural development and seamless connectivity. Owing to all the available amenities it offers, Medavakkam attracts residents from across the city. This eventually increases the demand for residential plots, contributing to higher property value appreciation and a greater return on investment. Proximity to various IT corridors along OMR is also a significant contributor to the increasing demand for plots in Medavakkam.
4. Pallikaranai
Pallikaranai is one of the rapidly expanding residential regions located in closer proximity to other established areas like Velachery, Thoraipakkam, and Perungudi. This allows residents to commute easily without compromising on the quality or lifestyle of their choice. Thus, Pallikaranai is one of the best places to invest in a plot in Chennai. It offers a wide range of budget-friendly plots that meet the needs of buyers.
5. Thiruvallur
Thiruvallur is a rapidly growing suburb situated in the outskirts of Chennai. In the recent years, it has experienced significant infrastructural growth and upgrades. It has become an industrial hotspot with ample job opportunities. Thiruvallur has a well-developed communication network and transport system. This further boosts the demand for plots in Thiruvallur with a promising future for its residents.
Frequently Asked Questions
1. How can I buy residential plots in Chennai?
Purchasing a residential plot in Chennai requires careful consideration and proper planning. However, purchasing a plot is made easy with roofandfloor. At RoofandFloor, you can find plots based on your preferences with zero charges. So, you can choose the plots of your choice without any hassle at your own pace.
2. What is the right time to buy land in Chennai?
One of the crucial factors to consider is when you make your purchase. As Chennai is expanding quickly, land is constantly in demand. However, the costs might vary based on market trends. So before making a purchase, it’s important to follow the current trends to find the right time to buy land in Chennai.
3. What is the monthly installment schemes (EMI) for plots in Chennai?
The monthly installment schemes for plots in Chennai allow you to buy plots in EMI by paying a minimum of 25% to 50% upfront and the rest in EMI. This option would be an ideal choice for people looking to purchase plots but who do not have ready cash.
4. What are the documents required to buy a plot in Chennai in 2024?
Some of the significant documents that are required for the purchase of plots in Chennai in 2024 are the title deed, encumbrance certificate, non-agricultural land order, certificates of approval, and tax receipts.
5. How is the real estate market for plots in Chennai?
The real estate market for plots in Chennai is thriving, as Chennai is the largest industrial and commercial center in South India. The surging demand for plots in Chennai can be traced back to the growing economy. The approximate cost of plots in Chennai ranges from 15 lakhs to 1.5 crores.