If you’re a home buyer in Chennai, you’ve probably got one thing on your mind – finding a property that grows in value like your parents’ generation. Chances are you’re also concerned about the rumoured slowdown in the real estate market and just can’t seem to find the right property to confidently purchase.
Home buyers from the middle income group can no longer afford property in locations such as Nungambakkam, T.Nagar, Adayar and Besant Nagar. So what is one to do? Purchasing homes in the outskirts means that working professionals will have to extend travel times, facilities will be scarce in comparison, connectivity will be limited and one may feel cut off from city life altogether.
The great news, however, is that the western region of Chennai is offering a whole range of options to those who are facing these issues in their search for the perfect home. Projects in prime localities in the western region such as Anna Nagar, Mogappair, Ashok Nagar and KK Nagar are priced at an approximate rate of Rs 8500 per sq. ft whereas projects in Padi, Mogapair, Nolambur, Poonamaallee, Porur, Ambathur, and Nandambakkam are priced between Rs. 4,000 and Rs. 6,000 per sq.ft.
Source: Knight Frank Research
Projects in the abovementioned areas find buyers who are predominantly in white collared jobs. Some of the reasons that are driving them to invest in homes in West Chennai are:
1. Increasing rental and selling prices that make it ideal for investments
2. Proposed phase 2 of the Metro Rail project which aims to connect the western region to the central parts of the city as well as development of the Outer Ring Road which will enhance connectivity
3. Large self-sustaining township developments which have all the facilities that buyers are looking for and more
4. Proximity to industrial plants that are being set up in the area, making it perfect for their employees to buy homes nearby
5. The rising trend of A grade developers who are choosing to invest in high and mid-end residential projects in these areas
Developers are also going out of their way to woo prospective home buyers by including additional amenities such as power backup systems, water and sewage treatment plants, supermarkets, medical stores, sporting facilities, and in some cases even transport facilities from the township to the railway station and bus stop.
As for fears of the real estate market facing a slump goes, a report by realty consultants Knight Frank India states that although new launches have dipped from 44 per cent (Jan – June 2014) to 36 per cent (Jan – June 2015), sales have remained steady. Furthermore, they clarify that although there would be no immediate rise in prices, the city would witness an 8-10 per cent growth in capital values in the next 12-15 months.
Buying property is a decision that needs both rational and emotional inputs. It also requires guidance from real estate experts. If you need assistance with finding your dream home, all you have to do is log on to www.roofandfloor.com.