Clearing some myths about Chennai Properties

For the last decade, the demand for developed plots and homes have arisen in Chennai, south India’s emerging lifestyle destination. It is offering opportunities to homebuyers within the urban sprawl and others who live and work. There are two kinds of people-those who wait for ‘right time’ to invest and the other, who prefer to grab the opportunity and  ‘buy’ with loans and other EMI schemes. As the city and suburbs expand, Chennai properties have undergone a sea change with the skyline metamorphing every decade. But there is a sticky wicket between the DTCP approved plots and those approved by Panchayats, especially in the suburban areas.  This is affecting the buyers’ decision to invest. Some have moved on to greener pastures in Madurai and Kanchipuram where there is more breathing space in terms of flexibility of approvals.  Let’s clear some myths and offer a snapshot of deals that may be user friendly.

 

Why people looking for alternate locations?

 

The norms for buying land are very rigorous. Different rules and regulations have deterred several buyers’ decision to buy developed homes or even plots. As the cost of production, construction materials and resources double up so is the case with the loan costs going upwards. But buyers do believe that property investment is the best for the long run hence are willing to squeeze funds for the same. In urban sectors, the Chennai propertieshave crossed inflation levels. But on the flip side the industrial development, better connectivity and infrastructure expansion have turned the place into an attractive lifestyle destination. Now residents do not have to go very far to buy homes. No wonder the prices are very high.

 

While existing homes crumble there is a need to have more space. As suburbs are also not offering the best prices, people are moving on the outskirts. And the biggest reason for this movement is the competition between the DTCP approvals and those of the Panchayats. Imagine even 60 kms away from Chennai in places like Sunguvarchathram, Padappai, Wallajabad the prices are more than 700 per sq foot. Yes a few developed units like SingaperumalKoil, Oragadam and Sriperumbudur are much better and wise investments. But they can get congested if everyone goes there. As people look for other options, Madurai and Kanchipuram are in the race to offer some exciting properties. Both are emerging as probable destinations to make second homes.

 

What makes Madurai and Kanchipuram safe home bets?

 

When it comes to buying a property, land or homes, the location is extremely important. Next the developer and assurances of approvals is on the mind. Towns like Madurai and Kanchipuram are excellent destinations and alternates to Chennai properties. If a developer offers the following, then the company is quite desirable and safe for buying individual plots and homes:

 

1.       Good view, accessibility and connectivity to transports to other areas.

2.       Supportive infrastructure

3.       Transparent deals with approvals with right authorities

4.       Through documentation processes

5.       Offers service guidelines and client satisfaction