Being on the list of the 12 most preferred cities in the world for realty investment, it doesn’t come as a surprise to see a wave of positive buyers’ sentiments flowing. Potential home buyers and property seekers are now showing a keen interest in purchasing properties in Chennai for its high ROI (Return on Investment). The appreciating capital values of homes are luring many local and national real estate developers to create many state of the art residential ventures.
The steady housing demand has resulted in creation of many active residential catchment areas. Recent reports suggest that regions along the western side of the city have recorded a high absorption rate. With the affordable segment selling more inventories, builders are now creating an array of homes that meet the needs and demands of MIGs (Middle Income Group) individuals. Peripherals along the East Coast Road, OMR and Poonamallee are bustling with construction activities. Factors like steady infrastructure and the growing IT (Information and Technology) sector have lured many white collared professionals to invest in smaller apartments in Chennai.
With infrastructure being a major element that is roping in a lot of investment, the city has many projects in the pipeline. The Chennai Metro and Mono Rail and the proposed ORR (Outer Ring Road) on National Highway 4 have brought the city on the global map. Renowned real estate developers are now purchasing land in large parcels along these projects only to build extraordinary living spaces. They are now wooing potential home buyers by offering generous living spaces at relatively economical prices.
Neighbourhoods like Oragadam, Ambattur and Sriperumbdur have documented an escalation of 25 percent in the past few years. Depending on the amenities and facilities offered by the builders, an apartment for sale is expected to hover anywhere between Rs 4,000 and Rs 4,500 per square feet. Similarly, realty prices of plots and villas too have seen an appreciation of 18 percent in the past two years. For instance, an individual house for sale in Chennai especially in areas like Oragadam and Ambattur is cited to fall under the price bracket of Rs 2,900 and Rs 5,300 per square feet depending on the facilities offered by the builder.
Apart from being an ideal investment destination, the city fast transforming into becoming a rental hub. The growing IT sector has attracted a fair share of the floating population and migrants are now showing a keen interest in renting out spaces close to their office spaces. Investors and second time home buyers are now tapping into this demand and are purchasing properties only to rent them out on a later date. A 2 BHK apartment in ECR is easily capable of churning out rental yields anywhere between Rs 12 and Rs 22 per square feet per month making the market a haven for many investors.
Utilize this opportunity at your best and invest in properties in Chennai as they not only promise high return on investment but they also generate high rental returns making this market a hit amongst many investors and property seekers.