ABCs of Buying an Apartment in Chennai

As you put your first step on the soils of Tamil Nadu’s famous metropolitan Chennai, you would probably be bombarded with colors and culture. Every nook and corner of the city is adorned with history etched in the walls and temples. While your eyes treat on these mini monuments at every turn, you may even find magnificent IT and industrial hubs located at strategic places.

One of the main cities in India, this place has a high demand for properties from national as well as international residents. To find a splendid apartment in Chennai with a superb view, all the latest amenities as well as a safe locality, may be a difficult thing, especially if you are new to the city. This article has mentioned the first few steps in understanding the real estate market and buying property.

Apartment Demand

Residential properly in Chennai is on a hot demand currently, as service sector is taking over most jobs in this city. For mid level employees, investing in an independent bungalow would be out of budget, thus, most prefer small apartments.

Currently, resale and fresh three BHK apartments are the best investment choice in this city. Areas like T Nagar, Chrompet, Naganallur, Nolumbur, Anna Nagar, Adyar and Besant Nagar are gearing up for new development that offer well planned houses and all the other amenities.

Budgeting

As the IT/ITES sector is gaining speed especially after the recession, the demand of 3 BHK fresh and resale have gone up considerably. In fact, from 1000-1200 square feet homes in recession, people are now looking for 1400-1500 square feet homes. However, you need to consider that your budget may be hiked from five percent to thirty percent, depending on the area. A great place to find cheap apartments would be the upcoming space of Madhya Kailash, Sholinagnallur. If you are looking at an investment opportunity then OMR, GST and main city areas are just right for you, as the property rates here are set to increase to a whopping twenty percent in the coming years.

Community Living

Just like houses in Delhi, Chennai builders are now looking at a building communities and localities. These offer luxury living at a decent cost, including additions like gymnasiums, game areas, manual and technology based security, jogging tracks, parks, gardens and children play spaces. Located centrally, yet away from noise and pollution, ensure that you get the finest homes.

Once you have understood the real estate market of this city, you are ready to enter markets to buy your own piece of heaven. Keep the ABC’s in mind and go ahead with your dealer.

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