Chennai is the capital city of the state of Tamil Nadu. Formerly known as Madras, the city is the epicentre of culture and business on the Coromandel Coast of India. Here are five reasons that make Apartments in Chennai an excellent choice for future investment purposes.
Located off the coast of Bay of Bengal, Chennai is the cultural hub and capital city of Tamil Nadu. It is the biggest cultural and economic hub of South India and is the fifth largest city in the country. Here are five reasons that make buying an apartment in Chennai, an excellent decision:
- The Upcoming North Chennai
North Chennai is the next best thing in Chennai. The area saw heavy development in the year of 2016 with numerous world class projects making their way to the area. It is the new and upcoming area of Chennai with affordable housing solutions and plenty of amenities. The long list of upcoming projects that offer world class amenities at attractive prices surely makes it the next residential hubspot which also ensure excellent returns on your investment.
- Chennai Metro
The Phase II of Chennai Metro will soon be brought into effect which will have 3 corridors and more than 104 stations. The onset of metros will offer connectivity to different parts of the city making it easier to traverse the vast area of Chennai. The metro Rail Phase II is a 44,000-crore project that is bound to drive up the real estate prices in the future. This helps you ensure a healthy return on your investment by buying apartments in Chennai that offers metro rail connectivity.
- Affordable solutions
Chennai offers incredibly competitive property prices when compared to its other metropolitan counterparts like Mumbai, Delhi and Bangalore. The city offers even cheaper options in the upcoming suburbs of North Chennai which offers a 2BHK at the nominal rate of Rs 4300 per square feet. This low price makes Chennai an excellent choice to buy your next apartment.
- Aftermath of Cyclone Vardah can get you exciting deals
The recent disaster struck by Cyclone Vardah has left the real estate market of Chennai in tatters. The city has seen fewer sales in the past few months which has considerably reduced the overall price rates in many parts of Chennai. The reduction of price helps you bargain more on the property rates thereby helping you increase the returns in the future. Hence, if you plan on buying an Apartment in Chennai, this is one of the best times as the real estate market is currently running low.
- RERA Bill
The recently passed RERA bill by the state government of Tamil Nadu has brought about a lot of new changes in the real estate business. The bill has increased the cost of compliance which has driven up the cost of construction in the state. The overall increase in the cost of construction is sure to raise the property prices in the coming months. Hence, this is the best time to buy property in Chennai before the RERA bill drives the prices up.
Chennai has always been an educational and cultural hub of South India. With beautiful coastal backdrop and an excellent infrastructure, the city is one of the best Metropolitans to purchase an apartment and live. The above-stated reasons will help you understand that why buying property in Chennai is the right decision for you.