Real estate in Chennai is growing at a very rapid pace in southern India as it is expected to fetch higher returns. Market analysts are strongly recommending to invest in Chennai market.
Captured below are the reasons why one should invest in the Chennai real estate
Chennai appears as a lucrative market.
Many global market surveys have recognized Chennai as a strong property market with very high future trend value. These surveys have managed to create a strong hype among Indians and NRIs. The prospect of higher returns has forced investors from all over to hit the Chennai market.
Local infrastructural projects
The value of property is also measured by local infrastructure. Chennai has several ongoing infrastructural projects, like the metro extension, underground drainage, rapid transit system, sub-urban railway extensions and bus terminals. Connectivity of a region is crucial in terms of valuation and demand. There are several ongoing expressway projects in Chennai, which will take the connectivity to a completely new level. Faster roads will directly help in saving the most precious commodity, time. These projects have significantly fuelled the demand of real estate in Chennai and has played an instrumental role in attracting investors from all parts of the globe.
Lowered interest rate
Financial institutes have lowered the interest rates for home loans. Property investors will manage to save a lot of money due to this changed scenario. The huge potential in the Chennai market might result in a big hike in future property prices. Thus, people investing in the current market are expected to fetch higher returns in future. Residential property in Chennai sees a good demand with a wave of positivity amongst the buyers.
IT hub of the Region
With many Giant IT firms entering into the space, there has been a drastic change in the overall market dynamics. The IT sector is known to be one of the best paying industries. The IT hubs in Chennai have pulled a lot of professionals from all parts of India and also abroad. This has boosted the upper-middle class population of the area. The general purchasing power of the people has also increased in this area. This has directly impacted the demand dynamics of residential property in Chennai.
Property depreciation in Chennai is much lower as compared to other cities. The structural quality of the properties is above the usual standard. The constant rise in demand has also resulted in a lower depreciation value.
Future potential of the employment market
The employment market of Chennai is expected to do well in near future. Purchasing a property is directly dependent on the employment status of the region. Thus, a proper employment market will contribute towards a boosted property market.
property in Chennai also showcases a vibrant market due to the number of promising projects that offer top notch amenities, state of the art infrastructure and much more. So, it appears as a great bet for the end users that dominate most of the city market and also the end users.