Chennai’s Rising Property Market
The property market in Chennai is booming. 2014 saw more than sixteen thousand new project launches in the real estate sector in Chennai. With the metro becoming fully operational, Chennai has become the best place to invest especially in southern India. Before buying or renting a flat in Chennai, there are some things one needs to take into account.
- Plot area
- Floor Preferences if any
- Location Preferences if any. The flat could be facing a park or the main road or a little away from the main road.
- Locality Preferences such as residential locality, city centre or old localities, upcoming localities and much more.
- Ownership preferences (leased or free hold)
- The affordable price range according to your budget
- Size and look of the rooms
- Neighbouring flat owners: if an aged couple moves in a flat adjacent to a bunch of college going kids, it might be possible that they face certain problems.
- Parking facilities
- Recreational facilities like jogging tracks, gym facilities, club facilities and much more
Other factors that one must consider are distances from Office areas, schools and colleges, location of the markets, medical facilities and hospitals, Bus stops, Railway station or Airport.
It is important to understand that it is not possible to have a flat in Chennai which would fulfil all the criteria. Also, the more the facilities one would look for, the higher the price. Prioritize which points are absolutely important according to you and then start house hunting.
Other vital facts to check on if you are buying a flat in Chennai include:
- Promoter and his/her reputation in real estate
- Past projects of the developers
- Whether the title of the property stands clear
- Any pending complications about the property
- Whether the flat is worth the quoted price: double check on the prevailing square feet rates in that area
- Details of the common areas in the flat
- Specifications of the construction of the apartment: whether specified standards have been met or not.
- Legal or any other permission or documentation that might be required
It is always advisable to go for a thorough online search before shifting to an apartment in a new city. The best websites for searching for flats in Chennai are:
These websites have a host of listings of flats available on rent or for sale, in Chennai with proper contact details, details of the facilities available, user reviews and photographs of the places. The websites act as the common meeting ground for those who want to rent out or sell their flats and apartments and those who are looking for a flat.
The best areas for investment in property in Chennai include:
- Old Mahabalipuram Road
- Chinmaya Nagar
- Milk Colony
- Maraimalai Nagar
Thus, this article aims to make the lives of those who are looking for flats in Chennai, a little easier.