It should be accepted that investing in residential properties is one of the safest bets for long term investment. Owning your property whether to live or rent out can be worth rewarding. Buying flats for sale in Chennai has always had the perspective of an excellent way to make a good financial investment for many years.
However, the recent economic uncertainty caused by the pandemic has disrupted investors and they are filled with a question- is it the best time to invest in a flat. If you think of investing in a property and keen to know of the benefits that you get from flats for sale in Chennai, this guide will help you.
How Does It Make Sense To Buy Your Dream Home In Chennai?
Every year is giving birth to a new opportunity to purchase a house for the buyers. A new year with a new home can be an excellent start, but where? Is Chennai the right area for your investment? Do you know that the recent records say that the residential sales of Chennai have been raised by 30%? This indicates to the investors that it is the favorable time to buy their dream properties in their favorite place Chennai.
Chennai, one of the metropolitan cities in the country, possessing the pride of being the capital of Tamil Nadu brings a wide variety of opportunities to different sets of people.
You could notice that almost every Indian language is being spoken by the people at every corner of the street. The wide population has taken the city to have a unique place in the cities of the state. And it is the reason that there is a huge migration of working and other people to the city and kindling their desire to find their home via the search of flats for sale in Chennai. There has been a significant housing demand and increase in the sales of residential properties in the hot locations of Chennai such as OMR, Guduvanchery, Porur ,Padur, and Madhavaram in the last two quarters.
With the rapidly growing population in the metropolitan city, there are the growths in terms of everything to meet the growing demands of people. And this includes the rise of IT hubs and other amenities that would favor the residents.
Chennai serves as the center point of location to many of the tourist spots. Buying flats for sale in Chennai is one of the viable options for your great living and best investment. Whether it is academic growth for your children or employment opportunities, you can find a lot of reputed educational institutions and many great opportunities in the city. It is the hub of numerous prestigious software companies. When it comes to Chennai, you can find a lot of the best places for real estate investment in Chennai.
Great Reasons To Buy Flats For Sale In Chennai
Good appreciation value
Investing in a property in Chennai is a good lifetime asset for the buyer. The city has shown great developments in every aspect in the recent decades and of course, this is going to improve further. Hence buying flats for sale in Chennai that you can get at convenient cost today will become a property of having high appreciation value in the future.
It is well accepted that in some way we depend on the other. And speaking about Chennai, it is a city of diverse people and culture. As you buy a flat and live in Chennai, you get greater opportunities of developing relationships with various cultured people. This helps you to get good bonding with others as well as exposure to different ethos.
When compared with other metropolitan cities of the nation, Chennai is seeing a good rate of growth in terms of the infrastructure. You could have observed that the city is well developed with so many amenities that needed a pleasant and comfortable stay. Moreover, with the Government investing further into developing the city’ infrastructure, the popularity for flats for sale in Chennai is increasing.
There are a lot of employment opportunities available for those looking for career growth. Chennai is the hub for international IT companies, manufacturing and service industries. An important point to be noted down here is most real estate builders develop the projects in closer to such industrial areas. This aids in increasing the value of properties and helps the employees to stay near to their working place. Furthermore, you have plenty of choices to choose for your dream home, when you think of flats for sale in Chennai.
It’s great to live in a community
Life in a community is becoming widespread among the people, especially in this era of increased industrialization. And it is well known that when you choose your residence in a community, it promises a life with good security, comfort and affordable housing.
The best place for entertaining
What’s your hobby? You will have a place in Chennai to make your hobby as the entertaining element. Yes, you can find the right place to have fun in Chennai, no matter what you are interested in. Whether temple or beach or children parks or museum or religious places, you have all areas covered under this vast city.
When you buy flats for sale in Chennai, you can be ready to spend your weekends with the family in areas such as malls, theatres, parks and restaurants. Hence it is considered as a great investment if you spend money on residential properties in Chennai.
It’s a good opportunity for the buyers, now
It is said to be a good investment for value if you can buy for low and sell to high. The present conditions signal investors that it is the very right time to think about flats for sale in Chennai and consider it as a smart investment. If you look at the Knight Frank India report, there are some real estate prices corrections that have been made in major cities such as Pune, Delhi and Chennai by more than 5% in 2020’s first half. These corrections have increased the good things about buying a flat in Chennai and the growth rate of buying is observed to 6.9%. In addition to the price updates, builders are introducing a lot of discounts and look to motivate buyers to sell unsold inventory of properties. And additional happy news for buyers of flats for sale in Chennai is the RBI has reduced the repo rate of home loans to 4% less.
You have best places for your investment
A thought about buying a residential property in Chennai can get you numerous choices of areas and let you pick the best one based on your requirements and happy dwelling. The self-sustainability and the proximity to the industrial areas, educational institutions and necessary amenities of the areas in Chennai, make it an attractive deal to buy a flat in Chennai.
You can find well connected roads that let you travel quickly and easily from one place to another. Which means your curiosity to buy flats for sale in Chennai can be satisfied by a lot of hot areas to reside. Big players in the real estate industry have been covering the prime locations in the city and hence it is not going to be a tough journey for you to find your dream flat in Chennai at a convenient place.
How Does An Own Home Benefit The Buyers Than A Rented House?
It is common wisdom to consider the benefits of owning a home rather than living in a rented house, in the long run. The deeper you go into, significantly good reasons you can find for preferring flats for sale in Chennai. Let us give a few here.
It’s a good investment
One of the compelling reasons that will surely provoke the thought to buy a home is rather than throwing the money on renting a house which is not going to benefit in any other way, buying one makes the sense. Though in some cases, renting may look like a cheaper option and hence you haven’t thought about flats for sale in Chennai, it is the time to change your thought.
The low down payment options, easy home loan facility and deals such as ‘possess and pay’ serve as excellent opportunities to own a home rather than residing in a rented one. On the other hand, buying a home acts as a good investment for your future generations.
You have tax benefits
If you are paying a substantial amount of taxes, then it seems to be a good idea to buy your dream home with the tax benefits that it offers.The tax benefits gained on the principal amount, the interest you pay, added with many more advantages say that it is a smart way to reduce tax by buying flats for sale in Chennai, especially for the first time buyers.
The buyers are able to deduct their mortgage interest at the tax time. Under section 80C, it is possible for the buyers to get the benefit of tax deduction of up to ₹1.5 lakh and it can be claimed on the principal amount paid. With section 24, the buyers are able to claim the benefits, if they buy a property for which construction will be completed within five years.
If you are investing in flats for sale in Chennai means you have a home and you also have an additional source of income. Even if you don’t have a plan to reside, you can rent it and earn income. Moreover, this helps you to pay off your home loan EMI. Since the residential properties of communities will be taken care of by the developers’ association, you have least bothering about the property.
It may require a very less amount to pay as maintenance charges. Buying your dream home through the search for flats for sale in Chennai and renting it out is one of the best investment options for your bright future.
You have the freedom to customize
It’s your home and you have full control over it. You are able to customize or renovate as you like to, by abiding by the building codes. Unlike the rented house where if you have any constraints you couldn’t do anything rather than adjusting with that, you are totally free to do it in your own house. Moreover, the additional facilities or amenities that you add to your house will make the value over it and increase the value of the entire asset.
No landlord is going to pressurize you or no restrictions can be imposed, you have the freedom to arrange anything for your convenience. Flats for sale in Chennai are going to make you a prestigious owner for your own dream property.
Sense of pride
Though you pay for the rent for your residence, you never can feel a sense of pride with a rented house. Will you? Absolutely not! But if you have your own home, you are the king/queen for that. You can be filled out with the feeling it’s entirely yours.
Being an owner of a home that you get by flats for sale in Chennai is an emotional decision. For your home, you are the boss and have the most desired lifestyle without any bar. Living in a rented place only gives you a temporary feeling, but possession of your own home fosters you a sense of pride.
Living in the era of uncertainty, it is becoming important for everyone to secure their future. When it comes to investing most prefer the option of yielding higher return on investment, and here buying residential properties fit right into the choice. If you look to have safe and comfortable housing, then your searching for flats for sale in Chennai and your dream home from a reliable builder can never go wrong. It gives the buyers promising ROI and a secure future.