Are you looking to make a real estate investment in Chennai? The market for real estate in Chennai is booming, and in this blog, we have discussed why investment in the outskirts of Chennai is a good call today!
Real estate in Chennai
Real estate in Chennai is on its way back up the ladder after reaching a temporary low point, courtesy, the coronavirus pandemic. As India is facing the aftermath of the pandemic, the real estate market is bouncing back faster than expected. So, if you are looking to make a real estate investment in Chennai, now is the right time!
Real estate investment is one of the most popular avenues of investment, for it is an investment that guarantees consistent and solid returns. Chennai’s real estate scene has always been healthy and experienced good growth with the steady development across various sectors in the city, especially the IT and Corporate sectors. These two sectors have paved the way for real estate advancements in the city – in both the residential and commercial real estate verticals.
Opportunities for real estate investment in Chennai are robust today, with the city undergoing rapid development. This growth in the real estate sector must be credited to the thriving IT sector, healthcare institutions, and industrial and infrastructural growth.
|According to an article by The New Indian Express, Chennai recorded a 93 percent year-on-year increase in residential demand in the first half of 2021 as sales jumped from 2,981 in the first half of 2020 to 5,751 units sold in the first half of this year.|
And as reported by The Hindu’s Business Line, the residential sales had improved by 59 percent in the December 2020 quarter.
Today, when you decide to make a real estate investment in Chennai, investment in Chennai outskirts crops up a solid option. The outskirts of Chennai offers heavy investment potential, as it houses a majority of the city’s IT and corporate belts.
While companies like Chennai Petroleum Corporation, Indian Oil, Manali Petrochemicals, and other IT and ITeS corporate agencies have contributed majorly to the real estate sector in North Chennai, South Chennai has its own set of IT belt and the emergence of several Special Economic Zones (SEZs) on GST Road to thank for its real estate growth. OMR is another hub for software and IT companies, and it is a well-developed area today, with a lot of potential for real estate investment in Chennai.
This industrial and infrastructural development in areas like South and North Chennai, ECR, OMR, Poonamallee and more, contribute majorly to Chennai’s real estate scenario, making an investment in Chennai outskirts a smart investment today.
Let us discuss in detail why real estate investment in Chennai outskirts is a good idea today!
Why you should invest in the outskirts of Chennai
Investment in Chennai outskirts is currently an excellent decision for the city’s outskirts houses IT, and corporate belts, thereby paving the way for commercial and residential real estate development. With a well-developed infrastructure and streamlined connectivity, these areas offer attractive avenues for real estate investment in Chennai.
Here are 8 reasons why investment in Chennai outskirts is a great idea today!
1. Chennai outskirts offer a galore of investment opportunities
Investment in Chennai outskirts offers scope for not just residential properties but also commercial properties. The areas that house the city’s IT and Corporate corridors have created an ongoing demand for commercial and residential real estate investment in Chennai. As an investor, you can choose whether you want to invest in a residential property or a commercial one. Both have great demand in these areas, thereby making an investment in Chennai outskirts an attractive avenue.
2. Job opportunities
It is not news that the city’s software and corporate industries have germinated and grown well in the past decade. Most of the IT and corporate offices are located on the outskirts of the city, and this attracts a pool of human capital to these areas. Therefore, investment in Chennai outskirts is a fruitful idea for it also comes bearing abundant job opportunities in the IT and Corporate sectors.
3. Low prices, better amenities
Another reason why investment in Chennai outskirts is a great option is that land prices in these areas are relatively lower than those in the city’s inner parts. For this reason, you can buy a bigger apartment for a much lower price with a real estate investment in Chennai outskirts. What’s more? In case you are making a real estate investment in these areas, you will be able to avail an array of irresistible, advanced amenities which are sure to elevate your lifestyle at an affordable price.
4. Chennai’s outskirts have a great potential for development
Investment in Chennai outskirts might look bleak in terms of appreciation today. But keep in mind that the low capital you put in today has the scope of giving you returns in multi-fold in the coming years. Areas that fall under the outskirts of Chennai are going through rapid development, with most areas already bagging the tag of being prime locations. For example, Sriperumbudur, Oragadam, Guduvanchery, ECR, Poonamallee and more are considered the fastest-growing outskirts of Chennai. There is constant infrastructural work happening in and around these areas that put them on the race to become prime investment options. Therefore, investment in Chennai outskirts guarantees higher returns in the future for the minimum investment you make today.
5. The city’s outskirts are going through consistent expansion
With the population of Chennai on the rise, along with migrants moving into the city looking to get settled here, the city is growing outwards – this means that there is heavy demand for housing, and the outskirts of Chennai are also being urbanised with a growing amount of occupants. This, coupled with the job opportunities available, courtesy, the presence of the endless IT and corporate offices, makes areas in the outskirts of Chennai fruitful options for making an investment in Chennai.
6. Properties in the outskirts of Chennai have good appreciation
As pointed out before, the prices of properties in the outskirts of the city are relatively lower compared to the rates prevalent in the inner regions of the city. Therefore, by making an investment in Chennai outskirts, you will be reaping a higher return on investment. With the rapid development happening in these areas, they will no longer be outskirts but will soon be considered an integral part of Chennai city itself. This urbanization will result in a higher appreciation of assets in these areas, which makes now the right time to make a real estate investment in Chennai.
7. Life in Chennai’s outskirts is a peaceful one
Despite the ongoing development in these areas, the outskirts of Chennai still offer a relatively calmer life compared to the bustling life that the main city of Chennai houses. If you are someone who wants to get away from the hustle and bustle of the city, making an investment in Chennai outskirts is a wise move. Apartments in the outskirts are spaced out and well-ventilated, unlike the ones within the city. This guarantees a life that is calm and more peaceful compared to the one that the city offers.
Porur which was once considered an area in the outskirts of Chennai, is now an integral part of the city, thanks to the tremendous infrastructural development in terms of residential, commercial, transportation, and lifestyle-based amenities. Today, it is a well-developed area, with great appreciation and excellent connectivity to all major parts of the city.
The areas in the outskirts of Chennai are fast-appreciating, making them star candidates for real estate investment in Chennai.
If you are someone who has an investment in Chennai outskirts, let our readers know the things to keep in mind while making an investment in Chennai.
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