11 Reasons to Invest in Chennai Real Estate

Chennai is known for many things – like food, culture and beaches. The beautiful sea facing East Coast Road, has given Chennai the required jump in real estate. With amazing properties within your budget –Living in Chennai is perfect.

Haven’t we all at one time or the other dreamt of being near the Ocean; the distinct smell, the sound of the waves at night, the look of the rising sun at dawn – Yes, we do wish we could own a condo on the beach. If we could stretch a little, even a beautiful beach house would do. But alas, where would we get good, affordable beach facing flats or houses? Well, you needn’t look any further. The answer is Chennai. The residential properties of Chennai are not only affordable, but also infused with all the world class features that you could think about.

Chennai Skyline

#11) Metropolitan City

Few years ago, Chennai wasn’t even considered in the category as one of the top property investment in Asia, but in 2014 it jumped the ranks and surprised everyone by taking the 22nd seat in the emerging trends in real estate in Asia. It is the 4th largest metropolitan city post Mumbai, Delhi and Kolkata and is 37th in the world. Few years ago when people when they thought about investing, they rarely considered Chennai to be an option. Today Chennai stands to be one of the greater competitors in India in terms of property investment.

#10) East Coast Road

The best option for a beach view property is to look for them on the East Coast Road (ECR). This stretch is along the Bay of Bengal connecting Chennai and Cuddalore via Pondicherry. ECR in Chennai has sprung up with some amazing projects ranging from flats to independent bungalows. Your budget and requirement would eventually decide where you would live.

#9) Affordable Investments

Buying a property in Chennai is considerably lower than any other metropolitan city (especially one that has the options of beach facing condos). For example you cannot even consider Mumbai in terms of beach facing property investment, unless you have a humongous bank balance.

In ECR you have a wide variety of independent house villas, flats etc; starting from a little as 22 Lakh and going up to 2 Crore Plus. Look at the table below, for more information on price and some of the properties available.

SL. No.

Property

Type

Rooms

Size(sq ft)

Price

1. Oceanique Apartment 2 BHK 1252 72 lac
3 BHK 1633-1634 94 lac
2 Boat Club II Independent house/ Villa 4 BHK 6913 1.1cr
2 BHK 4278 62.48 lac
3 VGN Costa Apartment 4 4612 2.4 cr
3 2536-2870 1.32-1.49 cr
2 2251 1.17cr
4 Empire Estate House/Villa 4 2472 54.38 lac
3 1473-1475 32.4-32.45 lac
5 ECR Villas Villas 4 2400 60.47-78.22 lac
3 2400 1 cr
6 Vimosh Estillo

Studios and Micro

Studios

House and villa 1 660 22 lac
3 900 62.55 lac
     
Source: 99acres.com

Apart from this you could also buy a piece of land and build your own home. The land sizes vary from 1500 sq ft. – 1176130 sq ft and the price ranges from 6 – 58 lakh.

#8) Low Living Cost

The cost of living is way lower that the other metropolitan cities. For example Rent in comparison to Mumbai is 59%(rounded off) lower, restaurant prices are 35% lower, consumer prices are 12% lower and purchasing power in Chennai is 21% higher than Mumbai.

#7) IT Hub

Chennai is aiming to become the biggest IT hub in India; that would automatically make the property prices shoot up in no time. ECR is not only a beach facing hotspot for amazing real estate, but also the fact that is it near OMR (Old Mahabalipuram Road) or the IT Corridor that makes it absolutely perfect. Leading IT companies like Infosys, Accenture, TCS, and Cognizant etc. are already located here.  The airport is about 16 kms and the central station is 19 kms, shopping complexes and various entertainment centers are next door. You have a life which is perfectly balanced with work and pleasure.

#6) Increase in Work Flow

Chennai is not only growing in terms of the IT sector, but also in healthcare, pharmaceuticals, automobiles etc. This also increases the influx of more work opportunities and people. More people mean more requirement of property – both rent and investment. The low cost of beach facing housing is a temporary phase, as soon as the infrastructure development reaches completion, the prices would shoot up instantly.

#5) Natural Calamities

Post Tsunami everyone got scared and the property value in Chennai dropped. It was the biggest slump in terms of real estate for Chennai. But the conditions have completely altered now. Since 2004 Chennai has not seen any major destruction. It has taken a huge leap in the last 10 years and is not looking back.

#4) Low Crime Rate

Chennai has a relatively low crime rate. Women feel much safer here, compared to other cities in India.  Chennai ranks 34th out of 35 cities across India in relations with crimes against women. Other crimes also are hardly noted.

#3) Heritages & Culture

This city has the perfect blend of the old and the new. With culture and heritage, it also gives you all the modern amenities that you would demand from any city. It has beautiful tourist places ranging from religious to relics of old British colonial times. If you want to make a weekend of it, there are many such exotic locations in and around Chennai that would definitely. Even the beautiful French colonies of Pondicherry are just 3 hrs away by car.

#2) Leisure and Entertainment

Chennai is for all ages. You have a wide array of restaurants, bars, clubs etc; for a very happening night life. The food is exceptional in this city. If you have a palette to try something new, you should opt for the local cuisine. Both vegetarian and non-vegetarian are heaven to try. But if you are not in the mood for something different you get ever single cuisine that you might desire in Chennai.

#1) Future

Chennai has propped up with various corporate houses and offices, most of which are permanent settlement, and the prediction is that by 2015 the real estate market would grow up to 90 billion dollars. It is the most promising real estate market in today’s day and age.

ECR is like a little piece of heaven, your own sanctuary of peace and serenity, without the feel of the busy city life. With the ocean at your doorstep and luxury in your home, you life definitely would become exponentially better. Chennai is a pleasant surprise for anyone who visits there or relocates there. The beauty and charm of their warm hearted people, makes this a city worth living.

AuthorAuthor Bio: Trisha is a professional writer and adviser on property and real estate. She is an ardent reader, a traveler and a passionate photographer. She wants to explore the world and write about whatever comes across her way.

Google+: https://plus.google.com/u/0/102741088526381188418/posts

LinkedIn: https://www.linkedin.com/in/trishamukerjee

Sources:

Http://www.pacificacompanies.co.in/real_estate_in_chennai.html

Http://tamilelibrary.org/teli/chennai1.html

Http://itpi.org.in/files/oct3_11.pdf

Http://en.wikipedia.org/wiki/East_Coast_Road

Http://en.wikipedia.org/wiki/Rajiv_Gandhi_Salai

Http://timesofindia.indiatimes.com/city/chennai/Chennai-safest-for-women-crime-bureau-data-shows/articleshow/7369225.cms

Http://www.numbeo.com/cost-of-living/compare_cities.jsp?Country1=India&country2=India&city1=Mumbai&city2=Chennai

Http://www.financialexpress.com/news/real-estate-investors-pick-chennai-over-mumbai-delhi-pwc-survey/1206014

Image Source: http://upload.wikimedia.org/wikipedia/commons/f/ff/Chennai_skyline.JPG

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