Homes, apartments, townships, luxury flats and what-not have today become part and parcel of life in Chennai. Wherever one goes, one can see new high-rise apartments being constructed, new villas coming or new townships becoming landmarks in different parts of the city. In this huge concrete jungle, how does one decide where to invest?
Once a place that was deserted, the road now wears a new look and name (Rajiv Gandhi Salai), with IT companies, commercial complexes and star hotels dotting the sides of the road. Definitely the hottest place to invest in property in Chennai right now. Good appreciation is predicted and it also gives great rental income if you are an NRI looking for investment.
2. ECR (East Coast Road), Chennai
The place known for its hotels, beach resorts and weekend parties. ECR offers a calm reprieve outside the bustle of the city, yet quite easily accessible to the centre of the city. Go for a beach-view apartment along the ECR and let the calm, beautiful home do the work in increasing your money!
3. Velachery, Chennai
Another part of the city that has grown phenomenally in the last few years. Velachery and the areas surrounding it – Madipakkam, Medavakkam and Pallikaranai – are the new hot names in the Chennai real estate scene. Exquisite apartments are available at budget rates, which will offer a definite appreciation in future.
Some of the other up and coming areas include –
Sriperambadur – predicted to be the new face of Chennai in a few years
Thirmangalam – think of it as an ‘extended’ Anna Nagar
These are just some of the hottest real estate areas and the list does not end here. Always remember to do your research thoroughly and be doubly-sure of where your money is going before making the final decision. We at MARG Properties are always willing to help and guide you through the process of building your dream home with us!
The Chennai residential property market’s growth over the last few years has been amazing. The residential property market growth is in tandem with the overall economic growth, and the entire real estate segment.
Home to several important industries such as IT/ITES, automobile, education, entertainment, Chennai commands great respect amongst the cities in India. Chennai is known for its safety, infrastructure, quality of life, and low living costs compared to other cities in India. Property value is fast appreciating and yet affordable to many; likewise rental rates are far lesser than other cities.
In up market areas the rate per square feet ranges anywhere between 8,000 to 33,000 Indian rupees. Chennai’s up market areas include Adyar, Alwarpet, Boat Club, Besant nagar, Raja Annamalaipuram, Nungambakkam, Greenways road and Radhakrishnan Salai. Other hot areas include Mylapore, Royapettah, Velacherry, Loyds Road, Tiruvanmiyur, Anna Nagar where the prices per square feet range between 4000 and 7000 Indian rupees. The prices indicate average prices only.
Although each area has a certain market rate within that area depending on the street, proximity to the main road and other facilities such as hospitals, post office, schools etc the price will vary. Pricing also depends on the amenities and facilities offered by the residential builders.
Buying an apartment in the heart of Chennai would cost you 3.5 to 6 crore Indian rupees. However compare it to other cities such as Bombay, and Delhi you will be able to find an apartment for this range a little away from the city.
After the Tsunami property prices did drop considerably, but over a period of time the Chennai property market has stabilized. Now there is more demand than supply thanks to the influx of multinational companies in Chennai, the volume of jobs being generated and also migrants from other cities. Residential apartment builders are launching new projects to meet the augmenting demand for properties across Chennai.
Chennai is becoming a potpourri of culture and the changing scenario is reflected in the city’s buildings as well. Drive around Chennai and you will see modern apartment complexes with state of the art facilities.
Buying a property can seem overwhelming, however you can simplify the whole process by drawing a checklist of all the formalities involved, documents required, budget and of course the list of government offices you will need to visit. Prepare a comprehensive list of government office addresses with route map, telephone numbers, the names and positions of people at these offices if possible, places where you can buy stamp paper, the commission you may need to pay people in the process.
Once you have agreed on the buying price with the seller check all the original documents from the mother document to the current document. Don’t ever accept a photocopy of the original document. Insist and verify the original document. This will will help you ensure that the seller is indeed the actual owner of the property. Also, verify if there are legal heirs to the owner and if required ask for a no objection certificate from the legal heirs. This is to avoid any kind of possible legal battle over the property in future.
Physically visit the property; contact the area surveyor and measure your land. Cross check the documents in the sub registrar’s office. Thoroughly enquire if the price the seller has quoted is the market value of the property. If possible enquire with neighbours around the property you propose to buy. Ascertain the value of the plot, survey number and patta. Insist on an encumbrance certificate for the last 20 years atleast and also check if the property tax is paid up to date.
Another important point is that the plot must be approved by PANCHAYATS: CMDA / DTCP / MMDA. Clarify which category the property belongs to: RESIDENTIAL, Commercial, Non Residential, Industrial and Special zone.
The property must be free from mortgage. Once you have collected all the information hire a lawyer and get the douments verified thoroughly. Should you want to apply for a bank loan then you definitely need a patta. Banks will never sanction a loan for properties without patta.
Everything you have agreed on should be documented, verbal agreement has no value.
Buying a property in your home country is an important decision for a Non Resident Indian. A major part of your savings go into investing in a property, and in many cases you may need a bank loan to buy property.
Buying property involves, money, effort, time and running around to a certain extent. Hence deciding the property you want to buy and the residential property developer you
would like to buy from will make a difference to the buying process. If you are looking to buy an apartment then buying it from a reputed residential builder is the best option.
The apartment complexes built by leading property developers offer you lifestyle facilities such as clubhouse, swimming pool, gymnasium, play area, alfresco dining, amphitheatre, vast open spaces and proper ventilation. The chance of being hoodwinked is zero. Your paperwork is made easier, simpler and the formalities are transparent. There are no hidden agendas or costs.
When you do decide to invest in a landed property or flat first chalk out your requirements. Every property buyer has different requirements.
Take into account your family size;
Are you a family of three or a bigger family of five?
Would you like a spacious apartment or are you a working couple and prefer a compact easy to maintain apartment? Are you going to be living in the apartment or is it going to be just an investment?
Check if you would be getting the number of car parks you require depending on how many cars or two wheelers you have.
Ensure that the car parks you are allotted are legal to avoid disputes of any kind in the future.Keep in mind other factors such as location, return on investment, proximity to hospitals, schools, malls,super markets, road and rail connectivity, availability of water, recreation points and everything else you require to lead a comfortable life.
A well thought out plan, a checklist of legalities involved and a comprehensive budget covering everything you may need to spend on right up to the registration stage will minimize difficulties for you.
The easiest and simplest option would be to choose a residential builder of impeccable reputation; one that offers you everything under one roof like MARG ProperTies’ brand shoppe.
In recent years Non Resident Indians have been showing good interest in buying properties that are affordable, luxurious, and of top notch quality in their home country.
While quality and affordability is important Non Resident Indians also look at other factors such as amenities offered, problem free maintenance, on time delivery, and most importantly long term appreciation of the property. Hence the Chennai real estate market would be a worthwhile investment simply because it is a very stable property market.
If you are looking at buying an apartment in Chennai then there is a suite of Marg apartments being built across Chennai that you can choose from. Every MARG residential apartment has been designed with the home buyer in mind therefore you can be assured of zero dead space. What this means for the customer is that every penny you pay for is towards space that you would use.
Also to save you the time and stress of running around to set up your home; MARG in association with other companies brings you great deals, ample choices on furnishing and furniture, consumer durables and everything else you need to embellish your new apartment.
Whether you want to live in a tech smart home or lose yourself in thoughts in a sprawling villa set amidst verdant greenery; or you want an easy to maintain compact apartment you have a lot to choose from MARG’s bouquet of residential apartments in Chennai.