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Published On: Wed, Feb 12th, 2020

Affordable homes for buying and renting in Chennai

Chennai in Tamilnadu has always been a lucrative real estate hub. It has been a favorite real estate niche for investors in the country and abroad, for its favorable market conditions and risks free investments. Investors who were once showing interest to invest in mid-sized residential projects with little or no amenities are now willing to invest in large projects and townships with world-class amenities.

photo/ mohamed Hassan

The prices of plots, apartments, and houses in Chennai have reached skyrocketing prices and many investors who made prior investments are at the height of joy with this boom. Many new investors are also showing interest to invest in the residential projects of Chennai to realize an excellent return on investment and rental income. The best part of real estate investment in Chennai is that there is a project with a price for everyone. Heavy investors can look for projects in the middle of the city, whereas, budget investors can choose projects at the suburban locations.

Also, the new age builders in Chennai are coming with projects that cater to the needs of the clients. A majority of the upcoming projects in the city have a minimum built-up area and ample landscape to capture a gust of nature into the dwelling. The projects feature diverse clubhouses, serene environments, schools, swimming pools, schools, hospitals and a number of entertainment options within the premises. Also, the residential projects in Chennai are crowded close to major workplaces such as OMR road, Tiruvanmiyur, etc., so that people are able to cut down their travel time to work and enjoy a better quality of life.

We should say that the real estate market in Chennai has been doing perfectly well for itself and poses a number of unique and well-differentiated projects at irresistible deals. The investors are spoilt for choice when it comes to real estate investment in Chennai. Let us discuss the exact real estate situation and the status of housing in two major parts of Chennai, namely Kolathur and West Mambalam.

Real estate scenario and housing in Kolathur:

Kolathur is at a proximity of fewer than 30 minutes to Chennai and is one of the fastest-growing residential hubs of the City. The Integral Coach Factory is in close proximity to its vicinity and a number of retired employees from the ICF look for individual houses for sale in Kolathur. Their children also wish to settle in the locality after they find a suitable job and thus the real estate market here is always high. It is in close proximity to major industries in Perambur and a number of engineering colleges in the area. It is also a land of reputed builders and high-value residential projects, which includes luxury apartments and independent villas.

Why invest in Kolathur?

Kolathur is already a developed area in Chennai and investing here is a lucrative option to enjoy an excellent return on investments. Other reasons why people wish to invest in Kolathur area are as follows,

  • The average rental value for a 2BHK home in Kolathur is between Rs. 12 and 15 thousand per month. Many investors buy a house here to enjoy exceptional rental income.
  • Buying residential apartments or independent houses in Kolathur helps with long term investment options. One square foot of land that was sold for Rs. 3000-4000 before three years now have an appreciation of about Rs. 5-6K.
  • Kolathur is very close to the Perambur railway station and also to the Perambur bus stand. It is well connected with the rest of the city through road and railways. There are a number of top-class schools and colleges in this area attracting people to invest in its residential projects.
  • Though Kolathur has the best infrastructure, connectivity features, and excellent residential ambience, many people prefer to invest in residential properties in Kolathur for income tax benefits. First time home buyers can claim a deduction in the interest for up to Rs. 50,000 in a financial year.
  • Before a few decades, Kolathur was considered a commercial hub and a place for industries. People commuted here only for work. But now with the eruption of a number of residential projects and the availability of world-class amenities, Kolathur has grown to be a perfect residential zone and people look for apartments and individual houses for sale in kolathur to base their residence.

Housing and real estate in West Mambalam:

West Mambalam in Chennai is one of the major commercial zones in the city. It is one of the oldest parts of the city and part of it is also residential that houses some of the oldest settlements in the city. Now it is known very well for its bazaars, shops and also temples. The Mambalam railway station is the second largest, second only to Chennai Central and Egmore Stations. The place is also well connected with other parts of the city through road routes. People show tremendous interest to invest in the commercial properties here.

Many young people look for a house for rent in West Mambalam as this place is the heart of Chennai. There are hundredths of shops in T. Nagar and Pondy Bazaar which are in the vicinity of W.Mambalam. Thousands of employees who work here look for rental homes in Mambalam so that their commuting time to work is reduced considerably. Also, the place is well connected with every single part of Chennai and thus their family members can also commute to school and colleges easily.

Finding homes in Chennai:

Buying a property in W. Mambalam is not that easy as it can span for a few crores, so many young people look for a house for rent in West Mambalam which can be for Rs. 15,000 to Rs. 25,000. It is possible to look for these rental homes in Chennai at housing.com. It is one of the largest online portals that lists a number of different properties such as independent houses, villas, apartments and row houses in Chennai at its website along with their budget and space per square feet. Browsing and booking a property through housing.com is simple and hassle-free and is 100% genuine as well.

Author: Tech Faw

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