Why Chennai is an Ideal place for Homebuyers.


According to a new report prepared by a German agency GIZ. There are a huge amount of unsold houses available in Chennai. According to the report, only 40% of Chennai people live in their homes while 44% live in rented houses and another 15% of people live in other types of accommodation. According to the report of Technical Group on Urban Housing Shortage that many households in Chennai are non-serviceable and unfashionable, living in congested conditions and homeless.

So, Here is some reasons why you should buy flats in Chennai

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#1. Rapid growth in IT & Real estate
Nowadays Chennai becomes the HubSpot of IT and industrial development.  With the immense employment opportunities, good connectivity and an abundance of housing options, Chennai is one of the coveted real estate destinations across India. The existing IT sector of the city has added to the demand for housing among the professionals of varied destinations.

#2. Infrastructure
IT, automotive and an electronics manufacturing sector of Chennai growing rapidly which makes it stand in the developed city of India. Many big companies in India and also all around the world are investing and setting base in the city.  One of the main reason for this development is the neighboring cities of Chennai also getting develop which helps Chennai also to grow together. The development of IT, Medical and Engineering sector make Chennai a right place to stay.

#3. Easily accessible Public transport
The public transport of Chennai is developing day by day, the lines of this public transport are spread all across the city which makes it more accessible and better commuting. Apart from that Chennai Metro rail project has also launched recently.

#4. High demand :
As I have mentioned above in the introduction part, There are a huge amount of unsold houses available in Chennai. It is a developed city, people are moving from other cities to Chennai. which makes the real estate demand high here.

#5. Increment in house rent cost
44% of Chennai people live in rented houses according to the German agency GIZ. But because of the high rent cost, people from the rented house are trying to move in their own house. The rent here starts from 10k per month for just a 1 BHK which is too high compared to other cities.

Conclusion:
Unlike in other Indian metropolitan cities, in Chennai also the residential market is driven by end users who constitute 80-90% of the buyers. This buyer base provides a strong foundation to long term investments in the city’s residential market as it reduces market volatility. If you are looking to buy flats in Chennai then this is high time. Some of the suggested areas in Chennai to buy flats are Pour and Perambur. 

Also read 
Amenities To Look For When Buying A Flat In Porur


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