Property investors are always obsessed with the future
hotspots. If you are seriously looking out to invest in property with a decent
land value in Chennai, make sure you cross check the following points. An
investment in property is like investing your lifetime savings. If your entry
time is right in the real estate market in Chennai, great returns can be
expected.
Years before, the areas along the OMR and ECR stretch was
considered as less preferred. With the entry of IT companies, SEZ’s and other
MNC investments the land value shot up and these areas became the most
preferred in the real estate map of Chennai.
Sceptics say the hotspot lists are of no use, since by the
time you hear about them, they will be either occupied or beyond your budget
range. However, another argument can be made that investors, especially those
who invest in homes or real estate properties are not swift in decision making.
It always happens in such a way that, most of us wait till
the area witness a highest migration or infrastructure change. We may have
heard of that area before, but sooner or later will ignore saying, “Am still
unsure about the growth. This road or express highway may come, but it’s still
in its initial stages.” All of a sudden, you see the advertisement of a premium
builder’s new project in that area and regret about not buying a piece of land
in that place.
How to spot areas about to see a development surge?
1.Look for areas experiencing sudden
improvement.
These areas may be shabby and deserted when you see it now.
But they have great potential that can transform the whole area into a bustling
suburb.
· Look
at areas you’re interested and check whether it matches your budget.
· Making
a check on the previous year’s growth scale of property prices will help to have
a better idea.
· If the
growth of prices is steady, check the demographics. If the area is occupied by young
residents with good income, the go ahead and purchase the property.
· Look
for new houses or renovated homes springing up in the area.
· Look
for new entertainment avenues or industrial ventures opening in the suburb.
2. Look for the areas equipped with ripple effect
If you are desperate to invest in one of the happening
areas in Chennai and if you had missed the opportunity you could still invest
in the area by checking the surrounding suburbs. This is relied on the timing and
the perfect understanding of the developing areas. To know which phase of the
local property market is in progress will help you decide according to the wave
of growth.
3. Look at the accessibility of necessary services.
Ultimately the home where you live in for the rest of your
life should be close enough to essential services. If the area is occupied too
much with residential buildings, the chances to develop for essential services
like hospitals, schools and supermarkets are less. But most of the premium builders in Chennai offer apartments which are well equipped with necessary
facilities and stunning amenities.
4. Look for large infrastructure developments in progress
An upcoming express highway or a metro rail is a good
indicator that the area is flourishing and is soon to be one of the most
preferred locations in Chennai.
