With so many affordable options in terms of residential properties in the city, customers are having a field day when it comes to home buying. Trend watchers in Chennai feel that for most locals, owning a home in the city is a must.
However, with escalating prices, a majority of such prospective buyers are actively looking for affordable houses. These buyers constitute of people in the income group of Rs 30,000 - 1,00,000 per month or a little more. Therefore, we are talking about buyers who can pay EMIs worth Rs 9,000-30,000 per month.
Naturally, for buyers such as these owning a home is a better option than paying almost the same amount as rent. Affordable homes within 40 lakh are widely available in the city at a variety of locations.
Gokul Parsavnath of Homes and Property says, "Most buyers start small. This means that affordable houses have takers despite a person's income. One might be earning 1.5 lakh per month but that doesn't deter him from looking out for affordable flats that do not compromise on living standards. There are buyers who have small businesses in the city and they are often on the move. For such buyers, a 1-BHK is a good investment which is not heavy on the pocket."
A quick search on Magicbricks will tell you that areas such as Tambaram, Madipakkam, Kelakattalai, OMR, Kolathur, Ambattur, Selaiyur, Padur, Pallavaram, Porur, Thiruverkadu, Navallur, Poonamallee, Urambakkam, Perumbakkam, Medavakkam, Chromepet, Potheri, Palikarnai, Sithalapakkam and Iyyapanthangal are some areas that you can shortlist.
Most properties on sale are either one or 2-BHK units in the size range of 400-1050 sq ft. With the exception of few established developers, others are mostly local developers with experience but have the repute of delivering projects as per the initial plans.
It is interesting to note that as per the latest edition of PropIndex, a research initiative by Magicbricks, some of the areas mentioned above have surfaced in the list of top preferred destinations for buyers.
So what should you check before investing in these properties? Kumar Rajendran, an individual consultant at Chennai Realty says, “Homes are available in every budget segment today.
The difference is only in terms of location and amenities. North Chennai has been garnering attention over the last six months and new land is being unlocked. However, the real question is its growth potential. Whether the region is liveable, are there jobs, how long will it take before basic utilities like hospitals and schools come up in the vicinity these are some of the questions you will need to research.“
Additionally, experts advice that you should go in for a thorough legal check of the property whether occupancy and completion certificates were given on time, the track record of the developer, quality of construction and whether it is authorised, etc.
While prices are always the primary determinant, trend watchers reveal that sometimes it becomes difficult to pitch a flat worth 20 lakh because the buyer is inclined towards further affordable deals. In a realistically priced market, price correction is not a probability.
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