Reasons to Invest in Outskirts of Chennai

It is a known fact that the Chennai Metropolitan city is truly one of the largest commercial and Industrial Centers in India, driving an economic base that thrives on a multitude of companies that have set shop here. Industries such as Automobiles, IT/ITES Corporates, Medical Tourism, Hardware manufacturing, Financial Services and tons of construction companies have grown here and continue to employ lakhs of people.

A recent location survey conducted by ECA International showed that Chennai emerged as the top city to live in ahead of all three other metros based on the “Ease of Living” Index. The big boom in employment owing to the rapidly modernizing economy has also lead to a rapid growth in City perimeters expanding about 20Kms to the north and more than 40Kms in Chennai South. While rapid modernization is also influencing the change of infrastructure, especially in outskirts, a planned approach to infrastructure development has helped ensure better ease of living in newly developed areas.

A question that arises with all this boomfor Home Buyers looking to invest in apartments or houses in  chennai, is to decide whether they should stick to the older and more central Chennai Metropolitan areas or should they look to invest in outskirts such as Chengalpet, OMR, Etc where the landscapes and infrastructure is rapidly growing?

Here are a couple of reasons why it makes for potential home buyers to invest on outskirts of Chennai.

1. Ticket sizes being More affordable for Salaried People and Small Cap Investors:-

Buyers looking for a house for sale in Chennai will immediately see that the average affordability of housing is much more lesser in the Central parts of the city while the outskirts are able to provide a variety of choices -  be it houses for sale, or apartments for sale. For salaried income people who previously would have felt it impossible to invest in properties in Chennai, the sudden influx of many properties in outskirts coupled with the reducing home loan interest rates have suddenly opened up many opportunities for buying a house in Chennai. With a bit of planning, home buyers can quickly make their first investments at an early age, and pave way for accumulating multiple apartments or houses over the years by carefully investing on low cost properties in the outskirts.

2. Sophisticated Residential Developments with many amenities:-

Buyers are realizing that the many amenities and Infrastructure while purchasing or looking for house for rent in Chennai or outskirts is something that is literally non-existent when you look at a property within the city limits. Apart from a burgeoning of retail, Hospitality, Educational Institutions and Hospitals, the flat complexes themselves are being built with a lot of open areas, parks, swimming pools, jogging tracks and play grounds which contribute to a higher standard of living all around. Its necessary to go with reputed builders in Chennai.

3. New Urban Planning & Infrastructure Growth:-

The newer parts of Chennai city have the benefit of being a planned city growth. There has been a rapid booming of Infrastructure where six lane expressways, multiple Metro Rail expansions, new Airport in the works, Railroad Expansions have contributed to a better connectivity overall. Also, the ability for a lot of open area and government approved parks to be easily added to the landscape planning has created a better infrastructure for the people living here. Tons of large IT and manufacturing companies have set shop in outskirts of the companies, meaning that several lakhs of people looking for a house for lease in Chennai would now be able to find affordable and high standard houses for rent, very close to where they work.

4. Appreciating Capital Values

Any real estate agent in Chennai worth his salt will quickly be able to do a comparison between the appreciation of properties in the Central area of city to the outskirts. The upcoming metro Rail expansion has led to high appreciation of properties in outskirts by some of the properties growing by an average 40% within the last five years. However, flats for sale in Chennai, especially in the more central parts of the cities has actually seen a downward spiral in terms of appreciation with many builders in chennai actually reducing the cost per squarefoot on ready properties which are still not occupied owing to their high costs of sale. The main reason for this is that properties in outskirts have become a convenient alternative for many house buyers with properties now available for lesser prices and at the same time available for quick Return of Investment owing to tenants being readily available owing  to the several work opportunities these areas have given rise to over the last five years. Home buyers looking to invest are quickly noticing a much higher yield for rentals in outskirts owing to a larger spending power of professionals working in large corporates situated in Chennai outskirts such as Tambaram, Chengalpet, OMR, Etc.,

Thus it is clear that for any potential house buyer looking to buy a house in Chennai, the newly developed areas in outskirts becomes a pertinent and crucial investment to consider, eventually becoming one of the best decisions that they can make to take advantage of the growing sector at a time when appreciation of property value in the outskirts is still at the highest rate.

Article source: https://article-realm.com/article/Business/Entrepreneurs/4630-Reasons-to-Invest-in-Outskirts-of-Chennai.html