Chennai has become one of India’s most favoured real estate destinations and there are some interesting facts as to how all of this started. The Indian state of Chennai has always had a rich history attached to it. The city started taking form during the commencement of the 17th century and has been a trade, social, and cultural hub since many years. After independence, Chennai also became one of the metropolitan cities of the country. Due to its booming economy over the years, it has gradually become a real estate hotspot as well.
Home to multiple national and international corporations from numerous sectors, Chennai has the presence of plenty of sectors like ITs, ITeS, automobiles, textiles, medical tourism, petrochemicals, and the entertainment industry.
These sectors generate humongous indirect and direct jobs. Being something that allures people from all over the country, the people relocating to Chennai due to their jobs need homes, shops, colleges, schools, hospitals, etc., which has led to the boom in the real estate market. People who buy property in Chennai have become a common phenomenon and many potential investors are considering Chennai as their next real estate option. Here is a list of elaborate reasons as to why Chennai is currently a real estate hotspot:
- Multiple Options for Every Budget
In Chennai, you can find a multitude of options for real estate investment, such as apartments, villas, plots, studio apartments, row houses, compact apartments, villaments, etc. according to the requirements and preferences of every type of home buyers. There are also a host of inexpensive options available for potential homebuyers to consider. Hence, it is rest assured that you can easily find the best property to fit your budget.
- Safer Alternative
Investing in the real estate market of Chennai is comparatively a safer option as compared to mutual funds, digital currency, forex trade, stocks, etc. Chennai has seen massive growth in the last two decades and will continue to see it in the future as well. Hence, if you consider investing in Chennai, it will be a good option.
Real estate proves to be largely profitable for the long haul and is an option you can definitely consider.
- Diverse and Cosmopolitan Lifestyle
Chennai has gradually become culturally diverse in nature. In addition to this, the state has also been rated as the safest city in the country by a survey previously. As of 2016, Chennai has become home to over 1 lakh expatriates. Hence, it is an established fact that Chennai is indeed a global city and a very safe place to live.
- Rental Yield
If you are on the lookout of a safe way to invest your money and earn an income from the same on a regular basis, you can buy property in Chennai and put it out for rent. Because of the never-ending demands for rental homes in the state, you won’t face any significant hassles in renting out your property. People who work in SEZs, IT parks, industrial zones, etc. are always on the lookout for properties on rent. Rental yields in the state have seen a constant upward growth path, giving you another major reason to consider investing in Chennai.
Chennai’s development is going to be both qualitative and quantitative in the years to come. With the on-going beautification projects and infrastructure development and other renovation activities, the liveability of the residents of the city is getting improved on a major level. Chennai is on the road to being a world class city and making a real estate investment here will be a great decision overall.