Luxury Flats Largely Preferred Post Retirement in Chennai

Real Estate in Chennai is a dynamic scenario with even the smallest of changes causing major impact but change has nevertheless been the nature of the game especially in this South Indian city. Chennai has undergone gradual and rapid transformations in the last couple of decades. From being a primarily conservative Real Estate market to a liberal one, Chennai has seen landscapes rising and falling over the years. Even a few years ago, Chennai represented a highly affordable market but today many regions in this metropolitan city are inaccessible by the middle and upper middle income groups of people. Such is the magnitude of developments the city has witnessed in a very short span of time.

Changing Real Estate Landscape of Chennai

Having said that, Chennai also has its fair share of developing suburbs that are relatively affordable today but assure great returns in the years to come. While Chennai is expanding to encompass newer regions and suburban markets, the nature of residential properties here are no exception to the change. They are varied themselves and changing with the dynamic requirements of Real Estate investors and buyers. A number of builders in the city are today making relatively customized properties for the rich and elite who expect to see western influences and sophistication in their properties. The city that once housed a large share of independent homes is today inundated by modern apartments and high rises. Real Estate scenario in Chennai is today largely characterized by premium flats in every part of the city.

Preference of Flats post Retirement

While there can be many reasons that contribute to the preference of flats, a good reason for builders constructing these marvels come from the fact that the rich and elite of Chennai prefer to retire in posh flats that come with all urban amenities, safety and comfortable living during their retirement days. This is a prominent trend observed today. This community of investors have been selling their independent homes and moving to luxury flats that promise them a community living with safety, luxury and support. 

Video Courtesy: NDTV

Luxury was earlier associated only with certain regions in the city that included Adyar, RA Puram, Mylapore, Besant Nagar and Boat Club Road. Today, this perception is a little shaken as even suburban localities like OMR, ECR, Tambaram and Medavakkam are arriving with their fair share of luxury properties. Chennai is thus expanding in all dimensions.

A Glimpse of the latest Real Estate Destination in Chennai - Vengaivasal

Suddenly, the apartments in Vengaivasal are in great demand today. Located at just 30 kms from the Central Business District (CBD) of Chennai, Vengaivasal is today witnessing major Real Estate developments in Chennai. The region may be currently home to only a few hundred thousand residents but is gearing towards major developments in the years to come. Several premium builders of Chennai have launched a number of residential projects in Vengaivasal. And today, prices of residential apartments and other properties here are a lot more affordable when compared to many other parts of Chennai. However, the same cannot be said in the next couple of years.

Vengaivasal - What you need to know?

Vengaivasal located near Medavakkam is no longer a distant suburb lacking urbanization. It is a small and beautiful region located in the southern suburbs of Chennai city. It is today a developing suburb but one that shows immense potential to grow into a thriving residential locality.

Connectivity

Vengaivasal is well connected to many of Chennai’s prime destinations like Medavakkam, Kovilambakkam, Tambaram and Sithalapakkam. The growth observed in these areas has directly reflected on Vengaivasal that is today growing at a big rate. The suburb railway station at Tambaram is just 8 kms from the region. It is also connected to the Vengaivasal Bus Terminus. Central Railway Station and Chennai’s International Airport are all in the vicinity and enable quick and easy access to destinations within and outside Chennai. Connectivity to workplaces is also the best from Vengaivasal. All important commercial hubs of Chennai like the IT corridor at OMR, SEZ in Tambaram and other industries are well connected to Vengaivasal. Hence, people working in these places find Vengaivasal to be one of the ideal places to live in.

Property Values

One of the most important benefits in Vengaivasal is that although the area is receiving much attention and focus from Real Estate investors and industry experts, the region still enjoys the benefits of low property values and rental income, with the Sunday apartments in Vengaivasal earning special mention. 

Hence, home buyers and Real Estate investors are flocking to this region to reap large returns tomorrow. Apartments in Vengaivasal enjoy maximum benefits easily making them enjoy greater demand in the years to come.

Chennai has emerged as a city where investing in Real Estate property is challenging for middle income groups of people. This is when areas like Vengaivasal can offer abundant opportunities to develop and grow.

Video Courtesy: 99 acres

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  Sumangali Homes

Real Estate Builders in Chennai

Before you Invest on a Real Estate Property in Chennai...

Real Estate in Chennai has been, over the past decade and a half, witnessing consistent demand for homes and commercial properties. The flats for sale in Chennai are being bought not just for personal stay but also for investment purposes. Residential Real Estate has grown by leaps and bounds in the city; Choosing the dream home, the right builders in Chennai and with no encumbrances form significant parts of a purchase decision. Of course buying a property, especially in a city with proliferating choices is quite a challenge.

Here is a list of tips one should know before investing or buying a property in a city like Chennai.

Chart your needs

Requirements of a home can vary from one individual to another. These are largely lifestyle and income related. When your requirements are defined, you save yourself considerable time in refined search. However, make sure financing, paperwork and other legal factors are duly looked at.

Legal check

The builders you have planned to go ahead with, must have required approvals and NOC from the Municipality of Chennai and other related parties including Electricity, Water Supply and Sewage Boards. Also, the property must have clear titles. The loan processing bank usually performs a legal check on the property and this gives great confidence to the buyer.

Proposed properties

Flats for sale in Chennai that are under construction or newly launched always offers more scope in terms of relaxed pricing. But apartments under construction must provide allotment letter and development agreement. The latter is an agreement between builders and the landowner offering permission to use and construct on that land. Builders in Chennai should possess title and possession to the constructed property, and the right to transfer. All dues including property tax, water and electricity must have been duly paid off.

Revenue and Registration

Elaborate understanding of Government policy, stamp duty and service tax helps buyers/investors decide on their choice of property. The final sale deed must be stamped and registered. Service tax is levied on payments made on apartments under construction.

Source: ET Now

When one has an adequate understanding of the policies & procedures, then investing or buying dream home is done safely. Real estate in Chennai is today booming and hence now is the right time to invest on properties of your choice at destinations that show favorable ROI.

- Sumangali Homes

Builders in Chennai