Real Estate

Why Chennai Is One of the Hottest Housing Destinations

Chennai is one of the few Indian cities to show housing price gain in the last few months, despite demonetisation, RERA and GST. A look at this trend.

Ever since the proliferation of the Internet and opening of the markets in India, life has changed dramatically for almost everyone. With improved connectivity and better infrastructure, people are more comfortable moving to other cities and countries for work. Since it is easier today to travel and communicate, people are not thinking twice about shifting base to other cities for education and employment.

Those moving to South India are heading to cities like Bengaluru, Hyderabad and Chennai. All three cities offer the dual benefits of a great quality of life and an array of employment options. If you are headed to Chennai soon, you are fortunate indeed – it is a global city with some of the best infrastructure, excellent housing projects and a superb quality of life.

To Chennai we go!

Chennai has, surprisingly, shown an upward price trend and also stability in its realty space. This, despite the overall sluggishness in realty in the metros and major cities in the country. Chennai continues to top the price gains index for realty among the South Indian cities – this trend can be attributed to the rise in luxury and middle income housing in the city.

As increasing numbers of people migrate to Chennai in search of better employment, the demand for quality housing has exponentially increased alongside. There are many more houses for sale in Chennai than before, and it is quite easy to buy property in the city. You may either enlist a local broker’s help to find rental or owned accommodation, or look up luxury flats in Chennai online. Leading developers have created townships and high-rise projects in plush localities here, and you can take a walkthrough of the projects on the developers’ website before doing an actual site visit.

With property rates set to appreciate in the coming years, buying a flat in Chennai can certainly turn out to be a wise investment. Besides, those who stay in the city for a long period of time are quite reluctant to relocate elsewhere – the city’s history, culture, delicious food, vast open spaces, many transport options and overall good quality of life make the city a wonderful housing option for all.

Buying a flat in Chennai

Once you make the down payment on the luxury apartment of your choice, you can proceed to pay the stamp duty and registration costs on the house. The stamp duty is collected by nationalised banks, while the registration process is done at the local Collector/Sub-Registrar office in the city.

You can then proceed to pay the remainder of the house’s price to the developer or current owner, or submit the registered document to the housing finance company if you are applying for a home loan.

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