Over two decades, Chennai as become the best place for Property Investment in Chennai and it is expected to grow higher in the upcoming years. The level of this growth in metropolitan cities like Chennai is increasing every day, this is due to the increase in IT sectors. In this article, we are going to see the top places to invest in Chennai in 2020.
Till date, the real estate industry is brighter compared to previous years, and it is expected to uphill in 2020 as well. They are a slow and steady rise by concentrating on many factors in the upcoming year.
Real Estate Trends in 2020
The Metro Life
Metro railway service is increasing in a vast range in Chennai, and it is expected to expand in several other areas in Chennai. A central metro area makes it an iron-clad reason to believe that the area is easily accessible, and there will be a strong demand for people to live.
Metro rails are being constructed in every suburb in the city. The metro railways have increased the value of the area comparatively higher than non-metro station areas. They are many future plans that might be a big trend in the real estate industry in Chennai.
Increase in Demand for Rental/ Lease Properties
The closing financial year has driven a huge response in the rental market for the residential properties in Chennai as well as other parts of the country. The scale of investment in the second home as increased over the year, which increases rental returns in the city. The demand for rental properties comes due to the migration of people to Chennai for jobs and education purpose. From this, we can conclude that rental properties would play a vital role in the growth of real estate in 2020.
Easy Payments and EMIs
From April 1st 2019, the GST for the under-construction building has reduced to 5% from 12%. The GST for housing has reduced to 1% from 8%. More interestingly, the ready-to-move-in apartments have no GST which has completion certificate as of December 2018. The accessible bank facility has changed in an increase in the sale of residential housing in Chennai.
New Projects ready to launch in 2020
With the growth in the IT sector and other infrastructure projects on the anvil, Chennai is one of the most preferred locations for property investment in the nation. Here are some of the best places in Chennai for property investment in 2020 that would give a higher return on investment.
Guduvanchery, one of the top IT parks and industrial parks in Chennai, where migration of people for jobs as increased over the past few years. This is a promising place for promising residential hotspots for flats in Chennai. It is stated that since 2013, over 4,500 residential units have been launched and it is expected to increase in 2020.
The increase in industrial growth in this area has led to an increase in residential activity in this area. The demand for flats in Ambattur is due to affordability, existing economic and social infrastructure, easily accessible for MNC and business people, and proximity to other industrial areas.
It is one of the residential localities in Chennai that serves as both residential and IT Parktown of South Chennai. Sholinganallur is the central part of South that connects to major junction connecting Adyar to Mahabalipuram and East Coast Road with Tambaram. The flats in Sholinganallur is budget friendly and has many amenities with high security. If you are planning to invest in IT Parktown, then apartments or flats in Sholinganallur would be the best choice.
The view of Chrompet has changed in all angles like commercial, recreation or shopping. The growth of Chrompet and its surrounding have significantly increased over the decade. The exciting apartments in Chrompet with high-class education institutes and medical facilities have increased the land value upwards.
There are key factors to look forward before making a property investment in Chennai. These are very few places listed; there are many more places to invest in Chennai. If you are planning to make a property investment in Chennai, then go for a trusted real estate builders, My Property Boutique.