Real Estate Tips & Advice

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According to recent data trends, Chennai’s real estate market has witnessed a staggering 34 per cent increase in housing sales, making it evident that the city’s real estate landscape is flourishing.
Simply put, this is excellent news for anyone looking to buy a home in Chennai. However, owning property is a big decision that demands careful consideration. You’ll have to consider things like social infrastructure, the builders’ track record, the facilities, and so on.

In this blog, we’ll discuss the five most important aspects and tips for buying a home in Chennai:

1. Social Infrastructure

Chennai boasts a mix of vibrant neighbourhoods, from bustling commercial areas to serene residential streets. Think about your lifestyle needs and choose a location that offers the social infrastructure you require. For example,

Adyar and Besant Nagar: Located just 3-5 km from Marina Beach, Adyar and Besant Nagar offer stunning coastal views, perfect for those who cherish seaside living. Alongside beach access, these areas boast a vibrant mix of cafes, restaurants, and cultural venues. Shopping enthusiasts can explore nearby hubs like Express Avenue, while educational needs are met with institutions such as Asan Memorial College within a convenient 10 km radius.

Kelambakkam: Situated approximately 6 km from the Bay of Bengal, Kelambakkam is strategically positioned with excellent connectivity to IT hubs via OMR, ECR, and GST Road. This helps improve accessibility to the other key parts of Chennai, educational institutions, healthcare facilities, shopping & entertainment avenues. This area is also set to benefit from the upcoming Kilambakkam Bus Terminus, enhancing regional connectivity and accessibility. As Kelambakkam experiences rapid development, new entertainment options and shopping centres are emerging, making it the best place to buy a home in Chennai.

Anna Nagar: For those prioritising proximity to shopping centres and educational institutions, Anna Nagar stands out. Within a 5 km radius, residents enjoy easy access to VR Chennai, a premier shopping destination, and reputed educational institutions like SBOA School. The locality’s well-planned layout and green spaces contribute to its appeal as a residential hub.

OMR (Old Mahabalipuram Road): Known as Chennai’s IT corridor, OMR hosts major IT parks and shopping malls like Phoenix Marketcity within a 10-15 km stretch. This area is particularly favoured by IT professionals and urban dwellers for its employment opportunities, modern amenities, and connectivity options.

Each of these neighbourhoods not only offers distinctive advantages but also caters to diverse lifestyle preferences, whether you seek coastal tranquillity, urban convenience, or proximity to educational and shopping amenities.

2. Corporation vs. Non-Corporation Areas

When deciding between Corporation and Non-Corporation Areas in Chennai, it’s crucial to align your priorities with what each type of area offers:

Corporation Areas, under the purview of the Chennai Municipal Corporation, provide residents with superior infrastructure. This includes well-maintained roads, regular garbage collection services, efficient sewage systems, and a generally higher standard of civic amenities. If you prioritise convenience, and reliable services, focusing on Corporation Areas might be the right choice for you.
These areas also often have better access to parks, healthcare facilities, educational institutions, and public transportation networks, which are essential for daily living and can contribute significantly to your overall comfort and well-being.

On the other hand, Non-Corporation Areas, while potentially offering lower property taxes, may lack some of the civic amenities and infrastructure found in Corporation Areas. If your primary consideration is affordability and you are willing to compromise on certain facilities and services, exploring Non-Cooperation Areas could be a viable option. However, it’s essential to carefully assess the trade-offs between lower property taxes and the potential inconveniences of inadequate infrastructure and civic amenities.

3.Location and Vulnerability to Floods:

Chennai, being a coastal city with a tropical climate, is susceptible to flooding during heavy monsoon seasons, especially in low-lying areas. Understanding the flood risk associated with different localities is crucial when considering buying a home. Here are some essential considerations to help mitigate flood risks:

Flood-Prone Areas: Certain localities in Chennai are historically prone to waterlogging and flooding. Areas like Madipakkam, Sunnambu Kolathur, and Perumbakkam have experienced inundation during heavy rains and monsoons. These areas may pose challenges in terms of drainage and water management during periods of intense rainfall.

Safer Zones: On the other hand, there are several neighbourhoods in Chennai that are relatively safer from flood risks. Localities such as Ambattur, Bhakthavatchalam Nagar, and areas near Agurchand Manmull Jain College have shown lower vulnerability to flooding incidents compared to other parts of the city. When considering these areas, residents may experience reduced risks of water damage and better drainage systems.

Mitigating Flood Risks: When evaluating properties, it is essential to ensure that the real estate developer has implemented effective flood mitigation measures. Reputable developers often incorporate advanced waterproofing techniques, proper elevation of buildings, and robust drainage systems designed to handle heavy rainfall and prevent water ingress into homes. Visiting the site during or immediately after a heavy rain spell can provide firsthand insights into the effectiveness of these measures.

Consulting Flood Maps: Consulting the local municipality’s flood maps can provide valuable information about the flood-prone zones in Chennai. These maps, accessible online or from the local municipality or developer, identify areas prone to flooding based on historical data and topographical features. Understanding the flood risk profile of your prospective neighbourhood allows for informed decision-making and proactive measures to safeguard your property investment.

Community Insights: Engaging with current residents in the neighbourhood can offer invaluable insights into their experiences with flooding. Speaking with locals about their encounters during monsoon seasons can provide a realistic perspective on how the area copes with heavy rains, drainage efficiency, and community resilience measures.

4. Connectivity

Choosing a home in Chennai involves considering how well-connected the area is, which impacts daily convenience and property value. Here are key aspects to look at:

a. Metro Rail Connectivity: Chennai’s metro system has made commuting easier and has given a boost to property values across the city. Living near metro stations reduces travel time and enhances the appeal of residential areas.

– Key Metro Lines: The Blue Line runs from Chennai Airport to Wimco Nagar Depot (32.65 km), while the Green Line stretches from Chennai Central to St. Thomas Mount (22 km). These routes are vital for quicker commutes and increasing area development.

– Impact on Emerging Areas: Places like Kelambakkam, Kolathur, Adambakkam, and Choolaimedu are growing in popularity due to their proximity to existing and upcoming metro stations. This accessibility also drives local business and infrastructure growth.
b. Road and Transport Networks: Consider the accessibility via major highways, arterial roads, and public transport options. Good connectivity through GST Road, Outer Ring Road (ORR), and Chennai Bypass ensures smooth travel and enhances convenience for residents.

c. Proximity to Airport: The distance to Chennai International Airport matters for frequent travellers and business professionals. Living near the airport reduces travel time and increases demand for properties, boosting their value.

Considering these connectivity factors when buying a home in Chennai ensures easier daily life, potential for property value growth, and overall better living standards.

5. Vaastu and Astrology

Even after meticulous consideration of all the factors mentioned above, if you are a believer, Astrology and Vaastu can provide additional reassurance and peace of mind. They also reassure you that you are going to make the right choice. The aim of this age-old approach is to foster peace and prosperity in living spaces.

Vaastu emphasises the orientation of the home, suggesting that it ideally faces either the East or the North. These directions are thought to usher in positive energy, contributing to a harmonious atmosphere within the residence. Therefore, when considering a property, ensure its orientation aligns with these principles to maximise the potential for well-being and prosperity.

For instance, the kitchen is best situated in the southeast corner, while the master bedroom thrives in the southwestern part of the house. Adhering to these recommendations can enhance the overall harmony and prosperity within the household.

Conclusion

In conclusion, when you want to buy a home in Chennai, it’s not merely about securing a property; it’s about investing in your future and embracing a new chapter of homeownership. By approaching the process with careful planning and consideration, you can find your perfect abode and embark on a fulfilling journey in one of India’s most dynamic cities.

If you’re looking for a blend of convenience, functionality, and luxury within Chennai’s vibrant cityscape, Provident Housing’s upcoming project – Codename Sangam, near Siruseri IT Park, is a project meant just for you. This upcoming development in Chennai promises to elevate your living experience with its thoughtful design and premium amenities. Stay tuned for more information as this highly anticipated project is set to launch in 2024, offering you a chance to be part of an exceptional community.

We go beyond bricks and mortar with our unwavering dedication to building trust and fostering lasting relationships with our customers. After all, your home should be a place you love, built by someone you trust.

FAQs:

Q: What is the average price range for homes in Chennai?

In Chennai, the average price range for homes varies by location and amenities. For instance, Chengalpattu offers budget-friendly options at around Rs 1758 per sq ft, while Guduvancheri stands at Rs 3214 per sq ft, Avadi at Rs 3529 per sq ft, Poonamallee at Rs 3747 per sq ft, and Tambaram at Rs 4445 per sq ft. Each area caters to different budget and lifestyle preferences, so it’s essential to explore options carefully before making a decision.

Q: What are the financing options available for buying a home in Chennai?

Homebuyers in Chennai have several financing options to consider when purchasing a home. One prevalent choice is securing a home loan from banks or financial institutions, offering competitive interest rates and flexible repayment terms. Alternative options include joint ownership, co-borrowing, or mortgage loans against existing properties. Some developers also offer in-house financing or instalment payment plans, easing the financial strain on buyers.

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