Is buying apartment in Chennai worth it?

The value of real estate in Chennai and in most other parts of the world increases overtime, because land gets scarcer, so this means when you buy property in Chennai today, its value is likely to be worth a lot more in the future, than it was when you purchased it.

Is it worth to buy a flat in Chennai?

Yes it is worth buying apartments in chennai… especially in areas like adyar,besant nagar,ecr side. Totally it means the eastern coast of chennai. The land prices and real estate prices are climbing heavily.So according to me it will be fruitful.

How much does it cost to buy a apartment in Chennai?

The average price per sqft for Flats in Chennai is Rs. 5,264. The price range per sqft is Rs. 10 – Rs.

Is it a good investment to buy an apartment?

Investing in apartments is one of the best investment strategies for investors who want an additional source of monthly income with slow but steady appreciation in the value of their portfolio. … Multifamily properties, or apartment complexes, are buildings with more than one rentable unit.

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Is apartment worth buying?

It is always considered a better option to buy an apartment than buying land or an independent house, as it is safer and present way more opportunities. Especially, at this market condition and in the year 2020, it proves to be beneficial for home buyers and investors when they purchase a cozy apartment in Bangalore.

Which is the richest area in Chennai?

8 of the Poshest Localities of Chennai

  • Boat Club. The Boat Club area is in Alwarpet and is one of the most expensive localities in Chennai. …
  • Poes Garden. Poes Garden is another top end locality of the city. …
  • East Coast Road. …
  • Nungambakkam. …
  • Velachery. …
  • Adyar. …
  • Gopalapuram. …
  • Besant Nagar.

Which is the best area to live in Chennai?

Here are our top five neighbourhoods to live in Chennai.

  • Teynampet. Teynampet is one of the busiest commercial areas in Chennai and derives its name from the vast swathes of coconut groves that used to exist here. …
  • Adyar. …
  • Tambaram. …
  • Nungambakkam. …
  • Anna Nagar.

Is it worth buying 20 year old flat in Chennai?

By the end of 20 years you would end up paying 1 crore Rs for an apartment which is not worth it. Since the appreciation is low for apartments it wont worth 1 crore. Hence forget the apartment idea for investment sake. The only advantage is you get a tax benefit for 2.5 lakhs pa.

How can I buy an apartment in Chennai?

To help you with the process, here is a guide for buying flats in Chennai:

  1. Find the Perfect Property. …
  2. Do a Background Check. …
  3. Know the Payment Plan. …
  4. Apply for loan. …
  5. Get the Allotment letter. …
  6. Sale Agreement. …
  7. Possession and Registration.
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Which area in Chennai is developing fast?

Pallikaranai

One of the fastest growing residential areas in India, Pallikaranai is a hot favourite destination for investors. Located in South Chennai, the locality is in close proximity to the OMR (Old Mahabalipuram Road), which is one of Chennai’s biggest IT/ITeS corridors.

Why apartments are a bad investment?

Apartment Cons

This cost effectively puts apartments out of range for many newbie investors. Apartments are also more difficult to finance and the financing is often much more expensive, with higher interest rates and substantial down payments. Repairs and maintenance are also often more expensive.

Are apartments hard to sell?

Apartment blocks that contain predominantly let properties, will be more difficult to sell and command a lower price than the equivalent apartment in an owner-occupied building. … High annual charges can also make these more difficult to sell.

Is 2020 a good year to buy a house?

Economists say that 2020 will be a positive — though not exactly stellar — year for the housing market. And that could be good news for renters and home buyers alike. … If the past year is any indication, predicting the housing market’s trajectory a year or more out can be something of a fool’s errand.

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