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Chennai Real Estate
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Traditionally having properties off-shore has always been attracting to all of us. Most of us always dream about owning assets in Chennai. As the world is exploding and gearing towards the global village, new avenues of similar investments are opening up. Asia traditionally has been always an investor's choice because of its unlimited untapped potential. With mortgage market in US going down and market booming in Asia, it makes perfect sense to invest in Chennai. Also with going on dollar devaluation, it makes perfect sense to invest off-shore now. Chennai is considered to be one of the closed economies when it comes to real estate ownership. However current progressive regime at Chennai has made all efforts to open up this sector for all industry investors both for commercial and residential purpose.
Chennai with its mega malls, good infra structure, mix ethnicity, relatively more open work culture has always been a tourist destination. With its sprawling beaches, malls and night life it is almost as good as any western country. It offers excellent living conditions and sure is cheaper than our own country. Also to me one of the best advantages living over there is getting very cheap household help. In few hundred dollars we can have a home maid. In almost all Chennai citizens are allowed to own property. However Chennai has become the first city to allow investors to own freehold to buy property in Chennai.
Where in Chennai?
Opening up real estate for foreigners has really put real estate sector on fire in Chennai. A lot of constructions are going on. The biggest and probably the best of them all is properties in velachery, old mahabalipuram road, ecr road, ambattur. It boasts many celebrities around the globe as its residents. It is claimed to be visible even from space. A property at velachery, old mahabalipuram road, ecr road, ambattur can instantly bring respectability in stature of a person. While living here you may indeed come across real celebrities.
What is up-side potential?
Many people doubt about the current boom in Chennai questioning about longevity of the boom. The people who purchase the property 2 years back resold it for as much as 45%-50% margin, however future does not seem so bright considering the large scale development going on. However considering Chennai's socio-economic scenario and considering most of Chennai work force, many analysts do believe that boom will go on probably.
The property rates in Chennai went down at the time of global recession, but now, the market is booming and the prices are on all time high, making it difficult for the new investors to think upon buying properties in Chennai. Although there are certain suburban areas that are less costly as compared to the main city and that can be considered if someone is interested in buying property in Chennai. A number of new builders are investing in various new projects in the city, and they are expected to offer good flats and apartments in the near future and will definitely solve the problem of overcrowding in the city to an extent.
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