For the continually growing city of Chennai, various builders are looking at offering many property options for commercial and residential purposes. There was once a time when a person looking to buy flats for sale in Chennai would have a certain more restricted mindset. However, that too is changing. The new age buyers are not so conservative and are more open-minded in terms of the project design and the location.
Well-known property builders are constructing various interesting residential projects in different parts of the city. From offering premium luxury projects to something that is more affordable, Chennai’s real estate market provides many options.
The New Buyers:
However, in recent times, there has been another category of buyers who are interested in Chennai’s real estate – the NRIs. This category of buyers is composed of different individuals from the working class in the Middle East to even artists, technocrats, and various other people. Furthermore, currently, the NRI investment in real estate is coming majorly from Singapore and the Middle East, with a smaller proportion of investments from England, America, and Europe.
This group of people are keen on investing in Chennai because, in the present economic conditions, an investment in real estate is considered to be stable and is expected to give good returns in the future. And in this scenario, Chennai is a popular option as over here there is a comparatively higher demand, lower price of real estate and guarantee of returns.
Currently, a number of property experts from around the world are considering Chennai as an attractive real estate investment option. Moreover, international financial institutions are providing NRIs with various offers that make investments in real estate a suitable option. A number of financial institutions even offer 80% of the property value as a loan. Even in terms of taxation, NRIs can now avail the same tax benefits like that for a resident Indian citizen. Note that the fall of the rupee is another factor that makes investing in Indian real estate an ttractive proposition.
Type of Investments by NRIs:
For a majority of NRIs, while making investments, a ready for possession home remains a preference. And while prices for ready for possession home in Chennai can be more than that for an under construction one, this does not discourage the NRI investors. Also, a ready to move in the house is considered suitable to give on rent as it offers regular returns on the NRI’s investment. And even in the case of the NRIs moving in with their families, they prefer to go for a ready for possession flat.
Additionally, there has also emerged an interest among the NRI community to purchase plots put for sale in Chennai.
Thus, overall there has been a considerable growth in NRIs investing in properties for sale in Chennai. Certainly, buying a property while living in another country is no easy task. Hence, the credibility and reputation of a builder are factors that considerably influence an NRI’s decision.