According to the property index by Economic Times, it shows that there is an increase in demand for budget apartments across India in the recent months. The reasons are plenty affecting the decision of potential home buyers. Here we list out three major reasons for the rise in demand of budget apartments in Chennai
1. IT Sector:
Chennai has become a software hub over the last 20 years. In doing so, it has attracted people from all over the country. Those of them who migrate to the city stay here for a period of 2-3 years. At this point, it is better if you rather buy a budget apartment and sell it for a better price when you leave or rent it out in future. This way, one can ensure that their investment brings out definite profits.
2. Larger Population:
In 1991, the total population stood at 509,346 and by 2011, the total population was increased to 4,681,087. These numbers show the population increase in Chennai alone. It doesn’t count for the whole state of Tamil Nadu. The larger the population, the more chances there will be a demand to save money and demand for houses. In a metropolitan city like Chennai, investing in a house is wiser than paying huge rents. To meet the demands of customers, real estate builders also build budget apartments. As prices will go up in the years to come it’s best to own a property before they go up.
3. Long Term Investment:
Most people purchase an apartment in the 30-50 lakh range. The demand amongst young newly married couple for real estate is over 50%. So if you belong to this section, it is best to invest now as real estate you own today will bring you dividends few years down the line when you and your family are prepared to move into a bigger place.
There are so many other factors involved in picking a budget apartment but the above are perhaps the most important points. At the same time, these are suggestions, not the rule. Everyone has different reasons for picking an apartment that works for them.
In Chennai, budget apartments are in the rise. Places like Porur, Maraimalai Nagar, Medavakkam, Perungudi and Urapakkam are major hotspots to pick those dream apartments that you are looking for in a budget of Rs. 30 Lakhs.
So, pick the apartment that works just right for you.