Real estate is a service based industry and the service provided is exactly what is used to validate each and every developer.If a developer or a location gets a black mark among the minds of the end user it is a lost cause for it. Simply put, if a particular idea starts to negatively impact on a certain set of customers then it becomes a myth that is difficult to turn around. For instance, the flood situation in Chennai was an unexpected calamity that affected many parts of the city. Now the entire city wants to live in a place that wasn’t affected by the flood. First time home buyers are considering this as a crucial part of their home search. This can be considered a Myth based on a fact. It is a fact that people were affected by the flood but it is difficult to find a place that was entirely free from the perils of it. This is one scenario that has been stated here; there are several others. Let us decipher a few myths that have taken a deep rooting in the minds of people when it concerns home investment.
#1. Investing in some of the Chennai Suburbs might be the best investment avenue in Chennai
Some people perceive the previous statement to be a myth when it is actually true. Chennai has become a city that is open to the entire country. The growing number of IT hubs has made many developers come up with different types of residential communities around the suburbs. The suburbs near these main centers started gaining traction as they share all the location advantages. There are still a few people who are sceptical about the fact that suburbs might see the highest appreciation within a few years. Take a look at the data below and decide for yourself.
It is an area that has great connectivity to OMR, Pallavaram, Velachery and Tambaram. The apartment price per square feet in Medavakkam is 4,772 per Sq.ft. Other factors that contribute to the growth of residential communities are the rapid growth in infrastructure and amenities.
It is 18 km south-west of Chennai. Growth started with the increase of corporate employees that wanted to set up housing in and around the area. The other factors that contributed to the speedy growth of housing in the area are the affordability, the infrastructure and the amenities. Ramachandra Medical College is situated in the Porur along with several other hospitals. The Square feet price of apartments in Porur in the year 2010 was 3100₹ per Sq.ft. Now, the property rate in Porur is 7400₹ per Sq.ft.
It is located in the North-east of Chennai. The calm neighbourhood is becoming an up-and-coming residential neighbourhood. That is not the only reasons, the place has great connectivity to Poonnamallee main road and is close to the Koyembedu market. Apollo Hospital and several schools have made Vanagaram a strong contender among families. The average pricing is 5500₹ per Sq.ft. and is predicted to increase three folds within 5 to 7 years.
#2. People invest only with reputed builders; this is also a myth that is actually becoming true
This is a notion among people who are used to hearing about the laurels of a particular brand name and opting to buy from the brand. But in today’s world reputation has become not only about the brand name but also about the other factors. The RERA registrations are one of the strong points that add to the reputation factor of the promoter. The Real estate Regulation and Development Act (RERA) enforced in 2016 was enforced to protect the buyer interest and to promote investment in the real estate industry. There are also several certifications such as the CREDAI that sets a guideline for the best real estate practices. People are well informed about these things and look for them when in search of builders. So, the idea of reputation has changed from just looking in the brand name to looking into the safety and security factors.
#3. You might not be able to negotiate with thereal estate pricing
This one is an old-aged myth that might actually be true in today’s scenario. Previously there were no regulations or a certain set of standards imposed by the government that was to be followed by all developers. The industry itself was haywire and people believed that the costing of the real estate was not being done fairly. Due to these trust factors, the price negotiation done by people was not rational. This led to a mindset that all the negotiations weren’t conducted fairly by the developers. But now, the Tamil Nadu government has made it very strict when it comes to the property registrations. The average pricing of various areas in Chennai is all available in different online platforms.
#4. People still look if the property is Vastu compliant before buying the house
Many people especially Millennials think that this is a myth when it actually isn’t. In the most progressive of cities, Chennai, there are a number of people whose first question is if the house is Vastu compliant. One main reason for this is because buying a home in India is a family affair; even when a young couple with modern outlook buys a home they are accompanied by their parents who would want them to look into it.