Real estate is a dynamic field in any big city. Chennai is no exception to this. Home builders in Chennai find themselves constantly having to adapt to new demands from their customer base. On the other hand, there are changes in land laws and income tax laws for developers to consider. Despite all this, the real estate market has always been stable in Chennai. Over the past few years, there has been an increased interest among the people to invest in a property in the city.
As a metro, Chennai is the fourth fastest developing city in the country. More job opportunities are popping up in the city, and more people are moving to the city seeking employment. Consequently, the demand for quality homes has gone up. The reputed builders in Chennai have risen to the challenge, offering premium accommodation to longtime citizens and new immigrants alike.
According to TOI, Chennai’s real estate has seen a 17% increase in apartment properties added in the first quarter of 2019, as compared to 2018’s first quarter. The customer base has also recorded a 4% increase in apartment sales in 2019’s first quarter. The projections indicate that this trend will be on the rise as the year progresses. Clearly, there is a wave amidst Chennai’s citizens where they realize the pros of investing in real estate, which has led to this growth.
Rightly so, for a real estate investment brings with it a set of benefits that make it a safe bet investment. Though most investments in real estate are long-term (or even life-term) it does not pose as many risks as one would imagine for such an investment. Let’s take a closer look at why buying a home from reputed builders in Chennai is actually a viable use of your money:
#1. Set in Stone
Many people fear to invest in real estate because of just how long term of a commitment it is. However, that is where one of its greatest strengths lies. Unlike other investments like stocks, real estate properties are a fixed asset with tangible value. Once you buy a residential apartment in Chennai, for instance, you invest in an asset that will always have value, no matter how far down the line you go. This makes it a safe bet to place your money on.
#2. Versatile Value
There’s another factor in real estate investments that aren’t mirrored in other similar investment areas. That factor is customization. Upon buying a home, you can make changes and adjustments to it, lending your own personal touch. Almost all people who invest in a home do so with the intent of shaping it according to their dreams. On the other hand, when you invest in stocks, there is little you can work with to modify the existing investment. Whether you buy a villa or a flat, you have the full power to customize it as you wish, and this lends it extra points as a safe investment.
#3. Secure Playing Field
Over the past few years, the real estate scenario in Chennai has stepped up its regulations to ensure a sense of quality assurance for investors. All the reputed home builders in Chennai have their properties approved by CREDAI/RERA. These two credentials have become a benchmark for a developer’s credibility.In fact, the real estate customer base in Chennai has become prudent with regard to this. Prospective home buyers steer well clear of properties that do not have the proper accreditation. Real estate has machinery in place to ensure you get your money’s full worth in terms of quality, adding to the safety quotient.
According to the latest 2019 survey, there are 1019 RERA approved projects and 521 RERA approved developers in the Chennai region, working towards building a safer real estate environment in Chennai.
#4. The Tax Equation
Investing in real estate has always been a safe bet when it comes to the income tax side of things. The current taxation schemes allow for deductions with respect to home loans and property tax. The Income Tax Act has provisions that make taking a loan to buy your dream home, a little less cumbersome. For example, if you’re buying residential apartments in Chennai by availing a home loan, then the amount you repay as the principal amount of the loan is eligible for a tax deduction. This is part of Section 80C of the Income Tax Act, and there are a few other provisions that serve to benefit you tax-wise. With these schemes in place, real estate becomes a much safer investment option than volatile fields like stocks.
This is just a superficial insight into why buying a home from reputed builders in Chennai is a safe bet. There are many more under-the-hood benefits that support this view. Real estate can be a scary field to put your money in. After all, it will probably be one of the biggest investments in your life. With a little research and a calculated approach, however, there’s no reason to disregard Chennai’s real estate benefits.