Real estate investments have a long-standing history of offering huge returns on investment. A popular choice among investors looking to build wealth over time, buying land or property in Chennai is a lucrative option. It, however, can get a little overwhelming at times. Especially for first-time investors, it is easy to get intimidated by the prospect of buying a property for the first time. Not to mention, the fear of failure and uncertainty of success in investments can easily put off buyers from investing. While there is no one-strategy-fits-all or a set of specific rules that you need to follow, there are some factors that first-time investors can consider to ensure their investments are safe.
Chennai has a thriving landscape, and the economy is always expanding. It has been years since MNCs, ITes and manufacturing industries have settled within the parameters and offer potential for professional growth. It, in turn, has brought several opportunities for real estate investments. Since people from across the country are migrating over to the city for job opportunities, there is always a requirement for residential spaces.
Start By Understanding Your Long Term Goals
Real estate investments are bound to appreciate over time. But for investors to enjoy this appreciation, they must make smart investment decisions. And these decisions ultimately boil down to your long-term goals for investing in real estate. That is, whether you are looking to generate income or build wealth. If you plan to invest for income generation through rent and lease, you would want to buy properties located within proximity to job hubs and centres that will provide a steady rental income.
Scout Out the Location
Do you prefer to invest in CMDA-approved plots Avadi, or are you looking for DTCP-approved townships in the outskirts? First-time investors need to understand the potential of a specific location before investing in a property. Chennai has a well-developed infrastructure, connectivity and eminent neighbourhoods that appeal to the taste of many investors. To ensure you make the right choice, consider factors such as proximity to basic amenities, transportation, and potential for return.
Market Research
Market research is another important aspect of real estate investments. Before making a definitive decision, it is important to study and analyse the real estate market and the returns you can expect from your investments. Real estate tends to fluctuate; looking for recurring buying trends and understanding the fluctuations can help you make an informed decision. First-time buyers should consider consulting with experts, local property dealers, and real estate promoters and performing extensive online research to familiarise themselves with current market conditions and invest wisely.
Set Up Your Budget
Finances are going to play a very significant role in real estate investments. Over the years, Chennai has experienced a steady real estate value and several premium plots for sale in several high-end neighbourhoods of Chennai, like Avadi, GST Road, Maraimalai Nagar, etc. One of the biggest mistakes you can make is miscalculating your investment budget. Investing in real estate requires a huge budget backup. Remember that despite being a future possibility of ROI, you would still need to make an upfront investment today. Aside from allocating a sustainable amount of money for the actual purchase, you may also want to think about other expenses for managing the property. Besides, if you have plans to build a home soon, make sure to think about the expenses for construction.
Find a Reliable Real Estate Developer
When searching for the perfect plot to buy, it is paramount to be careful in choosing the real estate promoter. Given the number of real estate developers in the city, it becomes a little difficult to narrow down on one who is known for their quality projects and commitment towards efficient customer service. The following tips can come in handy at the time of choosing a real estate developer in Chennai.
Seek Recommendations
Always prioritise suggestions from family, friends and people you can trust. People who have invested in real estate in Chennai or have coordinated with real estate developers before can vouch for the credibility of the service. Their experiences are going to be valuable for your investments.
Verify Licences and Certificates
Before signing a contract with any real estate developer, give due consideration to their licences and certifications. Real estate developers need to be registered under RERA to work and sell properties. RERA is a regulatory body that safeguards the interests of real estate investors and buyers and allows developers to work in real estate.
Ensure that the real estate developer you choose is registered and licenced under Section 9 of the RERA Act, 2016 and follows applicable rules and regulations. Prioritising trustworthy and reliable real estate developers will help future-proof your investments. Look for developers with a long-standing experience in real estate in Chennai. Those who have the knowledge and expertise can also guide you through the plot-buying process smoothly and ensure you get the best experience.
