The concept of second home buying seems to be taken well in Chennai with 36 per cent of the total buyers in the city are looking for second investment, the recently released Housing Sentiment Index (HSI), a report jointly developed by IIM-Bangalore (IIMB) and Magicbricks (MB) has reported.
Both NRIs and natives are among the buyers, the local realtors reveal. On one hand, where NRIs invest for capital appreciation, natives look for rental returns. So, if you are one of those looking for investment options in the city, here are a few options.
OMR
OMR (Old Mahabalipuram Road) is the hub of IT professionals as this is the closest area to the IT corridor of Chennai where 30,000-35,000 people are employed at present. Hence, investing here can fetch good rental returns. “A 2BHK flat of 1000 sq ft commands Rs 15,000 per month as rental charge. These kind of units are quite fast moving as the rental demand always remain on peak in these areas,” says A Jagan, owner of Ananthi Realty Solutions.
Apart from this, developers in the region tend to offer good discounts and freebies because of high supply. “Some developers offer up to 30 per cent off on booking or free car parking with each flat to attract investment from property buyers,” informs Jagan.
As per Magicbricks listings, a 2BHK flat in OMR is available at starting price of Rs 20 lakh which may go up to Rs 95 lakh depending upon the amenities installed in the township. The area also has numerous 3BHK apartments as well which is available for Rs 33 lakh.
Tambaram-Sholinganallur stretch
This is a popular stretch of Chennai which attracts NRIs, HNIs as well as middle-class segment for investment. The area boasts independent house supply as well as multi-storey projects which suits varied budget range.
Localities lying on this stretch are Medavakkam, Ranganathapuram, Thiruvalluvar Nagar, Koilambakam, Gowrivakkam, Sembakkam which have numerous new projects in the area. Developers like Sanjay Homes, Amethyst Homes, Atikramya Builders, Parsn Urban Development are active in the area.
“The area holds great potential for capital gain as well as rental returns. The IT corridor in close proximity to Sholinganallur drives rental market here while the peaceful and natural beauty towards Tambaram end drives those buyers who want a second home away from the city,” says Udhai Kumar, a city based realtors.
As per Magicbricks data, a 2BHK apartment is available here within the price range of Rs 45 lakh, whereas an independent home with the built up space of 1000 sq ft is available at the starting price of Rs 70 lakh. These are 3BHK duplex homes with one room at ground floor and two rooms at first floor along with attached bathroom. As far as rental market is concerned, a 2BHK flat commands Rs 13,000 rent per month whereas a 3BHK flat fetches Rs 15,000 rent per month.
Source -Surbhi Gupta, Magicbricks.com Bureau/timesofindia