Real estate has always been in demand in India, especially in metro cities such as Delhi, Mumbai, Chennai etc. There are various kinds of properties in India that have become very famous which include the apartment systems, villas in Chennai and other cities or bungalow systems and also purchase of plots to construct and design your own home.
Real estate scenario in the past
There was a time when the real estate scenario in India was really good for sellers. However, now things are changing especially after demonetization. The year 2017 was a watershed moment for the real estate sector. The Real Estate Regulatory Authority RERA Act has also changed the way things work. The recent changes have now tipped the scale towards the buyers. During demonetization the aim to curb black money in the real estate domain has led to stringent scenarios for the builders and sellers.
Scenario after 2017
When you buy Property in Chennai in today’s times, things are very different than how it used to be. A lot of costing has changed such as the taxation changes under the unified taxation system under the GST regime. This is to reduce multiple taxation effects. Home loan interest rates have been lowered by the banks making it easier for the common man to invest in property. This has made it lucrative for the working group individual to buy property in Chennai and other cities easily.
If you are wondering which kind of home you must invest in, it is wise to buy flats in Chennai rather than investing in a plot or independent house because of various reasons. One of the major reasons is cost. A flat or apartment is much cheaper as compared to an independent house. Construction of a villa or bungalow on a plot can cost a lot in terms of time, effort and money invested in labour cost, taxes etc. All these costs are going to be high in Chennai as it is a metro city. Another reason is that the Chennai floods were a problem in recent years. An independent home will face more of this issue and investing in a flat or apartment in Chennai would be safer.
Many options are available
This time is good for the buyer to purchase a property in Chennai because there are many options available in the city such as a 2 BHK in Chennai to 3 BHK and independent houses.
So, go ahead and use this time as an opportunity to make your dream of purchasing your own home in Chennai come true.