The real estate market is among the most profitable investment options. The industry is growing by leaps and bounds every year. An increasing number of people are choosing to invest in real estate to either settle down or enjoy an increased return on investment (ROI). Real estate investment typically provides guaranteed profit, as long as one manages to properly do their research and invest in a flourishing location. There are many well-developed areas across the country where you can choose to invest in, Chennai being one of them. This promising investment location is the capital city of Tamil Nadu and can provide lucrative prospects to investors. There are many options for investing in residential plots in Avadi, Ponamelle, Madhavaram, and more. 

Also referred to as the Detroit of India, Chennai has witnessed steady economic growth over the past decade. Mentioned below are some key reasons why investing in Chennai real estate is a good idea: -

Job Opportunities

Chennai has a thriving industrial sector and provides plenty of job opportunities, which is among the key factors that make it a great place to invest in real estate. Several companies dealing in logistics, manufacturing, industrial services, and IT are present across the city. The presence of multiple public and private sector companies, as well as growing start-ups in Chennai, has created a plethora of job opportunities. Hence, numerous individuals from varying parts of India migrate to Chennai in search of better jobs and salaries. These people invariably require homes to settle down in, which boosts the demand for residential properties in the city.

High Rental Yields

As the demand for properties goes up, so do rental yields. The rental yields in Chennai are relatively higher in comparison to other Indian cities. With rental income rapidly becoming a major source of revenue for many people, choosing to invest in properties tends to provide you with substantial financial stability and long-term gains.

High ROI

Owing to the ongoing expansion and development plans of the city, Chennai has emerged as among the most appealing real estate investment destinations in South India.  CMDA-approved plots in Avadi, OMR, and other areas are high in demand. Hence, investing in such plots can enable you to capitalise on your money and enjoy high resale value from them down the line. 

Strong Economic Growth

Chennai has a strong and diverse economy that includes industries like healthcare, logistics, IT, manufacturing, and more. This economic growth has paved the way for an increase in the demand for both commercial and residential properties in the city. 

Affordable Real Estate Pricing

In comparison to other large urban hubs in south India, buying residential plots in Avadi, Guduvanchery, and other neighbourhoods is relatively affordable. Investing in the real estate market of Chennai is a smart move for people who are on a tight budget but want to enjoy high ROI over time. Along with this, the outskirts and suburban areas near Chennai have affordable properties with impressive development potential. 

Good Infrastructure & Connectivity

Chennai has remarkable transportation, top-notch healthcare facilities, and state-of-the-art education infrastructure, making it a good place to settle down for professionals and families. There are many good neighbourhoods present across the city that feature prestigious schools and hospitals, as well as great shopping malls, grocery stores, and more. The state government is also consistently investing in infrastructure developments in Chennai, contributing to its growth. It is well-connected via local trains, TNSTC, government buses, and the metro network. In comparison to other cities, Chennai allows people to enjoy an urban lifestyle at competitive prices.

CMDA-Approved Properties – What’s the Craze About?  

Before investing in a property in Chennai, you must do your research properly. There are various governing bodies in India to eliminate fraud in the real estate market and oversee and control the property sale and purchase process. Chennai Metropolitan Development Authority (CMDA) is one such body. It is in charge of regulating physical developments in the Chennai metropolitan area. You must try to invest in CMDA-approved plots in Avadi, Ponamelle, Madhavaram, or any other area if you have plans to buy properties in Chennai. 

What is the Role of CMDA?

CMDA is a governing body tasked with the responsibility of regulating and assessing the real estate market of Chennai. It focuses on formulating and implementing plans for the development of the Chennai Metropolitan Area. Moreover, it coordinates and manages the development activities of varied municipal corporations and other local authorities of the region. Chennai Metropolitan Development Authority typically surveys every area under its jurisdiction. Also, it prepares detailed reports and lays down future development plans for areas under it. 

The approval process for CMDA is more rigorous than the Department of Town and Country Planning (DTCP). As a result, buying CMDA-approved plots is a more secure and safe investment decision. The valuation of CMDA-approved plots is expected to go up substantially in the future as they fall within the city limits. Here are several factors that make it a good idea to invest in CMDA-approved plots in Chennai:

• The CMDA approval serves as a guarantee that any structure on the plot of land would not be demolished without following the appropriate procedures for the approved layouts. Homes constructed on CMDA-approved plots are rarely demolished as doing so is not encouraged unless there is a clear legal reason.
• Although you can always opt to buy DTCP-approved plots in developing areas, many of these localities also lack infrastructure growth. On the other hand, CMDA-approved plots are located within city limits. Therefore, you can be assured that your property is near sound infrastructure that includes schools, markets, metro stations, and flyovers.
• Most financial institutions easily provide loans for constructing or reconstructing projects CMDA-approved plots in Avadi, Ponamelle, etc.

Chennai boasts of affordable property prices, high rental yields, strong economic growth, impressive infrastructure, and an ever-growing population, which makes it an attractive destination for real estate investment. By investing in a strategically situated CMDA-approved property in this city, you can enjoy commendable appreciation value in the near future.