The real estate sector is now increasingly growing as an investment option for Non Resident Indians (NRIs). Hitherto they were largely buying property for personal use but now they are buying real estate in India as a solid investment option.
Chennai is fast emerging as a preferred choice of investment for scores of NRIs.
There are several reasons for this. The main being:
- Growth in the IT/ITeS sector – large parts of Chennai are seeing this sector boom
- Extremely liveable and well-maintained as a city
- Efficient civic bodies
- Government’s consistent thrust on infrastructure development
- Emergence as a prominent manufacturing hub
The last point is significant because Chennai has fast emerged as a predominant manufacturing hub. Labelled the ‘Detroit of India’, the city has manufacturing facilities for leading car makers like Ford, Hyundai, Nissan/Renault/Datsun & Royal Enfield and a few more. This coupled with good infrastructure facilities has contributed significantly to Chennai’s industrial development. More jobs are being churned out and real estate continues to benefit from this boost.
NRIs for all of these factors mentioned above are choosing Chennai as a safe investment option. The city is largely a user driven market and hence speculation is curbed and price volatility is taken care of. Also, the entire process of choosing and investing is largely hassle-free and convenient for NRIs.
The southern suburb of Chennai which covers the major growth corridors along the Great Southern Trunk (GST) Road, Old Mahabalipuram Road (OMR) and East Coast Road (ECR) has seen tremendous development in the last few years. Outer Ring Road has emerged as the best upcoming investment market with large townships.
When zeroing on a property NRIs should consider location, reputation of builder, connectivity to other parts of the city, facilities in the apartment complex and of course value for money.
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