Is it ok to buy a house in the suburban areas?
Posted on: 17/Jun/2018 11:25:31 AM
Information is doing the rounds that the real estate business is down in recent times. However, the house buying/selling is still going on. This might be the ideal opportunity for buying a house. Especially, this is the ideal time to procure a house in the suburban area.
Generally, the trend of thought is to buy a house in a developed area only or at least there must be scope for development of the area. In this scenario, the West Chennai section is one of the areas with a potential for quick development.
Several real estate companies, fully appreciating the middle-class society’s dream of owning a house, commenced huge construction activities in the suburban areas. As far as the Chennai Metro City is concerned, the most preferred area is the South Chennai section. There is plenty of construction in the areas adjacent to OMR (Old Mahabalipuram Road) mainly counting on the software personnel.
Apart from this, a lot of construction activities have been taken up in the Pallavaram Radial Road areas in recent times. Housing construction activities are also being taken up in the Adhanur, Madambakkam areas adjacent to Guduvanchery keeping the focus on the prospective buyers from the middle-class society.
In a similar trend, multi-storeyed apartment buildings are being constructed in Sriperumbudur, Oragadam, and Poonamallee in the West Chennai section, again, with the main focus on the prospective buyers from the middle-class society.
The recent analysis finds that the real business is going on without any sagging in the real estate in the West Chennai areas. As there are many industries located here, the basic amenities are already available and established. So, based on this, many multi-storeyed apartment buildings are coming up in these areas.
As the budget for these constructions suits the middle-class society’s expectations, especially those who have their offices in the central Chennai areas, there has been an increasing number of buyers in this region. There are flats which approximately cost Rs. 39 Lakhs.
Sriperumbudur is another area which has been developing and growing in the last few years.
A few years earlier, most of the vill-type constructions and township plans were being taken up in the OMR area. However, presently, most leading real estate companies focus on the Sriperumbudur area. Big township projects have been taken up and completed in Oragadam, Padappai, and Sriperumbudur.
There are many more projects set to start. It is also shared that these residential areas are not only suitable for the employees in the local industries but also for the employees who work within the Chennai city. In a similar trend, the lower priced housing constructions are more prevalent here as compared to other city areas.
It is also gathered that the demand for the lower-priced houses is on the persistently increasing trend. After the South Chennai area, it is expected that the real estate business in West Chennai area is the next in line for maximum development.
There are more apart mental buildings constructed in the South Chennai are of Pallavaram Radial Inner Ring Road. In a similar trend, construction activities flourish in the ST Road adjacent areas such as Urapakkamam and Guduvanchery.
In recent times, there is a trend to buy houses in these mainly in order to reside rather than as a form of investment. It is also gathered that this is the most ideal time for buying houses.
