The demand for residential units, especially in the form of apartments, has been witnessing a steady rise in Chennai. First time home buyers have deviated from the traditional route of looking for independent houses. They rather consider buying luxury apartments in Chennai as one of their investment options.
Builders, in their quest for wooing buyers with newer factors, are focusing on coming up with luxury apartments in Chennai that offer more amenities and attractive features. It has become essential for potential buyers to understand the pros and cons of affordable flats and luxury apartments in Chennai in order to arrive at the best buying decisions amid various investment options.
Affordable Housing- the Fundamentals
Small residential units built close to the city, sometimes away from it, having the necessary amenities, and priced fairly are termed affordable housing. Touted to provide the opportunity of owning a house to every individual in the nation, this trend is fast catching up in the major Indian cities such as Chennai. For instance, flats near Siruseri offer good investment options to first time home buyers.
Proven to be great investment options and opening the door for the middle income group, affordable housing has got its own benefits. Cost being the major factor that impacts buying decision among this sector of people, affordability attracts them to fulfill their dream of owning their home.
Advantages of Affordable Flats
- Timely delivery of the property: With large corporate builder groups showing interest in this segment of housing, buyers of affordable housing – mostly first time home buyers – will be able to get timely delivery.
- A huge number of potential buyers: There are quite a lot of potential buyers for flats near Siruseri. Offering an apartment in this range will not be difficult, as getting a buyer is easy. This is one reason why a large number of users buying for investment options flock to invest in flats near Siruseri. With its huge population of IT professionals, obtaining good resale value will be easy.
- Resale value and return on investment: Demand for affordable housing keeps increasing, making it possible for investors to get their houses sold at fair resale value. Investment options with easy liquidity are more popular.
Drawbacks of Affordable Housing
- Remote location: Most of the affordable housing projects are located in far off areas and outskirts of the cities. This may cause absorption to be low, despite the good demand.
- Rental income may be low: Flats near Siruseri may not fetch the same rental income as other flats inside the city limits do. Tenants have the upper hand when it comes to negotiation about rent.
- Lack of infrastructure: Often constructed outside the city limits, these flats may still lack fundamental infrastructure and social interaction.
Luxury Apartment- the Basics
Equipped with high-end features and presented in a pleasing manner, luxury apartments in Chennai have everything that is expected by the affluent and the famous. Modern lifestyle and factors such as soaring land prices and the need for reliable security have shifted the trend from independent homes to luxury apartment living among the richer class.
Advantages of Luxury Apartments
- On-site amenities: Unlike affordable housing, luxury apartments are filled with a number of attractive and useful amenities. Features such as swimming pools, games, and sports facilities, fitness centers, and several others are available.
- Enhanced security: One of the most significant advantages in luxury apartments in Chennai is the completely secure environment. Equipped with CCTVs, intercoms, and alarm, luxury apartments in Chennai offer the maximum possible security to residents.
- Serene Atmosphere: Landscaped in a brilliant manner, and festooned with greenery, luxury apartments in Chennai are practically areas that offer a feast for the eyes add peace to life.
- Free from Pollution: Fitted with double-paned glass windows and located in a separate niche that houses the designer flats, luxury apartments in Chennai are quiet and hygienic.
Drawbacks of Luxury Apartments
- Although the price may appear to be on the higher side initially, the amenities and security that luxury apartments offer are unmatched.
Factors such as investment options, whether you fall under the first time home buyers category, and financial capabilities are great influencers in deciding between affordable flats and luxury apartments. But then, when you choose luxury apartments in Chennai as your investment option, there are additional benefits such as enhanced safety and quality.