|Buying Property Tips#1: Choose the Right Location|
|Before you choose a location, it is of utmost importance that you consider the development prospect of the area. Other factors to consider here is crime record of the area, availability and nearness of public facilities and utilities.|
|Buying Property Tips#2: Study the Local Market Dynamics|
|It is important to get well familiar with the local realty market. Learn the variation in property prices by street. Don’t shy away from asking a few realty investment agents questions to get better insight on the matter.|
Chromepet is located in the southern part of Chennai, and due to its proximity to the Grand South Trunk Road (GST), it enjoys good accessibility to major areas. It was given the name Chromepet during the British era; Chrome; meaning, the Chrome Leathers factory set up and Pettai; meaning, place.
With respect to the real estate, Flats in Chromepet are in constant demand because of its connectivity to other parts of the city. Chennai airport is just 6 kilometers away from here and the nearest railway station is the Chromepet rail station. One can also find buses connecting to Tambaram, High Court, Avadi, Pallavaram, Vandalur, Velachery, T. Nagar, Vandalur and Broadway from Hastinapur bus stand. Apart from this, Chromepet takes the credit of being associated with some major flyovers and roads. One of them is the MIT flyover that connects the GST with Hastinapuram and Chitlapakkam. The newly build flyover (near to 'Ponds company') connects to Thoraipakkam 100 feet Outer Ring Road and on the west it connects Thiruneermalai to the GST. In the last few quarters, the locality has seen an upswing in the residential demand; especially, from the IT professionals due to the opening of the State Highway 109 also called the Pallavaram-Thoraipakkam flyover. This flyover connects to Thoraipakkam, which is host to a number of multinational companies like HCL, Cognizant, Tech Mahindra, Ford, etc.
|Buying Property Tips#3: Choose the Right Property|
|Getting the right property right away is quite unlikely. First, you need to be clear on why you want to buy an investment property. After that, you will be able to make right decision based on factors like remoteness or accessibility of the property.|
|Buying Property Tips#4: Do the Math Properly|
|Get a precise idea on the value of assets you have available. If you are investing in rental property, make sure you can easily cover the mortgage payment through rents. Additionally, get a clear idea on the appraisal value of the property beforehand.|
|Buying Property Tips#5: Consider Additional Expenses|
|When purchasing an investment property, it is not only the selling price that investors need to consider. There are various additional expenses such as property tax, home owner’s insurance, repair & maintenance that must be considered.|
Chromepet is flanked with some of the premier institutes of Chennai. There is the Madras Institute of Technology (MIT), S.D.N.B Vaishnav College for Women, Sree Balaji Medical College and Hospital and Tagore Arts and Science Technology. Some of the leading schools include N. S. N Matriculation Higher Secondary School, Smt. Ramkuwar Devi Fomra Vivekananda Vidyalaya, S.C.S Matriculation Higher Secondary School and Sri Sathya Sai Institute of Educare. This locality has a good number of industries too; like, Shanti Embroidery Works, Ponds India Ltd, TTK Health Care and Heidelberg etc providing job opportunities to many. The Government General Hospital, Parvathy Hospital, Chromepet Government Hospital and Sree Balaji Medical College are some of the leading hospitals in the locality. One of the oldest temples being the Thiruneermalai Perumal Temple is housed here. It attracts worshippers from all parts of the city and the country.
This locality is blessed with a wide range of food joints as well. Some of them are: Dominos, Karaikudi, Adyar Anand Bhavan, Balaji Bhavan, Buhari's, Nalas Appa Kadai, Venkateshwara Boli Stall, Hot chips, Vasantha Bhavan and Sri Krishna Sweets.
The Booming Real Estate
To meet the rising demand of Chromepet properties, builders are flocking to this locality. Some of the new builders in Chromepet are: SBR Avanti by Silicon Realty Ventures Private Ltd, Centralia Apartments by Landmark Constructions, Temple Waves and Royal Castle by Amarprakash Developers, Guru Shivalaya, Guru Manasarovar, Guru Vaishnavi and Guru Aishwarya by Guru Homes, Navarathna by Mantri Developers.
You can find many flats for sale in Chromepet, which is priced at Rs. 4,259 per square feet. Proximity to the OMR ensures constant demand for rental apartments. Rent is approximately Rs. 12,000 to 15,000 per month for a 2 BHK flat. Eyeing a residential plot may cost nearly Rs. 2,400 per square feet.
Having all the amenities and features in and around has made Chromepet popular for residential investment. Experts say that investing in apartments in Chromepet will definitely assure big returns in the coming years.
|Buying Property Tips#6: Inspect the Property|
|To ensure that you are getting everything you are paying for, a thorough inspection of the property is essential. Besides ensuring that you are not overpaying, a rigorous property inspection also gives you a good estimation on what the additional expenses might be.|
|Buying Property Tips#7: Pick the Right Financing Option|
|While interests on investment property loans are tax free, some borrowing costs aren’t immediately tax deductible. Knowing that, and structuring your financing in accordance is crucial. Don’t hesitate to ask for help from a financial advisor.|
|Buying Property Tips#8: Invest through Equity|
|One of the best ways to purchase an investment property is to leverage the equity of another property (including your primary home). This is a preferable way among regular investors, especially due to added tax deduction advantages.|