|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.|
Occupying a crucial position on the Mount-Poonamallee Road, Porur a suburb of Chennai is famous for its manufacturing plants, chemical industries, residential colonies as well as wholesale vegetable markets. A neighborhood that holds much importance, the existence of Porur can be traced back to the Pallava Period (2 – 9 century AD). The locality was upgraded into a Panchayat in 1977.
Porur got is identity with the establishment of the Ramachandra Medical College and Hospital in 1994. With the passage of time, the population also increased that led to the state government taking measures to improve the infrastructure of the neighborhood. The area has recorded a growth of 63% in its population over the last decade. The higher decadal growth has led to the populace hunting for jobs in the Chennai suburbs and Porur scores above all other Chennai suburbs. This growth in turn has bolstered the Chennai Realty Market and today some of the best flats/apartments in Chennai are available in Porur.
With the existence of three IT Special Economic Zones (SEZs), Porur is being gradually transformed into an IT hub of Chennai. Currently, companies like Zoho, IBM, Mphasis, Cognizant have their offices in this locality. The next IT Patk TCH that is coming up has already been taken over by HP. The SEZs already employs more than 1000 employees.
The social infrastructure like schools and hospitals has further accentuated both the commercial as well as the residential realty market of the area. All these developments have led to the emergence of Porur as preferred residential areas of the city of Chennai.
Residential Realty Market
|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.|
Porur is witnessing both large as well as small scale residential developments. One can choose from both ready-to-move-in properties and properties that are under construction. An upcoming locality within Chennai's property market, one can choose from 2BHK or 3BHK apartment in Porur that are available in various architectural designs and different floor areas. Apartments fitted with the basic facilities are available within the price band of INR 3700 to 4200 per square feet as of March 2013. Whereas properties within the gated communities in the same area will come at a cost of INR 4500 to INR 5200 per square feet because that are equipped with some of the best amenities that a modern-day end user would look out for. There is a huge demand for 2BHK and 3BHK apartments in Porur and the surrounding areas.
Since there has been an increase in the number of working professionals, a demand for properties on lease has also increased. Large projects that house apartments command a premium of 20-25 per cent over builder floors. The average price band for a rented property in Porur will come at a cost of INR 11000 to INR 13000 per month.
Connectivity and Infrastructure
Porur acts as an important junction between the neighboring commercial areas like Guindy and Vadapalani. It also acts as major link areas between Kundrathur and Poonamallee.
The neighborhood of Porur is well connected to other regions through all kinds of transport. The government has plans to construct a metro railway connection in the same area and once the under-construction flyover is open to the public, the realty market is expected to record a boom.
With proposed infrastructural developments growing at a fast pace, the area is expected to witness further boom in its realty market.
Going by the current trends in property, it can be said that the investing in a property in Porur is worth as it is bound to yield good results in the coming future.
|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.|