Investing in real estate is undoubtedly one of the smartest investment decisions you can make. Real estate nearly always pays off with high returns, making it one of the most attractive avenues for investment. However, the question on most people’s minds is where do you buy the property? Should you invest in prime locations within the city or should you buy a house further away? Until recently, it was widely accepted that locations within the main city were undoubtedly superior and offered higher returns. However, with cities expanding and increase in development, that idea is slowly changing. Chennai now has many places to invest and here’s why you should seriously consider investing in the outskirts of Chennai.
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The More Affordable Option
For your set budget, you could either get a cramped apartment in the middle of the city, or a spacious, beautiful home in the outskirts. Per square foot costs are astronomical in the city, which limits the size of the apartment you can afford to buy. However, the further away from the city you get, the lower the price per square foot drops. For the exact same price, you could buy an apartment in the outskirts of Chennai that is much larger and has better amenities. We all want to live in an apartment that has all the amenities and facilities and most apartments in the outskirts of the city come with facilities like a swimming pool, club house and gym. Apartments in the city don’t usually offer these luxuries and if they do, the prices are very steep.
They Will Become More Developed
Many people might be pushing you to buy property in one of the ‘prime locations’ of the city, but here’s the thing: prime locations are created. No locality started out as being a prime location. Development in the area, proximity to major institutions and connectivity are the three things that go into making an area a prime locality. The influx of major companies setting up offices in the outskirts of Chennai has rapidly increased development in these areas. Because of the increasing number of people moving there, schools, colleges and hospitals have also begun sprouting up in the outskirts. The outskirts will soon become prime localities in themselves, so investing in them while they’re still affordable will be a wise decision.
Higher Returns on Your Investment
Real estate prices in the outskirts might be comparatively cheaper now, but they’re appreciating very quickly. The rapid development in these areas means that the outskirts will soon no longer still be ‘outskirts’. They will get absorbed into the main city and their value will only increase. When you invest in the outskirts, you will be paying a much lower price now for property that will be worth many times more in the future. This means that the returns on your investment will be much higher if you invest in the outskirts.
Improvement in Connectivity
One of the biggest concerns people have about investing in outskirts is that they’re very far from the main city. However, the improvement in connectivity has been able to shrink the distance between the outskirts and the main city. The beautiful 6-lane Old Mahabalipuram Road (OMR) has shortened travel time considerably and is very well maintained. For those of you who would rather use public transport, there are a number of frequent buses that pass through the outskirts. Suburban trains also speed up travel time and are very cheap to use. A Greenfield airport that is in the works will be constructed in the outskirts, improving their connectivity even further.
A More Peaceful Life
City life has its advantages, but the noise, pollution and congestion are definitely not some of them. Buying a home in the outskirts of Chennai offers you a peaceful sanctuary, away from the hustle and bustle of city life. Most apartments in the outskirts come with large landscaped grounds, full of fresh air and greenery. Imagine going to bed at night with no honking traffic to wake you up. Sounds like an unlikely dream? It doesn’t have to be if you invest in a house in the outskirts.
The outskirts of Chennai are quickly becoming coveted spots for real estate investments. If you’re thinking of investing in the outskirts, visit Lancor LuminaGudavanchery or Lancor Townsville Sriperumbudur for beautiful apartments and villas with unmatched comforts. Head to Lancor and book your dream home.