Top Reasons to Buy a Flat in Chennai

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Top Reasons to Buy a Flat in Chennai

Buying your own home is a milestone in your life. But when you are planning to settle in a city like Chennai, you can choose flats or apartments. Chennai has its charm and rapid real estate growth. Chennai may be a busy and lively city, but its people will always hold onto their cultural traditions. Each neighborhood in Chennai has great infrastructure, easy transportation, and is quickly developing. In this blog, we are just going to have a trip over Chennai’s highlights. So, are you ready to buy a flat in Chennai? 

Take a moment to explore these essential insights.

Buy a flat in Chennai, but why?

Rather than speaking randomly, we researched this properly and came up with valid points as usual. According to “The Economic Times,” Chennai has witnessed massive but gradual growth in the last 25 years. If we look back, the growth of commercial spaces increased by 75 times in all those years. Residential developments also show a growth of 27 times, and that’s impressive, right? This is more than enough to understand the rapid growth of the real estate field. It will be directly beneficial for flats, apartments, or any property. The next big thing is that metro connectivity is expected to expand citywide in the next two years, significantly boosting property values. If the transportation is good, the property value will also increase.

Important Things to Check Before Buying a Flat

Of course, you can make decisions blindly. That’s why we created a perfect guide for our beloved readers. Finding the best builders in Chennai can be a task, but we help you with a checklist. It’s going to be a guide for first-time home buyers.

• Verify the property’s title deed to ensure ownership.

• Check for RERA and CMDA approvals.

• Check connectivity to major roads, public transport, and workplaces.

• Research the builder's reputation and read reviews.

• Confirm the availability of promised amenities like parking, elevators, and security.

• Check for additional costs like maintenance, registration, and stamp duty.

• Verify the availability of water, electricity, and sewage systems.

• Verify important documents like the sale agreement and encumbrance certificate.

We've gone over "Things to check before buying a flat" in great depth. Look over for additional details.

Trust in Top-Rated Builders

Why Quality Builders Like ASN Housing Are Changing the Game?

To be honest, Chennai is full of builders and real estate developers. Among them, ASN Housing completed around 20+ apartment projects in Chromepet. ASN prioritises a client-centric approach with transparency and trust. Our current construction projects in Chromepet offer modern amenities and affordability. 

Why did we choose Chromepet? Chromepet is the best location with all the amenities. Read the highlights of Chromepet to know more. 

Highlights of Chromepet

• Easy connectivity to major areas like Tambaram, Pallavaram, and the international airport.

• Electric train connectivity.

• Growing Infrastructure.

• Madras Institute of Technology is the main highlight.

• Sree Balaji Medical College & Hospital.

• Shopping centres like Super Saravana stores, MAX, Chennai Silks, and so on.

Chennai Has Homes for Every Budget

Buying a home in Chennai is a dream for many, and there are options for every budget. Builders in Chennai offer a variety of properties, including 2 BHK flats, 3 BHK flats, individual homes, and luxury villas. Whether you're looking for a home in the city’s prime areas or more peaceful suburban locations, there are plenty of choices. Flats start at around 30 lakhs, making them affordable for middle-class families. For those looking for something more luxurious, there are beachside villas and duplex homes that can cost between 1 to 3 crores or more. It's a great chance for first-time buyers to own a home in a city full of opportunities. With the easy availability of home loans, buying a property in Chennai has become simpler. As we always say, “Chennai has homes for every budget.” 

The best part is you will get from basic to exclusive amenities according to your budget. If you are thinking about the financial side, most builders have tie-ups with leading banks. And there will be no home loan difficulty if your flats and apartments are RERA and CMDA approved. You can check out the home loan guidance below for your convenience. 

Home Loan Guidance for First-time Buyers

• Have a clear budget. 

• Check your credit score to secure better loan terms.

• Compare interest rates from different banks.

• Make sure EMI is bearable to your income.

• You must have some amount for a down payment. 

• Select the repayment tenure after discussing it with your family or life partner. 

• Keep your documents ready for a smooth loan approval process.

• Explore government schemes like PMAY for first-time buyers.

• Consider plans like career shift, relocation, and financial future.

• Compare the bank interests on BankBazaar. 

Impressive Financial Benefits of Buying a Flat

Tax Benefits:

• Homebuyers will get tax deductions under the Income Tax Act, such as Section 80C for principal repayment and Section 24(b) for interest paid on home loans, helping reduce taxable income.

• You can claim up to ₹1.5 lakh under Section 80C of the Income Tax Act on principal repayment. 

• Upto ₹2 lakh deduction on home loan interest [(Section 24(b)]

• Get an extra deduction of ₹50,000 under Section 80EE if you're a first-time homebuyer. (conditions apply*)

• If it’s a joint ownership, both owners can claim tax benefits individually on both principal and interest payments.

Rental Income Source

Investing in a flat gives you ownership and comes with rental income possibilities. Most apartments or flats are located in prime locations. You can also list your properties on sites like OLX, 99 Acres, and MagicBricks. A flat in a prime location can be a reliable source of passive income. The value will increase over time.

You Can Customize Your Flat or Apartment

Owning a flat or apartment gives you the freedom to personalise. You can personalise every corner of your home, from colour schemes to interior designs. Design your kitchen in a modular style, with customisable furniture that reflects your style. Your home, your designs, your freedom. Apart from tax benefits and rental incomes, one can enjoy the freedom of owning space. 

Ready to make your dream of owning a flat in Chennai a reality?

As we told you initially, Chennai has homes in every budget and need. It is all up to you to choose the best from the bunch of options. First-time home buyers can go for budget-friendly flats or even individual villas. So, are you ready to take the first step towards your ideal flat in this city of dreams?

For our reader's information, ASN Housing offers the best apartments in Chennai’s prime locations. Check out our current construction projects in Chromepet on our projects page. Want to visit our current project location and know more details of our projects? Please contact us.

FAQs

Can I Get Any Tax Benefits on Home Loans?

Yes, home loans offer tax benefits. You can claim deductions on principal repayment (up to ₹1.5 lakh under Section 80C) and interest paid (up to ₹2 lakh under Section 24). First-time home buyers will have additional benefits.

Where can I compare the home loan interest rates of different banks?

You can check various private websites. BankBazaar is one of the popular sites to compare bank loan interests.

Does ASN Housing offer flats in Chennai?

Yes, ASN Housing offers apartments in Chromepet. Go to our project page and click the current projects option. Or else you can directly contact us. 

What is the best option, a villa or a flat?

If convenience is your priority, Flat is the best option in urban cities. Villas offer privacy and a luxurious lifestyle. 

How is Chennai good for buying a flat or investment?

Chennai has good infrastructure and rapid real estate growth. Buying and settling down in Chennai will be a good decision. All real estate investments in Chennai have the potential for future appreciation.