Velachery and West Mambalam-Two Upcoming Places in Chennai
Velachery and West Mambalam are coming up fast in the map of Chennai as the localities with immense prospects. Being judged in the parameter of growth and development, these two areas occupy some prominent positions. Velachery, situated to the south of Chennai and West Mambalam are known as residential and commercial areas with huge possibilities. Both the places enjoy wonderful infrastructure, improved transport system along with other amenities. The emergence of IT sectors in these areas have expedited growthand multiplied job opportunities. Hence, more and more people are pouring in to these places for their jobs which in turn increases the demand for real estate investments. Even the NRIs are showing interest in investing real estate here.
Growth and Development in Velachery and West Mambalam
- Of late, Chennai has witnessed an unprecedented growth and development. But this growth is not restricted to any particular area. It is, rather, all pervasive and has reached up to its suburbs like Velachery and West Mambalam.
- Velachery is situated at the transit point of Chennai city and IT Hub. Apart from the IT industry, various MNCs have set up their offices and workshops here. The proximity of Velachery to OMR (Old Mahabalipuram Road) has facilitated communication. Various shopping malls, theatres, restaurants schools and college have come up here recently. All these effectively contribute to the transformation of the locality from a suburb to a place of importance and prosperity.
- West Mambalam too enjoys an excellent connectivity with the other parts of Chennai. The roads have been widened to facilitate the movement of vehicles. This area also shows growth and development as new schools and colleges, super speciality hospitals, shopping malls, restaurants, multiplexes have come up here.
- With improved transportation, the travel time from one place to another has been reduced. Thus, people can save time and energy and pay attention to productivity.
- Apart from IT industry, various other heavy and small industries, banking and finance sectors have started operation here creating job opportunities for a vast number of people.
- Velachery and West Mambalam draw hundreds and thousands job seekers, who prefer to live in the nearby areas of their workplaces and look for house for rent In Velachery and house for rent in Mambalam.
Reasons behind Real Estate Investment in Velachery and Mambalam
- The prospect of investment in real estate in Velachery and West Mambalam is lucrative. With the growing demand for land and property, the real estate business experiences heavy appreciation here. Hence, the scope for depreciation is absolutely nil in the present scenario.
- The appreciation of property has increased the value of property and so more and more people are showing interest in investing in real estate.
- As the demands for apartments, houses and villas are on the rise, huge number of realtors has come to these places with new projects.
- Velachery and West Mambalam have enough lands in the land bank to offer for developing new apartments, houses and villas. Simultaneously, the new land law and tax law in Chennai have catapulted the scope for launching new projects.
- In recent time, Chennai has experienced huge economic growth which in turn has empowered people to buy and invest in properties. They are on the lookout for abetter and comfortable living. The NRIs too are drawn by the recent growth and development of these places and show eagerness to invest in real estate.
- Velachery and West Mambalam are the two safe and secured places of Chennai with lower rates of crime. The NRIs can be sure of the security and safety of their family members.
- The NRIs if want to return back to the country, can explore opportunities in these places of Chennai and buy their own houses for living. They may also give the houses for rent. Thus, the real estate properties would generate revenue to the owners.
- The house for rent in Velachery or house for rent in West Mambalam is available in plenty. Here, the rate of rent is at par with the other metro cities.
- The rent of independent house or flat depends upon the sqft area it covers and the locality where it is situated. The rent of 1BHK individual semi furnished house withan area of 800 sqft in West Mambalam is Rs. 10,000 per month while the rent of 2BHK individual semi furnished house with 1000sqft area in West Mambalam is Rs. 23, 000 per month. Similarly, the rent of semi furnished 2BHK individual house with 750 sqft area in Velachery begins from Rs. 15, 000 per month. In both the places 3BHK, 4BHK and 5BHK individual houses for rent are also available.
- Thus with real estate booming, it is the perfect time for the NRIs to invest in real estate and reap its long term benefits.
Certain things to Verify before Investment
- Investment in real estate is obviously a very significant decision on the part of the investors, whether NRIs or Indians. So they are advised to be extra cautious of the investment and know the pros and cons of this investment. Before taking the call of investment, the investors must check the credibility of the developer. Several builders are developing projects in Chennai, but it would be better to rely upon the experienced and reputed developers.
- Before giving the house or flat for rent, the landlord must have a clear knowledge of the tenancy rules and norms.
- The landlord must verify the identity of the tenant and latter must furnish all his identity proof to the landlord before signing the tenancy deed.
- The prospective tenant must abide by the tenancy rules and norms.
- Finding a tenant is an upheaval task for the investor alone. But with the help of housing.com the thing become easier for the investor and tenant as well. The tenant can get information about the houses and flats available for rent through the portal of housing.com. It is, however, one of the most trusted broking houses to provide necessary helps to the investor and the tenant both.