Chennai
According to a recent survey conducted at a property fair at Edison, New Jersey, an estimated 31% of the visitors preferred Chennai for investment. The report also revealed that the Chennai real estate market is witnessing a growing demand for villas as compared to conventional apartments.
Rajesh Babu, Founder of RECS Group, a city-based real estate consultancy firm says the main advantage of owning a villa is having complete ownership of land. “Such properties have better resale value and, if not bound by a clause, the owner has the right to demolish and reconstruct a structure in the future as well. When compared to apartments, a villa does cost more, as the cost of land is involved, but they are ideal investment options and come with a range of amenities.”
S Ramesh, a city-based business professional feels investing in a villa is beneficial in the long run. “I have been on the lookout for viable investment options in the city and I have booked a villa on an upcoming project on OMR. The range of amenities that they offer cannot match any apartment,” he says. Elaborating on the preferred locations for villa projects, Rajesh adds, “The top locations include ECR, OMR, Sriperumbudur/Oragadam and GST Road. Suburban and peripheral locations are preferred for villa developments and there is limited development of such projects within the city due to the non-availability of land parcels inside the city and their high costs,” he says.
Considered a viable investment option, there is a rise in demand for villa projects on the outskirts of the city, especially among NRIs (mainly the US, South Asian countries). The Town and Country Project, being developed by Lancor Holdings at Sriperumbudur, is said to house over 400 villas and caters to this very niche segment. R V Shekar, Managing Director, Lancor Holdings, is confident that the first phase of the project will witness 50% investment from NRIs. “The trend of NRIs investing in villa projects within the city is on the rise and they make for perfect summer homes, besides being great investment options.”
Each villa comes with its own exclusive garden, two car porches, terrace, sit-out areas and combines the luxuries of an independent home with the advantages of a the lifestyle of a gated community ,” he says. Suresh Jain, Managing Director, Vijayshanthi Builders, says villa projects cater to a premium and niche segment of buyers. “Investing in a villa has a range of benefits such as amenities, privacy, no overhead costs and security. With land prices being on the rise, villa projects fare better than conventional apartments, from an investment perspective,” he says.
Highlighting the advantages of such projects, Rajesh adds,”Well-made roads, gardens/landscaping, parking areas, play areas, swimming pools, gymnasiums and club houses are common amenities found in any such project. Different formats are available to suit the needs of different categories.” Pratish Devadoss, Managing Director, VGN Properties, says the concept of mixed development caters to a wider segment of buyers and has its own benefits.
“Constructing apartments and villas as part of the same project offers buyers a range of options. Villas are mainly purchased by individuals from high income groups. Chennai is catching up with the trend after cities such as Delhi, Bengaluru and Hyderabad.”
While most villa projects are developed in the outskirts, Naresh Jain, Managing Director, Influence Infrastructure, decided to set up a project in the heart of the city. “Apart from two similar projects on ECR, the current project ‘Masterpiece’ is coming up at Nungambakkam. There is a huge demand for such projects even within the city and thus I decided to venture this untapped segment.
People are willing to invest 15-20% more than a conventional apartment and the wide range of world-class amenities that we offer make it a wise investment option. Also, the per sq ft usage is more in a villa rather than an apartment which is a hidden advantage,” he says. Each villa sprawls across 4,250 sq ft and will cost Rs 9 crore on an average. “In my opinion, the amenities offered in a villa project make all the difference. An underwater gym, snorkeling bay, indoor gaming arena, swimming pool, spa are some of the amenities that will be part of every villa,” he says.
Nidhi Adlakha, Times Property, Chennai
Source: http://content.magicbricks.com/chennai-witnesses-rise-in-demand-for-villas
