Vibrant with stylish residential architecture, whizzing metros, buzzing malls, and emerging spectacular tech hubs, Chennai is becoming the home of a cosmopolitan crowd. So, the boom in the real estate sector and the sudden increase of buyers/dealers don't come as a surprise considering the tremendous potential of the city's rea estate market. In addition to this, the post-pandemic revival of the working culture has only added to the already rising demand for commercial plots for sale in Chennai.
The flourishing manufacturing, retail, and IT sectors are expanding with a magnetic effect pulling in more MNCs from around the world. So, to meet the demands of the growing corporate sector, the city is now home to innovation hubs, cutting-edge business parks, and co-working spaces.
The blog will brief the key features to consider when looking at a commercial plot for sale in Chennai. Further, learn about the crucial factors such as accessibility, location, amenities, documentation, and others when considering a commercial plot for sale in Chennai.
Why is a commercial plot for sale in Chennai a lucrative investment option?
With the post-pandemic rebound of the real estate sector, investors/dealers are closely seeking commercial premium plots in Chennai. As a buyer, you will be rewarded more than what you seek if you are looking at the commercial plots for sale in Chennai.
The factors contributing to the amplified growth of commercial CMDA-approved plots in Chennai are:
- Tempting option for MNCs: With Chennai transforming into a business hotspot, more MNCs are looking to set up and expand their business parks in the city.
- The boom of start-ups: The entrepreneurial spirit of the younger generation has opened up many niches and businesses, small and large which demand office spaces in the hotspots of the city.
- Expanding IT sector: Chennai is brimming with skilled IT professionals and advanced technologies making it one of the fast-growing IT hubs in the country and the preferred choice for commercial plot investment.
- Modern technology steals the show: For the premium plots in Chennai, more builders, to ensure accuracy and prudence in their work, have brought in innovative applications and tools like pulsed radar object detection, construction-specific drones, immersive technology, and RFID to deliver a perfect end-product.
How to choose the right commercial plot for sale in Chennai?
Read on to learn about the key factors to consider when looking at commercial plots for sale in Chennai.
Location: This is the most important aspect that will significantly influence the returns and growth prospects of your business. Focus on those commercial properties that are appreciating faster and higher with the scope of profitable rentals/commercial leasing. The location you choose must be accessible to key hubs, transport facilities, ports, and warehouses.
Match the marketability with returns: An ideal commercial property will have higher capital appreciation and tenant retention. You can attract a host of relevant tenants/dealers if your property is built with the expected quality, superior design, and the latest technical specifications that match the purpose of your property. For eg, a space built for a hotel will be unsuitable for industrial activities
Verify the documents and legalities: Take the help of a lawyer or real estate consultant to collect and verify all the required documents such as construction permits, title deeds, utility bills, and property taxes and permissions. It is vital to check the agreements related to avoid legal disputes during the process.
Inspect the property’s facilities: A commercial property with a blanket of impressive facilities, at a prime location with top-notch infrastructure is unmissable. So, follow up on your research and invest time and efforts to visit/inspect the property to check if it is equipped with adequate parking, suitable retail facilities, a food court/cafeteria, security systems, and power backup. The more impressive the amnesties are the more value your property will fetch.
Understand tenant profiles: To plan for a good rental income, it is essential to understand the tenant profiles and rent rates. Whether it is tenant occupancy or lease rental evaluate their financial stability to determine the type of rental agreements for your property.
Conclusion.
Favourable developments in Chennai have benefitted the real estate sector, making investments in commercial premium plots in Chennai more appealing. Property values are high and will continue to grow, owing to the rise in demand for office spaces, retail stores, and industrial units. The growing economic prospects of the city, the development of e-commerce, and the increasing urban population, the need for more office spaces, shopping centers, and retail facilities are the right indicators of more people looking at a commercial plot for sale in Chennai as a lucrative investment opportunity.
Wondering where you can get a CMDA-approved commercial plot? Contact one of the best real estate developers in Chennai, Elephantine Enterprises Pvt Ltd. With more than 10 years of experience under their belt, they are experts in the real estate industry in Chennai.
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You can easily find plots for sale in Pakistan as well as houses but have you ever considered which would be the best option and why?
You can find many options to buy plots in Lahore, Karachi, and other cities but factors like location, price, the market, taxes, etc, all are important factors to consider when choosing a house or land.
Although the buying process includes a lot of steps but the first decision you must have to make is whether you will buy an existing house or build one.
Here are some factors that will help you determine what would be the best choice.
Once you negotiate and finalize the deal, you can move into the new house in a month or two depending on what has been decided.The process can be lengthy that involves budgeting, browsing homes, inspecting different houses, and negotiating the deal.
Many of us have tight schedules and need to shift as soon as we can so in that case building a house may not be the best option.
