Chennai is one of the most important cities of the south. In recent times, there has been an upsurge in the realty sector here, riding on the boom of new industries and IT. Whether it is commercial spaces or residential segments, the residents of Chennai have been showing an increasing interest in concepts that are luxurious and international in appeal. Accordingly, the trend for high-end and feature-rich offerings in realty sectors has been on the rise in this city.
How will GST Impact the Chennai Real Estate Sector
With the new reforms of GST kicking in, the real-estate is also getting affected. Under-construction realty projects are under GST with a rate of 12% in the residential sector. The government is pushing developers to pass on the benefits of input tax credit to the buyers, as part of the anti-profiteering clause. This will make more properties fall under 12% GST category for the end-buyer. Current rates are not likely to get affected much as a whole, but the actual taxation effects will become fully clear after 2 or 3 years only. Lower home loans should offset any marginal rate increases, and thus the realty sector in Chennai and across the country should not expect a slump due to GST. With RERA kicking in, there is a growing attempt by developers to gain in on the trust of their buyers by offering better deals.
Why Should You Make Investment in Chennai Real Estate?
Real-estate is a safe investment as compared to other highly volatile investments. Besides mental peace, it also adds to a steady rental income in the times to come. It is a predictable component of your cash inflows and outflows, and hence a wise choice to plan your wealth over the long run. Chennai is very promising and hence it is a good choice to invest here.
Upcoming residential projects in Chennai
There are many wonderful projects coming up in Chennai that can be your ticket to a high-flying lifestyle and also make you wealthier. Some of these include lavish living spaces like Mahindra Happinest Avadi that ride high on extreme affordability and yet rates high on comfort & luxury. Others, like Mantri Serene are more spectacular and bigger sized homes in Pallavaram area. Talking about this project, for instance, offers 2BHK, 2.5BHK, 3BHK apartments and penthouses that are high on luxury and crafted to perfection, and the apartment area sizes start at 1480 sq. ft. and go up to a whopping 2545 sq. ft., providing all the luxury space you will need for all your requirements. Pampered with exclusive internal and external features, prices at this residency is yet quite affordable and well planned to meet every budget.
Thus, in many ways, Chennai happens to be just the right place to invest in real estate!
July 19, 2017