As one of the developing locales in Chennai, OMR has emerged as a popular choice for residential options. With its quick access to IT parks and other business centers, the demand for affordable Flats in OMR has been on a rise. However, the question that arises is whether these flats are really affordable or not.
While the definition of affordability may vary from person to person, it is important to consider various factors such as location, amenities and quality of construction, before deciding on the price of a flat. It is true that there are several options for economically priced Flats in Chennai / Flats in OMR, but it is equally important to conduct in-depth research before making any investment. By doing so, one can ensure that they have made a wise decision.
Understanding the Definition of "Affordable" in Real Estate
Defining what qualifies a property as "affordable" can be a challenging task. However, there are clear indicators that help determine affordability. For instance, an individual earning 12 lakh Rupees annually can comfortably afford a property priced at 40 Lakhs Rupees, as the monthly EMIs represent less than half of their income.
Interestingly, even a couple with a combined annual income exceeding 60 lakh Rupees can afford to purchase a flat valued at 2 Crore Rupees. This highlights that affordability in the real estate market is tailored to accommodate individuals in lower income groups.
By unraveling the complexities surrounding affordability, we gain valuable insights into the criteria and flexibility that shape the housing market.
Are there affordable apartments available in high-end luxury projects?
Absolutely! Developers who prioritize the needs of lower-income individuals can make affordable flats a reality. The key is to reduce the size of the apartment while still offering all the luxurious amenities enjoyed by higher-income residents. This allows those with lower incomes to own a flat in a prestigious project. The only trade-off is adapting to a smaller living space.
What is the current price range for affordable flats in OMR?
Affordable flats in OMR are in high demand. While there is no fixed price range, these flats typically fall within the range of 35 to 45 lakh rupees. It's important to note that the location of the flat is a key determinant of its price. Those situated directly on OMR will cost more than those that are slightly off the main road. However, with a little research, it is still possible to find a budget-friendly option in this sought-after area. Overall, the current price range of affordable Flats in OMR presents a viable option for those looking to invest in the real estate market without breaking the bank.
Affordable Flats in OMR: A Comprehensive Conclusion
Affordable flats can still be found in OMR. This is because there are reputable builders, who are members of CREDAI, who are promoting the best properties in OMR. These projects offer smaller-sized apartments that are truly affordable for those in lower income groups. It is important to note, however, that these affordable flats tend to sell quickly compared to higher-priced properties. So, if you are in the market for affordable Flats in Chennai / flats in OMR, it is recommended to conduct a quick survey and make your purchase promptly.
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