Different people have different reasons for wanting to own a home. Some people are drawn to the idea of having a place that they can call their own, while others see it as a more practical investment. Whatever the reason, there is no doubt that buying a home is one of the most important decisions that anyone can make.
Madras, the former name of Chennai, thrived as a cultural center in the past. Tight-knit communities flourished in areas like Triplicane and Mylapore. Residents lived like one big family, sharing life's ups and downs in their compact houses.
Times changed. Technology and job opportunities lured people away, many leaving for other cities or even abroad. This fractured the close communities, separating people from their loved ones. Chennai's story has evolved. The rise of IT and development projects has transformed the city. Yet, the heart of its people remains unchanged. Chennai's welcoming spirit endures, making it a place where anyone can feel at home.
If you are planning to Buy Flats in Chennai, it's important to carefully consider your reasons for buying before making any decisions.
Here are some common reasons why people buy a new home in 2024:
Strong desire to own a home of my own
The desire to buy a house is something that most people have. The main reason for this is the feeling of ownership. It is said that when you buy a house, you buy happiness. A home is somewhere you can be yourself without worrying about what others think of you. You can also make changes to your house according to your taste and preferences without having to ask for permission from anyone. Whatever the reason may be, the desire to buy a home is something that many people share.
Preference for a LARGER home
More and more people are finding that they desire a larger home. They want to buy flats or apartments that have more space so that their family can be together in one place. As a result, developers are beginning to build more and more large homes.
Desire for staying closer to family, relatives and friends
The desire to be closer to family and friends is a natural and understandable impulse. After all, our loved ones are the people who have known us the longest and who we can rely on in good times and bad. And as we get older, we may find ourselves longing for the simple days when we could just pop over to our relatives' houses for a visit.
New or sudden developments in family situation
One of the biggest changes that can happen in a person's life is a change in their family situation. Whether it's getting married, having a baby, or getting divorced, these changes can trigger a major life event: buying a house. For many people, buying a house is the natural next step after a change in family situation.
A transfer in job and therefore relocating
Reasons like getting a new job in a different city or transferred to a different location with a promotion have pushed many people to relocate and buy a new flat. The process will be daunting but ultimately successful. With a little planning and preparation, the transition to a new location can be smooth and seamless.
Fancy for a smaller home
Some people have smaller homes for several reasons. First, they are much easier to maintain. There is less surface area to clean, and it takes less time and effort to keep the space organized. Second, smaller homes make better use of space. Every square foot is utilized effectively, unlike in larger homes where there are often empty rooms or unused corners. Finally, small homes tend to be more intimate and cozy. The close quarters create a sense of togetherness and unity among residents. For these reasons, some people believe that smaller homes offer a number of advantages over larger ones.
Ambition to live in a better locality
It is a fact that the locality in which we live has a profound impact on our quality of life. Those who can afford to live in a better neighborhood often do so because it offers them a higher standard of living. The schools are usually better, there is less crime, the property values are higher, and the amenities are often more sophisticated. In addition, people who live in a better neighborhood tend to be more socially and economically successful. As a result, they tend to have a higher standard of living than those who live in less desirable areas. While it is true that not everyone can afford to live in a luxurious neighborhood, it is still important to consider the role that our surroundings play in our overall quality of life.
Peaceful life after Retirement
After years of working hard, people want to retire to a place that meets their needs and allows them to live a peaceful life. There are many factors to consider when choosing a retirement home, but some of the most important include location, cost of living and amenities. For many people, location is key. Others prioritize the cost of living, looking for a place where they can stretch their retirement savings. And finally, many retirees want to find the right community living to spend their golden years.
To live closer to office / Children’s school/ good transport facilities
People often love to own a house that is closer to their office or children's school for convenience. A locality that has good transport facilities is also highly sought after as it makes commuting easier. Properties located in such areas are usually in high demand and command a premium price. However, they may not be suitable for everyone. For example, families with young children may prefer to live in a quiet neighborhood away from the hustle and bustle of the city. Similarly, those who enjoy the peace and tranquility of the countryside may not be happy living in a crowded urban area. Ultimately, it is important to choose a location that best suits your lifestyle and needs.
Price of the house is affordable
For many people, the purchase of a house is primarily determined by financial affordability. Sometimes buyers are willing to compromise on the size, location, amenities, or connectivity of a property because affordability is of primary importance. Whatever the reason, financial affordability is often the most important factor when it comes to buying a house. In some cases, people may be able to find a property that meets all of their needs but is priced outside of their budget. In these situations, it may be necessary to consider compromising on some of the non-financial factors in order to stay within their budget. Ultimately, the decision of which factors are most important will vary from person to person and will depend on each individual's unique circumstances.
Financial security and Tax benefits
A house is a great investment that can provide both shelter and financial security. The purchase of a home is usually the largest financial investment that most people will make in their lifetimes, and it is important to choose wisely. However, one of the most important considerations is whether or not the house will appreciate in value over time. A well-located and well-maintained home is likely to increase in value over time, providing the owner with equity and a nest egg for the future. In addition, a home provides tax benefits, as the interest paid for home loan is tax-deductible. For all of these reasons, buying a house is considered to be a great choice that increases the financial security of the buyer.
Here are some common reasons why people buy a new home in Chennai 2024:
Chennai's CMDA takes various initiatives in revamping the city's lakes and infrastructure
- Siruseri Lake is being revitalized with landscaping, cycling/jogging tracks, and family paths.
- Madambakkam Lake is undergoing a transformation into an eco-park with pollution control measures and increased water capacity.
- A Global Sports City is planned for Semmencherry, featuring state-of-the-art facilities to elevate Chennai's sporting status.
Comprehensive Flood Management Enhances Quality of Life
In response to Cyclone Michaung's devastation, Chennai has launched a 738-crore storm water drain project to mitigate future flood risks. Funded by the German KfW Bank, this project covers 283 kilometers, enhancing flood management in areas like OMR, ECR, Perungudi, and Pallikaranai. Improved infrastructure makes Chennai a more resilient and attractive place to live. This initiative ensures better living conditions and flood protection for residents.
ECR-OMR Bridge to Transform Chennai's Commute
The upcoming 10-kilometer bridge over the Adyar River will connect Thiruvanmiyur's ECR with Thoraipakkam's OMR, slashing travel time from one hour to just 15 minutes. This CMDA project promises to ease traffic congestion, reduce pollution, and enhance connectivity in Chennai's southern suburbs. Expected to be completed in 36 months, it marks a significant step in modernizing the city's transport infrastructure.
Declared the safest city for Women in India by NCRB
Chennai has been declared the safest city for women in India by the NCRB, as announced by Police Commissioner Sandeep Rai Rathore. He inaugurated a renovated ‘Women Police Rest House’ near Central Railway Station, funded by the Police Department's welfare funds. The facility accommodates up to 57 women police personnel. Rathore emphasized the city's strong women police force and ongoing welfare efforts. He also discussed plans to combat drug abuse with the Health Department and upcoming personnel transfers before the Parliamentary polls.
Parandur Airport: Boosting Connectivity in Chennai
The upcoming Parandur Airport, set to be Chennai’s second major airport, will significantly enhance connectivity and ease congestion at the existing Chennai International Airport. Located in Kanchipuram district, this 5,000-acre project aims to handle increasing passenger traffic and support the city’s growing infrastructure needs. The new airport will not only facilitate smoother travel but also spur economic development and real estate growth in the surrounding areas, making Chennai an even more attractive destination for residents and businesses alike.
Weekend Fun at OMR Food Street, Navalur
OMR Food Street in Navalur offers an exciting culinary adventure perfect for families to enjoy over the weekend. With over 58 food stalls, you can indulge in a variety of cuisines, from local Chennai favorites to international delights like Mexican, Malaysian, and Turkish dishes. The vibrant atmosphere and diverse food options make it a great spot for families to explore new flavors and enjoy quality time together. Whether you're craving desserts like liquid nitrogen ice creams or looking for savory bites like Hyderabadi biryani, OMR Food Street has something for everyone.
Growth of IT Companies and Gated Communities
Today, Chennai is just as advanced as any other big city, with many gated communities and IT parks in areas like Siruseri and Madambakkam. The growth of various IT companies in the ECR and OMR belt has led to the rise of numerous gated communities. These developments provide modern living spaces, attracting professionals and their families to the region.
Relishing Marina Beach
One of the top reasons to buy a home in Chennai is the chance to regularly visit Marina Beach, the world's second-largest beach. Enjoying the fresh, salty air and cool sea breeze provides a perfect way to unwind and rejuvenate. The expansive stretch is ideal for recreational activities like jogging, walking, and playing beach sports with your family and kids over a weekend. Marina Beach offers a serene escape, making it a cherished part of living in Chennai.
To live closer to office / Children’s school/ good transport facilities
People often love to own a house that is closer to their office or children's school for convenience. A locality that has good transport facilities is also highly sought after as it makes commuting easier. Properties located in such areas are usually in high demand and command a premium price. However, they may not be suitable for everyone. For example, families with young children may prefer to live in a quiet neighborhood away from the hustle and bustle of the city. Similarly, those who enjoy the peace and tranquility of the countryside may not be happy living in a crowded urban area. Ultimately, it is important to choose a location that best suits your lifestyle and needs.
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