Plots in Many Areas of Kanchipuram District..!

Plots in many areas of Kanchipuram district are finding buyers as the city is expanding to the outskirts

Having saved up enough to invest in a piece of plot, Ms. Meena Kumari, a teacher, decided to contact a real estate agent and buy a plot in one of the pockets of Kanchipuram district.

“I was looking at investment options and what best than to invest in a plot? Kanchipuram is developing and with more space available on the outskirts, it is a good option,“ shares Ms. Meena.

The trend of investing in land in and around the Kanchipuram district is picking up.

The area, which covers GST Road, Vandalur, Tambaram, Oragadam, Sriperumbudur and Chengalpet, is seeing many investors expressing interest, and who are buying plots as a short-term investment and developing a residential property within a period of five years.

“In the past 2 years, there has been a trend in favour of buying plots in the city. Earlier, investment in a plot was looked at as a longterm activity but today, people are looking at places where they can construct a residential property within a span of three to five years,“ shares Ms. Vani Priya, Managing Partner, Headway Property.

“There are 2 age groups that are looking at plots for investment. First are those in their 30s & 40s and the second are people who have re tired,“ shares Mr. Chendil Nathan, chairman and managing director, Vijayraja Homes Pvt Ltd.

Factors such as affordable prices and a huge probability of increased employment opportunities along the belt has led to the demand.

“The cost of 1,200 square feet ranges between Rs.1,00,000 to Rs.1,20,000 today. In the coming 5 years, it is expected to increase by Rs. 35,000 to Rs. 40,000,“ Nathan adds.

The price hike is seen to be a result of the new bus terminus that is expected to come up in Vandalur, the development of Cheyyur IT SIPCOT near Kanchipuram, the opening up of many industrial units near Oragadam and the completion of the Outer Ring Road making connectivity better.

According to Mr. Narayanansamy T S, Managing Director, Call Ezee, there are a few pointers that one needs to remember before buying a plot in Kanchipuram district.

“Investors need to check if the plot is DTCP approved. A DTCP approval takes long time to approve and the cost of the land is higher than the Panchayat land; however the resale value of DTCP land is better and the hindrances are less. Second, buy a land in a gated community. A land with roads placed, compound walls security and gate is better than an empty plot of land,“ he says.

Mr. Narayanasamy also says that it is better to buy land near the road instead of the corner as the resale value and reach will be better.

Src: TOI



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