With rising affluence and the desire for classy lifestyles, demand for luxury villas has increased significantly in the top most cities in the country. One of the preferred destinations for luxury villas is Chennai, a city that is ranked 4th in terms of its contribution to GDP. Being a port cit1y, Chennai has attracted significant FDI (Foreign Direct Investment), which has contributed to its booming economy. The city is home to leading Fortune 500 companies that are operational in varied sectors such as automotive, IT & ITeS, financial services, and manufacturing.
Buying a luxury villa in Chennai can provide you an island of peace and quiet, the perfect escape from the hustle and bustle of the city. You will also be able to secure substantial price appreciation in the long term. If you want to choose the best property, here are 10 important requirements to consider before buying luxury villas in Chennai.
#1. GROWTH POTENTIAL:
If you choose the right location and the right project, your luxury villa can fetch you good returns in the long-term. A villa is one of the safest investment options, as you own the land too. Luxury villas are usually located at city outskirts, so it?s important to ensure that the project has proper connectivity to major roads and highways. The type of development taking place in the neighbourhood will also impact the price growth potential of your luxury villa. It is desirable to have a luxury villa in proximity to lakes or beaches of Chennai.
Check for amenities that the builder is providing. Concierge services are preferred, as you would want maximum comfort and hassle-free living. Other preferred amenities would include swimming pool, gym, jogging track, indoor & outdoor sports, community center, clubhouse, etc. The amenities should be such that you don’t have to move out for everyday needs, leisure, fun, and recreation.
The luxury villa project should have good connectivity to major roads that connect to other parts of the city. The link road should not be a bad patch, as it can impact your overall experience of living in a luxury villa. Check the development plan to know if there’s a provision for a proper link road that connects the project with major roads of the city. Good connectivity will ensure a pleasant experience every time you drive out of and drive into your luxury villa.
#4. GREEN COVER:
You should choose a luxury villa project that has adequate green cover inside the compound and in the neighbourhood as well. This will ensure fresh air for your lungs, one of the key criteria for staying healthy. When you are surrounded by greenery, it also soothes the eyes and calms the mind. A quiet place among green environs is most appropriate for heartwarming conversations with your loved ones.
#5. FLOOR PLAN:
Check the floor plan of the luxury villa to see if it meets your requirements. For example, if you are expecting guests on a regular basis, it would be great to have a floor plan that has dedicated spaces for guests and family members. If the floor plan does not suit your requirements, you can check with the builder if there is a provision for customization in the floor plan. If customization options are available, you can order the desired changes in the floor plan.
Check the number of parking spaces being provided with the luxury villa. Depending on the type of project, there should be dedicated parking space to accommodate around 2 vehicles maximum. The project should also have adequate space for visitors’ parking within the compound. This would be useful when you are inviting guests for celebrations such as birthday parties, anniversaries, etc.
Check the nearby areas to ensure that the project is located in a good neighbourhood. It shouldn?t be like you are living in a heaven and all hell breaks loose the moment you drive outside. If there is unplanned development in the neighbourhood, it is most likely to get worse in the future. The crime rate may shoot up and the value appreciation of the property may stagnate if unplanned development takes place in the neighbourhood.
#8. SOCIAL INFRASTRUCTURE:
It is desirable to have a well-developed or fast-developing social infrastructure in the neighborhood. Things like good hospitals, schools & colleges, and shopping cum entertainment centers, etc. can come handy if they are within a 10 km radius. While your luxury villa will provide a peaceful stay, the social infrastructure will ensure that you are never too far from essential services. Another thing is that property prices witness good growth if the neighboring areas have a well-developed social infrastructure.
#9. DEVELOPMENT PLAN:
Check the area’s development plan, as mandated by Chennai Municipal Corporation. You need to check for scheduled developments that are expected to come up in the neighbourhood. This way, you can essentially take a peek into the future to see how things will emerge in the neighbourhood in the next 5-10 years. Some of these developments may be advantageous for the project, whereas others may be unfavourable. Look at the big picture to decide if the luxury villa project is appropriate in relation to the scheduled development plans.
Buying a luxury villa in Chennai is a safe and profitable investment option, as the city’s economy is slated to grow further in the coming years. If you carefully assess the above factors, you can easily identify the best luxury villas in Chennai. You will be able to enjoy your peace and privacy and also gain from long-term price appreciation.