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Today, Real estate is one of the fastest growing sectors in India. Whether a village or city, the vacant plots are getting converted to "individual" houses or multi-storeyed apartments. In the current scenario, there is scarcity of cultivable land near big cities like Chennai. These lands are taken over by builders for residential projects.
Real estate provides lucrative business opportunity for builders, giving them a profit of not less than 30%. Population has increased several times over the years. Hence, there is a need for affordable and convenient houses for people residing in the cities. "Apartment culture" has taken over small towns as well. In Chennai, several leading builders are busy constructing villas and apartments. Akshaya, Mantri, Purva, Hiranandani, Ramaniyam are some of the best known brands in the real estate business in Chennai. They are known to handover projects on time to customers. It is usually a good idea to buy an apartment from a reputed builder.
For example, consider Old Mahabalipuram Road (OMR). Just a decade back, it was virtually unknown. The fast-paced growth of this road and its transformation into an IT corridor for Chennai is unbelievable, but true. Gated communities lead the current trend in real estate growth. These comprise of several self-contained villas meeting the requirements of customers. Another hot real estate destination is Poonamallee High Road, extending up to the highway to Bangalore. This corridor comprises of car manufacturing companies, educational institutions as well as amusement parks.
Real estate websites such as Magicbricks.com and 99acres.com help to buy or sell homes and understand the trend in the real estate market. In addition to the utility value, investment in real estate gives consistently good returns.
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