Real estate comprises land, buildings, property that includes natural resources which are part of the property. This includes all flora, fauna, crops, minerals and so on. In totality, all these together makes it an interesting groups such as residential, commercial and industrial. Factories are an example of industrial real estate, while commercial includes office buildings, retail store structures and residential comprises undeveloped land or plots, houses or apartments for sale.
Purchasing the property
also automatically entitles the buyer with rights to use and enjoy associated benefits from the property. On the same token, a land or property without an owner is not considered real estate. In many countries, the term real estate is officially recognized as a legal term. This includes India, United States of America, United Kingdom, Canada, Pakistan, Australia and New Zealand to name a few.
The business of real estate
involves the entire gamut of buying, selling, purchasing, and renting property. The business also goes through its share of high and lows depending on economic and political factors. In India, real estate is considered a lucrative investment for the future. This is because the value of property appreciates over time from the time it is purchased in addition to other factors that play an important role in improving the value such as proximity to the main road, accessibility, and location of key areas such as banks, schools and transportation.
Real estate in Chennai
is quite a booming business. If you are looking to purchase residential land in Chennai, then plots in Guduvanchery in south Chennai is one of the areas gaining momentum and sought after. Located on the Tiruchi-Chennai Highway (NH-45), the area offers numerous plots at prices starting from Rs 2 lakhs and upwards. Infact, in 2014 this particular locality recorded the highest number of demand and supply compared to other localities in the region. Typically, agents or brokers may facilitate the deal. It is an unregulated market in that sense. There are very many reasons why individuals or groups may want to invest in real estate.
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In Guduvanchery for example, the basic internal development is still sluggish such as roads, banks and hospitals. People who invest here are more keen to buy and develop their property and possibly sell it a later date for a profitable pricing. Hence plots sell a lot faster.
Directorate of Town Country Planning (DTCP)
In addition to competitive pricing, the added presence of industrial and IT sectors have made it an invaluable asset such as its juxtaposition to Mahindra City and others. Most importantly, the plots are approved by the Gram Panchayat and some by Directorate of Town Country Planning (DTCP). Further it is also reachable by trains and buses. The area seems poised for greater growth in the future with all the infrastructural developments. Other nearby areas like Chengalpatu are priced at a higher rate making plots in Guduvanchery, a much natural option. Not to forget, the locality is endowed with large supply of land attracting large builders to grow their investment in the area.
Wisdom Properties 