Tiruvottiyur is one of the fifteen administrative zones in the Greater Chennai Corporation, located in North Chennai. It is gradually developing as a popular residential area. Tiruvottiyur is surrounded by industrial units, trading companies and fishing areas. This makes it a commercial hub, offering employment to the residents.
According to Census 2011, Tiruvottiyur has a population of 342,000. Literacy levels are also high. As it is located on the Chennai Central-Gummidipoondi suburban line, Tiruvottiyur offers great connectivity. Chennai metro makes it easier to travel across Chennai. Moreover, Thiruvottiyur and Tollgate Bus Depot also offer easy transport facilities.
Keep reading till the end to get a comprehensive idea of the residential real estate sector of Tiruvottiyur.
Top Reasons to Invest in Residential Real Estate in Tiruvottiyur
If you are wondering about the reasons to invest in the residential real estate sector of Tiruvottiyur, here are some of them.
- Commercial Hub
Tiruvottiyur is developing as a commercial hub, with its industrial units and trading activities. Its close proximity to various industries like Jai Surya Industries, JK Industries, Ashok Silicate Industries, etc., makes it a good location for residence. Moreover, it is close to various fishing hamlets. This again makes it a suitable residential area for those who are into the fishing business.
- Local Facilities
Tiruvottiyur is known for its local facilities and amenities. You will find good educational institutes like Nadar Vidhyalaya, Maharishi Vidya Mandir, V. Ramakrishna Polytechnic College, etc. Moreover, you can get healthcare facilities from nearby hospitals like Apollo Hospital, Vandana Hospital, National Hospital, etc. Shopping is also easy through Spencer Plaza Mall and Alsa Mall.
Tiruvottiyur offers great connectivity through its transport facilities. Bus services are the primary modes of commutation, the two bus depots being Thiruvottiyur and Tollgate. The Blue Line or Mainline of Chennai Metro also offers an exceptional transport facility across Chennai, making it easier to travel.
Despite its development as a commercial hub, Tiruvottiyur has maintained affordable rates for residential real estate properties. You can find 1BHK apartments starting from only ₹ 20 lakhs. Additionally, the living cost here is also quite affordable for most people.
Residential Real Estate Investment Opportunities in Tiruvottiyur
The residential real estate sector of Tiruvottiyur is growing rapidly. Here are some of the most popular residential areas in this region.
It is a popular residential area of Tiruvottiyur, mainly known for its good transport facilities. It is located close to Wimco Nagar Railway station and offers good bus services. Moreover, it offers healthcare facilities through Aakash Hospital and Sugam Hospital. Some education institutes here are Kavi Bharathi Vidyalaya and Thiruvottiyur Government Arts And Science College. 2BHK properties start from ₹ 49 lakhs here.
This is another popular residential area in Tiruvottiyur. It is located near Thiruvottiyur MTC Bus Depot, which ensures effective bus services for effective transport. Moreover, it offers multiple shopping destinations, for food, clothing and regular requirements. Maharishi Vidya Mandir and V. Ramakrishna Polytechnic College are located here. A 2BHK apartment starts from ₹ 38 lakhs.
Dr Kalaignar Nagar
This area also offers some good residential properties in Tiruvottiyur. NH32 helps it connect to different parts of Chennai. It is located near Tiruvottiyur Railway Station and Thiruvetriyur B.S Bus Station, which ensures good transport. Moreover, you can get healthcare services from Apollo Hospitals and Sugam Hospital. College of Pharmacy, Bharathi Women’s College and Avvai Academy are also close. A 2BHK apartment costs about ₹ 48 lakhs here.
Rajiv Gandhi Nagar
This area again offers residential properties at an affordable range. It has multiple bus stands like Vilangadupakkam and is located near Tiruvottiyur Railway Station. Some educational institutions here are SRIRAM School, Dhargaas School and RB Gothi Jain College For Women. Hospitals like Vilangadupakkam PHC ensure effective healthcare services. The price of 2BHK apartments usually starts from ₹ 38 lakhs here.
Things to Consider Before Investing in a Residential Property in Tiruvottiyur
Here are a few things you must keep in mind when investing in the residential real estate properties of Tiruvottiyur to avoid any losses.
- Local Environment
As a budding commercial hub, some areas of Tiruvottiyur are facing major pollution issues. Air pollution is common due to the presence of several industries in this area. It can cause physical damage to the residents of this area. Hence, inspect the location carefully to avoid such areas while choosing a property.
- Infrastructural Gap
Some areas of Tiruvottiyur are also suffering from a gap in infrastructural development. Sewage and drainage issues are evident in developing areas. Bad roads often contribute to sewer problems. It is hardly possible to reside in such areas. Hence, it is important to check and avoid such places.
- Quality of Construction
You might observe the suspiciously low price of residential real estate properties in some areas of Tiruvottiyur. Such properties might seem tempting, but they can be the result of bad-quality construction. Hence, check the reviews and ratings of society before pursuing it.
- RERA Authentication
The Real Estate Regulatory Authority (RERA) is developed as a statutory body to legally keep track of real estate transactions. As per law, every builder and seller must register their properties under RERA to maintain their authenticity. You can check the website of Tamil Nadu RERA to ensure that your chosen property is authentic.
Stamp Duty in Tiruvottiyur
Here are the stamp duty charges you must pay while purchasing a residential real estate property in Tiruvottiyur.
|Property Documents||Stamp Duty Charges|
|Exchange deed||7% on the property’s market value|
|Gift deed||7% on the property’s market value|
|Conveyance or sale deed||7% on the property’s market value|
|Mortgage with possession||4% on the loan value|
|Simple mortgage deed||1% on the loan value (reaching a maximum of ₹ 40,000)|
|Sale agreement deed||₹ 20|
|Cancellation deed||₹ 50|
|Agreement for building construction||1% consideration made on an agreement or on construction value, whichever is highest|
|Partition within family||1% of market value (reaching a maximum of ₹ 25,000 for each share)|
|Non-family partition||4% on property market value (for separated shares)|
|General power of attorney given to a family member for selling immovable property||₹ 100|
|General power of attorney for selling immovable property||₹ 100|
|Partnership deed when the capital is up to ₹ 500||₹ 50|
|General power of attorney for selling movable property||₹ 100|
|Partnership deed in other cases||₹300|
|General power of attorney for consideration||4% on the consideration|
Registration Charges in Tiruvottiyur
You must pay registration charges during real estate transactions. Here are the charges for Tiruvottiyur.
|Property Document Types||Registration Charges|
|Exchange deed||4% on the market value of the greater-value property|
|Gift deed||4% on the market value of property|
|Conveyance or sale deed||4% on the market value of property|
|Mortgage with possession||1% on the loan value (reaching a maximum of ₹ 20,000)|
|Simple mortgage deed||1% on the loan value (reaching a maximum of ₹ 10,000)|
|Sale agreement deed||1% on the advance amount|
|Cancellation deed||₹ 50|
|Agreement for building construction||1% on the market value (maximum of ₹ 4,000 for each share)|
|Partition within family||1% on the market value (maximum of ₹ 4,000 for each share)|
|Non-family partition||1% on the market value (for separated shares)|
|General power of attorney given to a family member for selling immovable property||₹ 1,000|
|General power of attorney for selling immovable property||₹ 10,000|
|Partnership deed when the capital is up to ₹ 500||1% of the capital invested|
|General power of attorney for selling movable property||₹ 50|
|Partnership deed in other cases||1% of the capital invested|
|General power of attorney for consideration||1% on consideration or ₹ 10,000 (whichever is higher)|
Tiruvottiyur Residential Real Estate Sector-What’s the Forecast?
Tamil Nadu is experiencing rapid growth in the field of real estate sector. Tamil Nadu RERA reported annual growth of 7% in the first quarters of 2022 and 2021. However, with the growth of industries and the price of construction materials, there has been a rise in the price of land and residential properties.
In Tiruvottiyur, the price is ranging between ₹ 4,062 and ₹ 14,285, the average price being about ₹ 7,093 per sq. ft. The growing industries and trading companies in this area have contributed to its popularity as a residential area. Various upcoming residential projects are awaiting in this area, including Radiance Flourish, Hansa Gems Park, Jayam Homes, etc.
Residential Real Estate Vs. Other Asset Classes
If you are wondering about the profitability of investing in the residential real estate sector, here is its comparison with other asset classes to help you make a decision.
- Residential Real Estate vs Stocks & Mutual Funds
Stocks and mutual funds have been popular forms of investment over the years. Investors prefer these for the high returns, which can be a major source of income. However, these come with risks of fluctuation, as they are volatile to market conditions. This risk is much lower in residential real estate properties.
- Residential Real Estate vs Commercial Real Estate
Properties for commercial real estate are mainly used for business purposes. Individuals or organisations rent these for running their commercial activities. Naturally, they offer better rents. The problem is with finding the right tenants for such properties. On the other hand, tenants are easily available in residential real estate.
- Residential Real Estate vs Gold
Gold is a highly valuable metal, popular among Indian citizens. People often store gold jewellery items to be used as an asset in times of crisis. The price of gold is increasing rapidly, and it is usually easier to liquidate gold than real estate properties. However, when it comes to ROI, residential real estate properties are more profitable than gold.
- Residential Real Estate vs Bonds
Bonds are also known for being popular investment options. They are often preferred over mutual funds for being less volatile. They maintain more or less a fixed ROI, which ensures lower risks. While residential real estate properties generate better returns, bonds can also be effective for investment.
Here is a table to give you better clarity on the difference between different asset classes for investment.
|Parameters||Residential Real Estate||Stocks & Mutual Funds||Gold||Commercial Real Estate||Bonds|
Steps to Invest in Residential Real Estate in Tiruvottiyur
Here are a few steps you can follow if you are planning to invest in the residential real estate sector of Tiruvottiyur.
Step 1: Determine the kind of property you need. Plan a budget for the process.
Step 2: Conduct research and find properties offering such facilities. Shortlist them based on your budget.
Step 3: Visit the sites and inspect the locations carefully. Generate reviews from a professional broker and the neighbours.
Step 4: Make a final choice. Meet the seller to complete the procedure.
Step 5: Take the help of a lawyer to assess documents like title deeds and sale deeds. Make the final payment along with stamp duty and registration charges.
Step 6: Get an insurance policy to safeguard your property.
Hopefully, that gives you an account of the current residential real estate sector of Tiruvottiyur. As you can see, this area is a budding residential sector with its proximity to the industrial area and excellent transport facilities. Moreover, the price of residential real estate properties is also affordable here.
Frequently Asked Questions
Why is land price increasing in Tamil Nadu?
Tamil Nadu is one of the biggest commercial hubs in India. With the regular launching of new industries and IT parks, land prices are increasing rapidly.
What are some good residential areas in Tiruvottiyur?
Some popular residential areas in Tiruvottiyur include Bharathi Nagar, Manickam Nagar and Dr Kalaignar Nagar. These offer affordable rates and family-friendly neighbourhoods.
What documents do you need when purchasing real estate properties in Tiruvottiyur?
Some of the most important documents you need when buying residential real estate properties are the sale deed, NOC, general power of attorney, allotment letter, possession letter, payment receipts, etc.