However we need to watch out for pitfalls. If you are buying land, please ensure that the title is good. If it is forged, then the whole investment is gone. Please ensure that you check with govt authorities like CMDA apart from consulting a good lawyer.
If you are buying a flat, ensure that the builder has the capacity to complete the flat and hand it over to you. If the builder goes bankrupt, you are stuck after paying large sum of money to the builder.
In Chennai itself, there are a number of apartment complexes in OMR which were planned for handover in 2006/2007 but even in 2012 hasn't yet been completed. People who invested money has reasons to worry about the safety of their investments. But you can be more safe if you buy a property that has been almost completed.