Beginners Guide to Buying Properties in Chennai

In a city like Chennai, there is a huge demand for flats or apartments. In fact, residential real estate is regarded as one of the fastest growing industries in Chennai. When you are buying a flat or property in Chennai, you will have to keep some key aspects in mind. There are several websites that provide detailed views of flats or apartments in Chennai. They will also provide you guidance on buying processes and procedures.

When you have made up your mind to buy a flat in Chennai, the first thing that needs to be done is research. Along with research, you will have to make a list of all your requirements. This list differs from one individual to another, hence, you will have to brainstorm and arrive at your list of requirements. Key aspects of financing, paperwork, legal and government issues need to be checked before selecting a property in Chennai. There are some very good consultants who can provide you guidance on several housing matters.

Residential Flats in Chennai are not cheap these days, but if you search well, you will surely get a flat within your budget. Properties in Chennai may be used for residential as well as commercial purposes. It is very important for you to identify the different kinds of properties before delving into the buying process. If you have a low to medium budget, you may think of remote locations. OMR Road in Chennai is one good option although it is 35 km away from Chennai. When you opt for remote areas, you will have to check if the area comes under the city corporation or Zilla or Taluka. If you are looking at rural developed land, there are some risks involved. So, check out if the proposed land has non-agricultural clearance.

Properties that are legally authentic will always bear the title of the builder and developer on all government documents. They will clearly mention the administrative fees, duties and taxes. If you are approaching a builder, you will have to get total clarity on details such as Stamp duty, Registration, maintenance and document fees. You may also want to know about the water and electricity connection charges.

In Chennai, you will find a plethora of new constructions – there are some very big names in this market as well. If the property that you have finalized is still under construction, then you will have to ask for the allotment letter and the development agreement. In Chennai most housing development projects take two to three years to complete. If there is any builder who is saying 6 months, then you should not trust that builder or developer – it is a good practice to get everything in ink.

Prices of flats and properties in Chennai are increasing substantially every year. In the year 2005, a 1BHK flat in Chennai would cost you approximately Rs. 25 lakhs. Today, the cost is around 42 lakhs. If you are planning to invest your money in real estate, then this is the right time.