Buying a property can seem overwhelming, however you can simplify the whole process by drawing a checklist of all the formalities involved, documents required, budget and of course the list of government offices you will need to visit. Prepare a comprehensive list of government office addresses with route map, telephone numbers, the names and positions of people at these offices if possible, places where you can buy stamp paper, the commission you may need to pay people in the process.
Once you have agreed on the buying price with the seller check all the original documents from the mother document to the current document. Don’t ever accept a photocopy of the original document. Insist and verify the original document. This will will help you ensure that the seller is indeed the actual owner of the property. Also, verify if there are legal heirs to the owner and if required ask for a no objection certificate from the legal heirs. This is to avoid any kind of possible legal battle over the property in future.
Physically visit the property; contact the area surveyor and measure your land. Cross check the documents in the sub registrar’s office. Thoroughly enquire if the price the seller has quoted is the market value of the property. If possible enquire with neighbours around the property you propose to buy. Ascertain the value of the plot, survey number and patta. Insist on an encumbrance certificate for the last 20 years atleast and also check if the property tax is paid up to date.
Another important point is that the plot must be approved by PANCHAYATS: CMDA / DTCP / MMDA. Clarify which category the property belongs to: RESIDENTIAL, Commercial, Non Residential, Industrial and Special zone.
The property must be free from mortgage. Once you have collected all the information hire a lawyer and get the douments verified thoroughly. Should you want to apply for a bank loan then you definitely need a patta. Banks will never sanction a loan for properties without patta.
Everything you have agreed on should be documented, verbal agreement has no value.
There is a plethora of choices when it comes to buying an apartment in Chennai. You have luxurious apartment complexes that offer you everything under one roof; then there are compact apartment buildings that are compact and easy to maintain; and there are budget apartments that comes with no additional facilities or amenities.
Whatever may be your choice there are certain points you might want to consider before investing in a property: Budget, Location, Car parking, Maintenance charges, Amenities, Apartment size, Pets, Floor choice.
On deciding to own your own property in chennai you will need to draw a rough budget including an estimate of all anticipated expenses other than the property price. Related expenses include registration charges, stamp paper charges, lawyer’s fee, taxes, club membership, etc.
You will need to choose a good location. You might want to own an apartment in the heart of the city like chennai, or you might prefer living in the peripherals to avoid dust, traffic and pollution or maybe you want a property that is close to your office or kids’ school. Your choice of the location is based on what is of utmost importance in making life convenient, and comfortable for you.
Affordability is another key factor. Choose a property that is affordable to you. One that will suit your family size, and meet all your requirements of a good home.
Check on the number of car parks you will be allotted. In most cases, there is a separate charge for car parks. Clarify the amount and total number of parks you will be given.
In most cases, maintenance charges are charged monthly or on a quarterly basis. In some apartment complexes it is charged as a flat rate and in some cases it is charged on the basis of a certain rate per square feet. So if your apartment is 1000 square feet and the rate charged is 10 rupees per square feet then the monthly maintenance charges will work out to Rs 1000.
Check the amenities offered such as swimming pool, health club facilities, ATM, grocery store etc. Choose an appropriate size according to your requirement: compact, large, mid size. Check if you can keep pets in your apartment block as some apartments have restrictions on keeping pets.
Choose a floor that is convenient for you. If you have aged parents you might want to choose the ground floor, if you need more privacy you might want to choose a higher floor, which will be relatively free from noise.
Lastly, check the accessibility to the closest schools, hospitals, places of worship, malls, grocery stores, police station, the travel time to the railway station and airport, etc.
Follow these simple tips and ease your tension of buying an apartment!
The property market in Chennai is booming. The last few years has seen tremendous growth in residential properties across Chennai. Residential builders are vying with each other to offer a bouquet of services that will attract the home buyer. From swimming pools, to lawns, to clubhouses, health clubs, ATM, shops, and many more amenities are being added as part of most up market residential complexes. Even budget apartments include some basic features to attract property buyers.
Real estate in Chennai is stable, and growing steadily. The demand and supply in the Chennai market is rising. Numerous residential high rises are being developed across different areas, hence residential properties is not restricted to the city center, but has also expanded to the peripherals of the city.
With resident and Non Resident Indians choosing a safe property market like Chennai to invest in; the demand for all kinds of properties has increased and property developers are augmenting the number of projects to meet the demand. Today there are takers for budget as well as luxury apartments; villas as well as apartments, semi independent houses as well as independent houses.
Whether it is north or south Chennai every part of Chennai is undergoing a complete transformation. The number of first time buyers has increased and so has the number of second time home buyers. The prices of apartments are fixed according to the location, amenities offered and the residential builder.
Some areas that have become hot in the last few years are OMR, Sriperumbadur, Maddipakkam, Porur, the entire east cost road stretch, Thiruvallur, and Medavakkam to name a few.
Invest in the Chennai property market and enjoy the benefits! Whether you are looking at a short/medium or long term investment plan real estate investment is safe and profitable.
The Chennai property market is prolific. Over the years the city of Chennai has evolved into a hot property market primarily because of rapid economic growth, great infrastructure, improved lifestyles and increasing disposable income among people.
Today, more and more people are able to invest in land, apartments, and houses at a much younger age; earlier people were able to buy a property only in their middle age. Times have changed; youngsters today are able to own an apartment thanks to the availability of numerous banks loans and the pocket friendly equated monthly installments.
To a new home buyer the whole property buying process may seem overwhelming. However, being organized and gathering adequate information will ease your worries.
Once you have decided to buy an apartment in Chennai you will need to:
· Research the formalities involved. The steps involved in buying land varies slightly from buying an apartment or house.
· Documents required to be submitted will differ depending on the choice of property land/apartment/house/ new property/resale property
· When buying a property from a private builder make certain that you get the original sale deed. The builder and the buyer must sign the sale deed.
· Verify if the building plan is legally sanctioned and approved.
· Hire a counsel to help you verify all relevant documents.
· Seek your lawyer’s advice to check the commencement certificate to ensure that the land is free from dispute.
· Clarify with the builder if he can provide a completion certificate.
. Check on the possession date / handing over of the property by the builder
· Draw a rough budget of how much it would cost you.
· If leading banks have tied up with the builder you can be assured that the builder is reputed as most banks have very stringent rules and don’t easily support residential projects.
Most importantly decide your budget for property investment. Keep in mind that right through the buying process there will be other expenses as well apart from the property price you will be paying. Other expenses include but are not restricted to stamp paper, lawyer’s fees, registration amount, maintenance costs, other facilities that you may have to pay for such as club membership etc.
Buying a property in your home country is an important decision for a Non Resident Indian. A major part of your savings go into investing in a property, and in many cases you may need a bank loan to buy property.
Buying property involves, money, effort, time and running around to a certain extent. Hence deciding the property you want to buy and the residential property developer you
would like to buy from will make a difference to the buying process. If you are looking to buy an apartment then buying it from a reputed residential builder is the best option.
The apartment complexes built by leading property developers offer you lifestyle facilities such as clubhouse, swimming pool, gymnasium, play area, alfresco dining, amphitheatre, vast open spaces and proper ventilation. The chance of being hoodwinked is zero. Your paperwork is made easier, simpler and the formalities are transparent. There are no hidden agendas or costs.
When you do decide to invest in a landed property or flat first chalk out your requirements. Every property buyer has different requirements.
Take into account your family size;
Are you a family of three or a bigger family of five?
Would you like a spacious apartment or are you a working couple and prefer a compact easy to maintain apartment? Are you going to be living in the apartment or is it going to be just an investment?
Check if you would be getting the number of car parks you require depending on how many cars or two wheelers you have.
Ensure that the car parks you are allotted are legal to avoid disputes of any kind in the future.Keep in mind other factors such as location, return on investment, proximity to hospitals, schools, malls,super markets, road and rail connectivity, availability of water, recreation points and everything else you require to lead a comfortable life.
A well thought out plan, a checklist of legalities involved and a comprehensive budget covering everything you may need to spend on right up to the registration stage will minimize difficulties for you.
The easiest and simplest option would be to choose a residential builder of impeccable reputation; one that offers you everything under one roof like MARG ProperTies’ brand shoppe.
