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 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.