A Guide to Buying Flats in Chennai
February 24, 2017
Buying a house is every family’s dream. It is one of the major milestones of every household which makes it a decision that should be taken after doing immense amount of research and investigation.
Due to the huge impact of Budget 2017 and demonetization on real estate, the residential property business is currently booming in Chennai. Buying an apartment in this remarkable city can soon turn into a far-fetched reality with our guidelines to make the right choice.
Create a checklist of specifications
Jotting down your requirements gives you a clear idea of what you are searching for based on your priorities and style of living. This list needs to include basic essentials such as preferred location, total sq.ft area, the price range, preferred floor, parking facilities and the number of rooms, to name a few. There are a certain must-follow tips for first time home buyers, which can be helpful at this stage of investing on new property. Though it might not be possible to fulfill all the needs, it is important to remember that the more the number of requirements, the higher the price range of the property.
Scrutinize your find
Once you have decided on a property, the next step is to get into the legal side of it. Do a thorough research on the builders and make sure they have obtained the “No Objection Certificate” and “Property Development Agreement” from the Municipal corporation, electricity board, water supply board, sewage board and all the other local and central authorities. You can also opt for a legal check done on the property by the bank which is offering you the home loan, to assure the property has clear titles. Though there are many myths on investing in real estate that are actually false, scrutinizing your find on every level will ensure a smooth and clear deal.
Do your research on new projects
In the process of investing in real estate, home buyers usually book apartments at the pre-launch of upcoming projects. While it is incredibly beneficial to buy projects in the pre-launch stage, make sure the builders have received the development agreement from the landowners which essentially states that the landowner and the developers are agreeing on building the property on common terms and conditions. It is also advisable to check if the approved plan has been exhibited at the building site and the construction is as per the plan. Once the project is completed, assure that the builder has been allotted the right to transfer the property. This can be established with the help of an allotment letter. Make sure you receive all documents for a safe and secure transaction.
Register your apartment
Once all the spade work is done and the deal is finalized, it is important to register your property at the relevant local office with proper stamp duty and corresponding service tax. Apart from the sale agreement, you can legally call yourself the sole owner of your property only when you pay the due stamp duty.
Hot destinations in Chennai
Owning a house in Chennai has always brought in a sense of pride to home-seekers. The thriving real estate industry here has led to an increase in the number of buyers resulting in a lot of new localities you can consider to buy your dream home. You can even look into the top rental destinations in Chennai if you are opting to rent your property out. Apartments in OMR are the currently selling as hot cake with countless number of amenities around such as top schools in OMR and premium hospitals. As for other areas, Apartments in ECR have created a huge buzz among real estate investors. The top schools in ECR, commercial facilities available, exotic resorts and the breathtaking view of the east coast make it a hot destination for home buyers.
Since your new home is probably going to be the biggest possession of your life, it is a safer option to go in for a builder with honourable reputation and eminent stature. Choose from a wide variety of luxury houses at affordable prices at Casagrand to make your new home even better than your dream home!