Real Estate in Chennai has been, over the past decade and a half, witnessing consistent demand for homes and commercial properties. The flats for sale in Chennai are being bought not just for personal stay but also for investment purposes. Residential Real Estate has grown by leaps and bounds in the city; Choosing the dream home, the right builders in Chennai and with no encumbrances form significant parts of a purchase decision. Of course buying a property, especially in a city with proliferating choices is quite a challenge.
Here is a list of tips one should know before investing or buying a property in a city like Chennai.
Chart your needs
Requirements of a home can vary from one individual to another. These are largely lifestyle and income related. When your requirements are defined, you save yourself considerable time in refined search. However, make sure financing, paperwork and other legal factors are duly looked at.
Legal check
The builders you have planned to go ahead with, must have required approvals and NOC from the Municipality of Chennai and other related parties including Electricity, Water Supply and Sewage Boards. Also, the property must have clear titles. The loan processing bank usually performs a legal check on the property and this gives great confidence to the buyer.
Proposed properties
Flats for sale in Chennai that are under construction or newly launched always offers more scope in terms of relaxed pricing. But apartments under construction must provide allotment letter and development agreement. The latter is an agreement between builders and the landowner offering permission to use and construct on that land. Builders in Chennai should possess title and possession to the constructed property, and the right to transfer. All dues including property tax, water and electricity must have been duly paid off.
Revenue and Registration
Elaborate understanding of Government policy, stamp duty and service tax helps buyers/investors decide on their choice of property. The final sale deed must be stamped and registered. Service tax is levied on payments made on apartments under construction.
Source: ET Now
When one has an adequate understanding of the policies & procedures, then investing or buying dream home is done safely. Real estate in Chennai is today booming and hence now is the right time to invest on properties of your choice at destinations that show favorable ROI.
- Sumangali Homes
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