12 useful tips you should follow when buying a property in chennai
TRANSCRIPT
Buying a Property in Chennai?12 Useful Tips You Should Follow
Booming Chennai real estate trends bring in optimistic sentimentalities through
the residential, commercial or industrial property categories. Paying the right price
for the right property at the right time to the right person with the right
documentation gives you the advantage of pride at owning a prime piece of land.
Requires Real Planning
Buying a property in Chennai needs careful
considerations and deliberation on several
factors. Not just because of the climatic
conditions or geographical importance, within
the price-sensitive market that Chennai is;
more due to the emerging real estate
developments and demand.
Get Maximum Details
One must assemble maximum details on the
basic property elements like, plot, location,
ownership (lease/freehold), cost range, Govt.
approvals, builders profile, amenities and
facilities. Check shortlisted property details on
online portals, with real estate agents, and
later set up some time to personally check
these properties/sites.
Site Visits
Site visits can reveal actual proximities,
take cognizance of your decision of buying a
property by being there two or three times.
Buying a new Budget home or a resale…
comes with their set of rules, documentation
and guidelines. Down payments, EMI’s,
Possession dates, Maintenance, Municipality approvals and a lot more procedures –
these are all the areas that one needs to inspect with care.
Shortlist Reliable Properties
After shortlisting the most reliable properties,
which falls within your budget, you can opt for
a second opinion before you book a property.
Whether the property falls under the “under
construction” category or not, do not forget to
discuss and fix the cost for minor additions and
alterations.
Crosscheck Long Term Standing
Don’t forget to crosscheck the property
complications with neighboring residents
– enquire more to know what two people
have to say about your investments. In
Chennai, metropolitan residential market
is driven by end users (80% of the buyers). This buyer base provides a strong
foundation to long term investments in the city’s residential market as it reduces
market volatility.
Area and Amenities
Buying an Apartment in Chennai?
Make sure you have all these and more
details to compare for the shortlisted
properties. Built up area, plot (square
feet), construction quality, builder
brand and legacy, electricity load, tax
structure, building construction age, water supply and number of levels, other
properties owned by the builder, prime location, neighboring properties, and title of
ownership.
Bank Loan Approvals
Approved bank loans for a
resale/pre-launch apartment (hinge on
construction). Property valuation may
not be on the current market value for
banks. EMI are usually levied slab wise
for multistoried apartments. Some Bank
approved properties could also be hassle-free investments in Chennai. Try verifying
every detail to black and white so that the transactions are recorded and risk free.
Consult proper realtors for sale-deed or get in touch with a qualified advocate on real
estate.
Strike while the Sun shines
The time you plan to book your property is
crucial, if you intend to buy a bigger and
therefore more expensive property, it is
advisable to try when prices have crashed.
Realtors have heavy loans for projects
sometimes and therefore might try to pull
buyers. Remember, buying property from
the builder directly, saves you more.
Real Estate Agents
Sometimes real estate agents are suitable for the job; you need not rush into things or
even tire out thinking where to find that ideal property. All your paperwork and
sanctions are taken care of by the agent. In case you are outside Chennai then real
estate agents can help you best for an ideal investment and later for management of
the property as well.
Resale Value
A good investment will have high resale value
and futuristic demand – connected with various
facilities and excellent infrastructure. Developing
suburban corridors like Perumbakkam,
Poonamallee, OMR, ECR, Oragadam, Ambattur,
Avadi, and GST offer options across premium and
budget homes in Chennai.
Property Appreciation
Latest market sentiments were largely
negative for Chennai initially back in
2008, with several potential investors
withholding home purchases, because of
the economic insecurities, employment
anxieties, rising inflation, lack of resale
demand. Nevertheless, smart investors after 4 years understand the rate of property
appreciation at each location and after continued research on market segments they
scan through the property development to invest in this upcoming market.
Property Location
‘Property Location’ is and will be of paramount
importance in a city like Chennai - just like any
other big metropolitan city when considering real
estate as an investment. All the more so, a
tumble-down depraved property can be a wise
investment, in case it is positioned well. Our
advice to you - evaluate the ‘Guideline Value’ of the property location, at the "Official
Tamil Nadu Government site"
Whether you wish to Flip a house, procure a rental or buy foreclosure, as a
potential investor you should know what you plan to buy. Again, just investing in a
dream house that looks good is impulsive and not the best strategy for those who need
futuristic resale value and do not have money to throw away. Talk to several others
who are planning to invest in that location. Check others connections in the real
estate forums like IREF. Connect with profitable investors with more experience in
this field.
Wisdom Housing & Properties Pvt Ltd.
No.1, 5th Cross Street, New colony, Chrompet,Chennai - 600 044, Tamilnadu, India.
91- 44 - 22384571, 22380014
91- 9962928725
91- 93607-93607
Email : [email protected]
Sales Enquiry : [email protected]
Careers : [email protected]