8 Factors to face when buying a piece of land inchennai

The vast expanse of sands and land with no hindrances and no conditions.This is what we see but would it not be wonderful to own your own piece ofearth in this wide world? Would it not be great to avoid the hindrances andthe conditions imposed by apartments? Does the idea sound fabulous?

It is also a fact that land offers greater appreciation than an apartment orbuilt space and hence greater ROI – return on investment.

There are certain areas that one needs to pay special attention to whendeciding to buy a piece of land.

1. Know your need

It is important that you know your need at the very beginning. Are youlooking for commercial property or are you looking for a residential property?This question is something you need to know ask yourself and know beforeyou can move on to further details. In this article we are going to talk aboutissues that you may face while looking to buy land and we are providing youwith tips and hints to deal with this situation.

Are you interested in buying a plot of land or a house? What is the size ofproperty you are looking for? If you are buying a plot of land are youplanning to build a hose and what size of property are you looking to buy? Ifyou are considering building on the property will it be immediate or at alater date? Do you want to buy a piece of land that already has a house in it?If the plot has a house is it habitable or would it need change? Do you intendoccupying the house? These are some of the questions that you could askyourself before considering buying land.

2. Do your research

There are several real estate websites, publications and classifiedadvertisements that appear in various sections of periodicals that are greatplaces to start and do the research while looking for land. If Chennai is theplace you have chosen to invest in and if you are looking for a valueproposition then places like Ambattur, ECR / OMR (IT corridor) areas alongthe GST Road and even places outside Chennai such as Sriperumbudur orChengelpet may be potentially good places to invest in.

Also it may be a good idea to pay a visit to these places and evaluate theplace in terms of probable appreciation of the property and development etc.There is also the aspect of projects happening in the nearby vicinity such asparks, hospitals, shopping malls, playgrounds and educational institutionsetc.

3. Perform Due Diligence - Check all the approvals andensure they are all in order

Run a check on the plot which you are planning to put your money in.

Keeping in perspective the scope of a real estate investment do make surethat the title deed and other legal documents are in perfect order. Make surethat builder-buyer agreements, payment receipts, maintenance and utilitybill payments, property tax etc. original sale agreements, sale deeds etc. arein order and also check for CMDA ( Chennai Metropolitan DevelopmentAuthority) or DTCP ( Directorate of Town and Country Planning ( DTCP)approvals are in order.

While CMDA covers the Chennai Metropolitan Area (CMA) the rest ofTamil Nadu comes under the jurisdiction of DTCP.

4. Do engage intermediaries

It would be advisable to employ the services of a competent real estate legaladvisor who will help in you in tackling all the tricky legal requirements.Starting from identifying the right piece of land real estate agents wouldprove invaluable whereas legal advisors will help you vet the papers anddoing the property checks. A qualified civil engineer will help you inchecking the land and advice you suitably for construction etc.

5. Keep off farm lands

Unless otherwise you are planning to cultivate in a farm and produce byyourself do not look at purchasing farm lands. It is best to remain offcultivable lands because the government holds farm land which areconverted to liveable dwellings as illegal and unauthorised.

So please remember to keep clear of farm lands.

6. Obtain copies of the Encumbrance Certificates

Make sure thatyour lawyerverifies that theparty you planto buy theproperty from isthe wholeowner of theproperty and ifnot make sure

that the POA is granted by the remaining co-owners.

7. Double check on the Patta

The patta defines clearly the geographical extent of the land and helps youexamine the details and have an exact estimate of the extent of the land.Please make a note of the survey number and have all the details with you.

8. Ensure you protect your plot

Once you have acquired a plot / piece of land do not stop with that. Makesure that it is well protected and if you wish to construct at a later date thenplease construct a strong fence and make weekly visits to ensure the safety ofthe plot.