A plot or land is regarded as a fixed asset and provides appreciation to businesses in the long term. One of the most recognized sectors globally is the real estate market. According to India Brand Equity Foundation (IBEF), the real estate sector in India is expected to reach 1 trillion USD in market size by 2030. Tamil Nadu, being a hub for tourism in the southern part of India, has seen a surge in the purchase of plots and top residential properties for sale in Chennai. We understand one’s anxiety and dilemma when it comes to investing in real estate or land. So, if you want to buy plots for commercial purposes or personal reasons, your worry should not be if it is affordable or not. You need to know about several other factors which include:
This is the first and foremost point you should ponder. Like, why do you want to purchase a plot? Is it for renting or to build a house for your loved ones? What is the size of a plot you want to buy? Find out if it is a ready-to-build plot or DTCP-approved land for sale in Chennai because you would need permissions from the government bodies such as the Directorate of Town and Country Planning (DTCP) & Chennai Metropolitan Development Authority (CMDA). Determining your need will make your choice well- balanced.
Floor area ratio (FAR) or floor space index (FSI) are terms that are often used interchangeably; these denote the maximum number of floors you can build on a plot of land. The government is always modifying the regulations to ensure better planning, regulate the city’s skyline and prevent unsafe developments. It is also important for you to know the FSI of your land before you buy the best plots in Chennai.
This is one of the prime factors that should be taken into consideration before purchasing a plot. It is obvious that you would need easy accessibility to health care centers, schools, well-connected roads, shopping malls and security like gated community plots in Chennai.
Make sure to check the plot is approved by the Chennai Metropolitan Development Authority (CMDA) or Directorate of Town and Country Planning (DTCP). While both fall under the jurisdiction of Tamil Nadu government, CMDA specifically covers the metropolitan area i.e. Chennai. If you want to purchase low-budget DTCP-approved plots in Chennai get an attorney and do the due diligence as the rules and procedures of these establishments may vary.
Plot promoters in Chennai play a vital role as they are responsible for finding lands that are suitable for developmental projects, helping you to identify the value of your land and securing necessary approvals. Plot promoters have a thorough understanding of the market and the policies regulated by the government.
Taxes for residential and non-residential properties may differ from each other. Also, taxes for basic amenities like water tax and electricity charges may vary on location. Clarify these with your land promoter or get an attorney to take care of such matters.
Tamil Nadu, the fourth-largest state of India has a well-developed infrastructure with a fine connectivity of roadways, railways, airways and waterways. It also ranks first among the states in terms of the number of factories and industrial workers. With foreign investors establishing multiple projects in the commercial sector and yielding good profits from exports the state’s capital Chennai seems to have a promising future when it comes to investment in the real estate market.