Tips To Consider Before You Buy Property In Chennai

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Chennai, like many major cities, is going through rapid urbanisation and industrialization. This has made it a prime destination for real estate investors and home buyers alike. The availability of low budget plots for sale in Chennai has increased, leading to an escalation in investor interest.
However, identifying the best investment opportunities can sometimes be challenging. To make a risk- free investment in plots in Chennai, consider the following valuable tips.

Research Thoroughly

Before making an investment by purchasing land in Chennai, it is vital to conduct thorough research. This includes gathering information about the plot's surroundings, such as nearby amenities, transportation accessibility, and geographic characteristics. It is also important to check the availability and reliability of water and electricity in the area. Familiarising yourself with local laws and regulations pertaining to real estate investments is also essential.

Additionally, it is advisable to investigate ongoing commercial or residential projects in the vicinity of the plot you are considering. For example, CMDA approved residential plots located in areas of Chennai like OMR, Avadi, and Guduvanchery have garnered significant interest from investors and are recognized as hotspots for upcoming real estate developments.

Check the Quality of the Land

To buy the best property in Chennai it goes without saying that the quality of the land does matter. These include analysing the topography, examining the drainage system, assessing the gated plots within the community, and taking into account various environmental considerations. Additionally, obtaining approval from local regulatory bodies, such as the Directorate of Town and Country Planning or the Chennai Metropolitan Development Authority, is also an utmost step in the process.

Encumbrance Certificate

An Encumbrance certificate is a major document as it contains references to any legal charges or liabilities, such as loan defaults, associated with the property. This makes it a necessary document when considering investment in CMDA approved plots in Chennai. The EC certificate provides information about the property's clear title, making it imperative to check before purchasing property in Chennai to avoid potential legal and financial liabilities later on.

Floor Space Index Of The Plot

The Floor Space Index (FSI) is a measurement that indicates the total amount of area available for constructing a building. When purchasing DTCP approved plots in Chennai, it is important for the FSI to be relatively high. If the FSI is lower than expected, it will result in a waste of resources, as a significant portion of the plot will remain vacant.

Visit The Site

While it's often tiring to dedicate all your time solely to house hunting, it's advisable to make the effort to attend to certain aspects in person. If you come across the best property in Chennai that piques your interest, consider visiting it in person. Engage with the local residents to gather insights into the advantages and disadvantages of the property. Ensure that you personally inspect all essential amenities such as electricity, water supply, drainage, security, nearby shopping areas, and cell reception, as relying solely on phone inquiries may lead to oversights.

Know Your Budget

There are thousands of stunning low budget plots available in Chennai, offered at different price points. However, not all of them may be within your financial reach. Therefore, it's important to establish your budget as a starting point, as this will streamline the process of finding an affordable property. It's essential to ensure that the price of the property you select aligns with your budget, as this will prevent challenges in paying off your home loans.

Receiving The Sales Deed

It's significant not to settle for just the original copy of the property agreement. It's necessary to secure the original sale deed, as this document serves as the legal confirmation of your ownership. To formalise your status as the official property owner, it's imperative to register the property in your name at the sub-registrar's office.
Investing in land is a topic of discussion, but with thorough planning, it can yield substantial returns. By adhering to these tips for purchasing the best property in Chennai, potential buyers can make well- informed decisions, minimise risks, and secure a valuable asset for the future. Consequently, acquiring land in Chennai presents a promising opportunity for profitable investment. If you are searching for prime real estate in Chennai, OmShakthy should be your ultimate destination. Our team boasts extensive industry experience and is dedicated to offering clients exceptional service. We are committed to working closely with you to ensure timely and cost-effective project completion.