In a city like Chennai, there is a great demand for homes. Residential real estate is considered as one of the fastest growing industries in Chennai. From approaching the right builder to owning your dream home is just a click away. But the right choice always needs guidance. here are few tips that will ease your process of buying an apartment in Chennai.
List out your requirements: These differ from one to another depending on their lifestyle. Defining your preference helps to save time consuming deals for unsuitable properties. You will have to emphasize on aspects like financing, paperwork involved and other legal and governing issues.
Do a proper legal check: Once your need is defined and you find the right builder or apartment, check the legal aspect of the property. Make sure that the builder has acquired approvals and No-Objection-Certificate (NOC) from the Municipal Corporation, Area Development Authorities, Electricity Boards, Water Supply & Sewage Boards and other concerned authorities. Confirm that the builder has entered into proper development agreements and property has clear titles. Every bank conducts a legal check on your documents to validate before sanctioning Home Loan. As a buyer, the legal check by the bank gives confidence that your property has been inspected by experts and your property is legally and technically sound.
Apartment under construction: A home buyer books the property when a new project is launched or property under construction. For a project under construction, you should ask for the allotment letter and development agreement. The development agreement is the one that is made between the builder and the landowner and contains details regarding the terms and conditions on which the landowner has permitted development of his property. In case of completely constructed properties, you should ensure that the builder has the title and possession of the property as well as the right to transfer the property. Check whether all dues are cleared on the property tax, society, water and electricity bills, etc. . Make sure you receive all relevant documents.
Revenue & Registration issues: Having a thorough understanding of Government policy and other legalities such as Stamp duty, Service tax etc will be extremely helpful in taking the right choice of property. The final sale deed should be stamped and registered at the appropriate local area office. The service tax will be charged on those payments made on residential projects which are still under construction.
Thus by gathering certain basic information, the choice of buying a house can be made. You can also seek help from builders with good reputation. The ideal choice you make is going to fulfill a long cherished dream. All you have to do is make that right choice in the right time. When is that right time? The right time is now. When the real estate is booming and there are infinite choices and prices slash down. Even if the buying value is less, experts say that real estate will touch greater heights in the coming years. The land value will keep increasing since the development scale is shooting new heights.
After decided to buy, what next? Waiting for a long time is quiet boring. You can always choose apartments in Chennai which are ready to occupy or under construction. You can always decide upon creating interiors the way you wish for the budget you have. From minimal to classic to contemporary to swanky to antique, there are 100 styles you can choose for a home.