Top Things to Check Before Purchasing Property in Chennai
Published: Apr 2024
Are you considering investing in residential plots for sale in Chennai? One of South India's bustling metropolises offers a plethora of opportunities for property investors. Whether you're looking to build your dream home or make a strategic investment, buying a plot in Chennai requires careful consideration and planning. Here are some essential plot-buying tips to help you navigate the process effectively.
Plot Buying Tips for Chennai Property Investors
Here are the things to consider in various aspects while investing in a property located in Chennai.
Location Matters
When you buy plots in South India, location holds immense value. Because of the high potential for development in the region, thorough research of the neighborhood becomes inevitable. Consider factors such as proximity to schools, healthcare facilities, and working spaces. Areas with good connectivity have higher property values and better resale potential.
Legal Due Diligence
One of the most critical aspects of buying property in Chennai is ensuring the legal validity of the plot. Verify the ownership status, land title, and any encumbrances associated with the property. Check for clearances from local authorities and ensure that the plot is free from any legal disputes or pending litigation.
Infrastructure and Amenities
Evaluate the existing infrastructure and amenities available in the vicinity of the plot. Access to facilities such as water supply, electricity, sewage systems, and internet connectivity is essential for comfortable living. When you buy plots in Chennai, consider the quality of roads, street lighting, and overall neighborhood development.
Future Development Prospects
Investing in the best plots in Chennai involves not just the current state of the property but also its future potential. Research upcoming infrastructure projects, residential or commercial developments, and government initiatives in the area. Rapid urbanization and planned expansions along the Poonamallee-Avadi High Road are expected to significantly boost property values.
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Infrastructural projects in and around Poonamallee and their proposed completion year.
| Developments | Project Details | Completion Status |
|---|---|---|
| Chennai Metro Rail Phase II | Phase II Corridor 4 | 2026 |
| Greenfield Airport | Proposed in Parandur-Kanchipuram | 2028 |
| Kuthambakkam Bus Terminus | Hi-tech with food court, CCTV & Multi-level parking | Completed |
| IT Special Economic Zone | DLF cyber city phase 3 expansion, 1.6 million sq ft office space, metro rail accessibility | Completed |
| New Mall at Mangadu | 2.5 lakh sq ft mall, 3200 cinema seating, metro rail connectivity | 2025 |
| Residential Ventures by Sameera Estates | Sameera 117, futuristic residential Township with 50+ amenities | Plots for sale, ongoing project |
| Chennai-Bangalore Highway | National Expressway 7, connects IT hubs, potential satellite township | 2025 |
Financial Considerations
Before finalizing your purchase, carefully assess your budget and financing options. Calculate all associated costs, including registration fees, stamp duty, property taxes, and legal fees. Exploring opportunities to buy plots in bustling areas like Poonamallee with credible developers ensures that you find a property that meets your needs.
Environmental and Zoning Regulations
Chennai, like any growing city, adheres strictly to environmental regulations and zoning laws. It's essential to choose registered and trusted developers who prioritize compliance with these regulations and conduct thorough environmental impact assessments.
Checklist for Documentation
Before closing the deal, compile a checklist of essential documents such as the sale deed, title deed, encumbrance certificate (EC), survey sketch, NOC from appropriate authorities, and tax receipts. Verify the authenticity and completeness of each document.
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Property Valuation
Compare similar plots in different locations to understand pricing differentials based on amenities, infrastructure, and development potential. Property valuation tools and free consultations with real estate experts can provide insights into the fair market value of the plot and help you negotiate effectively.
Visit the Site
Visiting the site in person helps evaluate the surroundings, accessibility, and availability of essential amenities. It helps you understand the neighborhood dynamics and community atmosphere.
Conclusion
By following these land-buying tips and conducting thorough due diligence, you can buy property in real estate with full confidence. Remember, purchasing property is a significant financial commitment, so proceed with caution and seek professional guidance whenever necessary.
