How to Buy an Apartment in Chennai?
- Documents Required to buy an apartment in Chennai
- How to find the appropriate property in Chennai?
- Step-by-Step Procedure to buy an apartment in Chennai
- Price of Apartment in Chennai
- Best location in Chennai to Buy an apartment In
- Pros buying an apartment in Chennai
- Cons of buying an apartment in Chennai
Chennai is one of the most popular cities in the whole nation. Popular for its love for Cinema, the capital of Tamil Nadu is the major film production center. Also, it is counted among the 100 cities that are to be developed as Smart and green cities. Along with that, the place also holds great significance in the educational and employment sector. Thus, we should have thought to buy an apartment in Chennai to get the feel of the city.
Due to the same, the future of investment in real estate in the city seems to be very glorious. The city is highly facilitated with modern infrastructure as well as an extensive network of transportation. As a result, several eager investors are looking to buy an apartment in Chennai.
Documents Required to buy an apartment in Chennai
Before purchasing the desired apartment for yourself, make sure to have an eye on the following documents. They are necessary to smoothen the process and avoid any fraud or scam, later.
- Sales Deed
Whenever someone buy an apartment in Chennai, it is compulsory to have a Sales Deed. This document acts as proof of sale between the buyer and seller. Talking specifically about apartments, ensure that you have gone through every term and condition thoroughly before signing the same.
- Certificate of Commencement
Another prominent document that you should check is the ‘Certificate of commencement while buying new apartments for sale in Chennai 20 to 25 Lakhs. The official letter is issued by the Town Planning engineering department of the city. And it mentions whether the foundation and design of the building are legal or not. This statement is passed after a detailed inspection of the construction site.
- Residential Zone
At last, make sure that the flat you are buying comes under the residential zone. With the expansion of the agricultural and industrial area, several residential zones are assigned to commercial and agricultural activity. Hence, always check for a Land Use Certificate before buying new apartments in Chennai.
How to find the appropriate property in Chennai?
Being a developing city in a renowned state, there are a lot of investment opportunities available in Chennai. These options to buy an apartment in Chennai can be found there the following ways.
- Several online websites are present on the internet that lists the best properties, including cheap apartments for sale in Chennai, to buy. The main advantage of using such online services is that the involvement of technology in the process allows you to compare different flats.
- Also, a periodic notification is sent to the keen customer about the property rates in Chennai on their mobile.
- The traditional way of searching for apartments is probably the most reliable method. One can visit Chennai or contact a Real Estate agent in the comfort of your home to retrieve all the information to buy an apartment in Chennai.
- Other queries like location, rates, rules to be followed, etc. can be clarified either telephonically or in person, during a meeting and due to that we can buy an apartment in Chennai easily.
- Similar to the individual agents, many agencies are also associated with the dealing of flats. Such firms help you connect with the seller or the company offering the property to the customer with some minimal commissions. The process is carried out formally and legally without any violation of the law to buy an apartment in Chennai.
Also read about: Buy an apartment in Dubai
Step-by-Step Procedure to buy an apartment in Chennai
Step 1: Find out the amenities you require
Firstly, be sure about the features and facilities that you are expecting from the flat. Create a checklist mentioning all those specifications. The expectation from the flat with the desired product should be practical to buy an apartment in Chennai.
Step 2: Finalise your Budget
After finalising the budget, search for the builders that offer cheap apartments for sale in Chennai or in the same price bracket, as yours. If anyone seems suitable for you, perform a thorough investigation on the previous project of the builder. Additionally, ensure that the construction project holds a ‘No Objection Certificate’ (NOC) and a ‘Property Development Agreement’.
Step 3: Visit the Real Estate agent
If everything seems fine and genuine, contact the construction company or individual agent. Ask some basic questions regarding the availability of the flat, total payable amount, date of construction, gated community flats for sale in Chennai etc. Also, complete all the legal formalities or at least prepare the appropriate documentation for the same.
Step 4: Pay the Specific Amount
At last, have a visit to the building and ensure everything is up to the mark. Also have a glance at the distance of the apartment from the major city, railway station or Airport. Make the payment and sign the agreement after reading the related documents carefully to buy an apartment in Chennai.
Price of Apartment in Chennai
|Apartment Type||Built Up Area||Price (approx)|
|2 BHK Elite||1036-1209 Sqft||INR 50.76 Lakhs|
|3 BHK Elite||1353 Sqft||INR 66.29 Lakhs|
|4 BHK Signature||2224 Sqft||INR 1.15 CR|
|1 BHK||534 Sqft||INR 27.5 Lakhs|
|5 BHK Luxury||3,750 Sqft||INR 5.93 cr|
Best location in Chennai to Buy an apartment In
Some best places to buy an apartment in Chennai are following -:
- Besant Nagar
The city has always been a centre of attraction in South Chennai. With the modern commercial and residential developments, Besant Nagar also holds great heritage values. Therefore, buying a luxury flat for sale in Chennai for 10 Lakhs can be an ideal choice.
This British ear neighbourhood can be an impressive option for real estate investment. With a touch of European life, the place is surrounded by giant corporations and Government offices which makes it a significant area to have a flat in.
Unlike the two above, the place is a great tourist attraction and has a very informal vibe around the city. With an IT park situated, the region also holds a breathtaking beach where people come to enjoy the magnificent sunset.
Pros buying an apartment in Chennai
- The rental value of properties in Chennai are simply amazing.
- Also, Chennai counts as one of the most significant cities and has world-class facilities.
- The transportation in the capital city is quite affordable and low.
- Security around the region is pretty impressive and reliable.
Cons of buying an apartment in Chennai
- The Maintenance cost of properties, especially for apartments for sale in Chennai below 20 lakhs, are very high in the prime location.
- The city is very packed and congested, hence no room for extension or development.
- Being a popular city, there is great disturbance while using the public properties like bus stands, Public washrooms, parks, etc.
On a concluding note, if you are looking to expand your business or tap the new employment opportunities then Chennai can be a great place for you. With the fast pace of development, the prices for apartments are competitive and expected to rise soon. Therefore, with the right guidance and assistance, it is recommended to buy an apartment in Chennai.
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