Apartments in Chennai. Check before your Invest

Posted at 09.09.14

Investing in apartments in Chennai is a wise decision because the city promises assured returns and massive growth potential. However, every investment decision is tricky and must be taken only when you are completely cognizant of associated information. A number of elements form home purchase decision from identifying the right Real estate builders to choosing your dream property. Here are some tips to help you identify the property of your choice.

Apartments in Chennai

1. What are your requirements?

Requirements are personal and specific to every individual or family’s needs. It depends upon your budget, lifestyle and home preferences. Hence, the first thing to do before you think of investing in a property is to make a concrete list of what you want and what you don’t want.

2. Stage of Property

You can choose to purchase or invest in an apartment at any stage. It could be a proposed project or one that is underway or one that is completed. In the case of a property under construction, check for allotment letter and development agreement. The development agreement is drawn between the Real estate builders and landowners wherein the latter has permitted construction of projects on the proposed land. For apartments in Chennai that are completed, the builder must own the title and possession and should have the right to transfer title and ownership to the investor. All dues including property tax, water, electricity and others must have been duly paid thus far.

3. Necessity of legal check

A proper legal check on proposed or chosen projects must be done. The Real estate builder must have necessary approvals and NOC (No Objection Certificate) from Municipal Corporation and other related boards. Property should have clear titles. The loan processing bank often conducts legal checks on all documents for validity before sanctioning home loans. When a bank does legal check on properties, investors can be rest assured that there are no problems or concerns as to the legality of papers.

4. Revenue & Registration

There are other components to purchasing apartments in Chennai or any property for that matter. These include but are not limited to payment of stamp duty and service tax. The local area office where the proposed property is launched or is under construction must stamp the final sale deed. Service tax is levied on payments on projects under construction.

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