No doubt, buying a residential plot in Chennai requires careful planning. Whether you have bought properties before or a making your very first investment, this guide will help you understand these basic factors to make a wise financial decision.
Buying a residential plot in Chennai is as exciting an endeavour as it is challenging. Given that the city has seen many growth milestones and has been unofficially claimed as the Detroit of India, Chennai not only offers growth opportunities but harbours a peaceful living environment for residents. In the last few years, the city has welcomed both Indians and expats with open arms. With people slowly settling in and investing in residential plots and properties, there has been a gradual boom in the real estate market of Chennai, which is bound for more growth in the upcoming years. Seeing the constant development the city has gone through, plot developers in Chennai have become specialised in offering affordable plot layouts in prominent localities of the city.
If you are someone who's also considering investing in real estate properties, this guide will help you make an informed decision.
Location, Location, Location!
When it comes to buying residential plots in Chennai, the phrase “Location is the Key” is not just an expression but something crucial for finding the perfect residential plot in the city. Though the city is well connected with its surrounding areas and offers some of the best infrastructural facilities, carefully considering the location you want to live is extremely important. The plot you are planning to buy should be near basic amenities and necessities like well-developed roads, hospitals, schools, malls, grocery shops, etc.
CMDA and DTCP Approval
Chennai is a sprawling metropolis that is divided into areas governed by CMDA (Chennai Metropolitan Development Authority) and DTCP (Directorate of Town and Country Planning). While CMDA-approved plots in Chennai are located in areas that often have better infrastructural facilities, DTCP plots are located on the outskirts and may offer more open spaces. Either way, each location has its own set of advantages, and it depends on the buyer's choice of what they want to invest in. However, it is important to ensure that the plots are approved for residential construction by the abovementioned authorities.
Seek Expertise for Legal Matters and Documentation
Buying a piece of land involves navigating through much legality and paperwork, a task that might seem daunting to a lot of people. Seeking expert advice in reviewing the sales deed and property documents can be of huge help. Begin by verifying land records and whether the land has been handed down to the current owner legally or not, and ask for the original sales agreement of the property. Ensure that the land you buy is titled legal to avoid any future conflicts.
Reputation of the Seller
The reputation of the real estate seller is an essential factor that can easily influence your investment potential. Before investing in a property, research a little about the seller and ensure you are buying property sold by a certified and trusted developer. Analyse their past offerings and read reviews from other buyers before investing. Moreover, company licenses and RERA registration credentials can help a lot as well. RERA (Real Estate Regulatory Authority) is a regulatory body that implements rules and regulations to safeguard the interest and investment of both the developers and the investors. For a plot developer to operate in Chennai, it is mandatory to have been registered and licenced under Section 9 of the RERA Act, 2016.
Buying a residential plot in Chennai is not just a financial decision but involves emotional investment as well. By keeping this guide handy, having a discerning eye, and moving forward with a well-informed approach, buyers can ensure they are making a wise investment decision.